Fixed Deposit Calculator

How to Use the FD Calculator?

The IDFC FIRST Bank online FD calculator helps you calculate the interest and accrued amount at maturity. It is a user-friendly tool that consists of input fields that must be filled in for the result to be derived. Follow these steps to use the FD calculator monthly interest tool:

1. Choose the type of customer, whether you are a regular customer or a senior citizen. For a senior citizen, the effective interest rate is higher by 0.50 percent.
2. Next, you need to choose the type of deposit. There are four options to choose from - short-term, reinvestment, quarterly payout, or monthly payout. You can opt for the one you prefer.
3. Fill in the deposit amount and tenure year or tenure days or use the slider to select them.
4. The FD amount with cumulative FD interest will be calculated instantly. 

How to Calculate Fixed Deposit Interest?
 

If you want to gain more from your investment, you should know how interest on FDs is calculated. There are two methods of calculating interest on a fixed deposit, and they are:

1. Simple Interest Method
   
   Under this method, you multiply the principal amount, interest rate and tenure to get the result. The formula is:
   
   Simple Interest (SI) = P (Principal amount) x R (Rate of interest) x T (Tenure) divided by 100 or P x R x T/100
   
   For instance, if you invest Rs 10,000 @ 6% p.a. for 5 years, you get:
   
   10,000 x 6 x 5/100 = Rs 3000
   
   You will earn Rs 3000 in 5 years.
   
   
2. Compound Interest Method
   
   The compounding method enables you to earn interest on interest, and most banks offer compound interest to attract FDs. For example, if you invest Rs 10,000 @ 6% p.a. for 5 years compounded quarterly, you will get Rs. 13,469* on maturity.
   
   To arrive at the calculation, you can use this formula
   
   Compound Interest (CI) = P {(1 + i/100n) ^nt – 1}, where P= Principal, i= rate of interest, t= time, n= no. of time interest compounded annually.
   
   Compound Interest (CI) = 10000 {(1 + 6/100*5)^5*4 – 1} = Rs 3,469*
   
   On maturity, you will get 13,469* rs.
   
   *These are indicative numbers and may differ basis the actual number of days considered for calculation

Conclusion
 

If you are planning for a long-term investment with high returns, you can invest in FD after calculating the interest earned on the fixed deposit calculator. The FD schemes are excellent investment options for those who have surplus money and want to start investing. You can plan your savings with the FD calculator monthly interest.

Disclaimer

IDFC FIRST Bank does not guarantee accuracy, completeness or correct sequence of any of the details provided therein and therefore, no reliance should be placed by the user for any purpose whatsoever on the information contained / data generated herein or on its completeness / accuracy. The use of any information set out is entirely at the user's own risk. The user should exercise due care and caution (including if necessary, obtaining of advice of tax/ legal/ accounting/ financial/ other professionals) prior to taking of any decision, acting or omitting to act, on the basis of the information contained / data generated herein.

IDFC FIRST Bank does not undertake any liability or responsibility to update any data. No claim (whether in contract, tort (including negligence) or otherwise) shall arise out of or in connection with the services against IDFC FIRST Bank.

Neither IDFC FIRST Bank nor any of its agents or licensors or group companies shall be liable to user/ any third party, for any direct, indirect, incidental, special or consequential loss or damages (including, without limitation for loss of profit, business opportunity or loss of goodwill) whatsoever, whether in contract, tort, misrepresentation or otherwise arising from the use of these tools/ information contained / data generated herein.