FD/RD Calculator: Calculate Fixed Deposit and Recurring Deposit Returns Instantly
Why do you need FD & RD calculator?
Investment planning is the key to financial freedom.FD or RD is the preferred choice for middle class in India for their safe investment.But it will be a complex task to estimate the final maturity with the power of compounding without a calculator.This online FD / RD calculator helps you to figure out your future savings in single click.
Difference between FD and RD?
Before you can use our calculator, it's important to understand which option best suit you:
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Fixed Deposit(FD): Lump sum amount deposited for a specific period of time. Interest rates are slightly higher compared to RD.
Recurring Deposit (RD): Fixed amount invested on a monthly basis. It is ideal for salaried individuals who wish to save small amounts on a monthly basis.
How FD/RD Interest is Calculated?
The interest on Fixed Deposits is generally compounded quarterly in Indian banks. The formula used is:
Where:
A = Maturity Amount
P = Principal Amount
r = Annual Interest Rate
n = Number of times interest compounds per year
t = Tenor in years
Our tool uses this exact mathematical logic to give you 100% accurate results.
Current FD Interest Rates (Estimated 2024-25)
| Bank Type | Interest Rate (Regular) | Senior Citizens |
| SBI / PNB (Govt Banks) | 6.50% - 7.10% | 7.00% - 7.60% |
| HDFC / ICICI (Private) | 7.00% - 7.25% | 7.50% - 7.75% |
| Small Finance Banks | 7.50% - 8.50% | 8.00% - 9.00% |
Step-by-Step Guide to Use the Tool
Select Investment Type: Choose whether you want to calculate for FD or RD.
Enter Amount: Put the total amount (for FD) or monthly amount (for RD).
Interest Rate: Enter the rate provided by your bank.
Tenure: Select the number of years or months you want to invest.
Get Result: The tool will show you the Total Investment, Interest Earned, and the Total Maturity Value.
Frequently Asked Questions (FAQs)
Q1: Is interest on FD taxable? Yes, the interest earned on FD is taxable as per your income tax slab. If the interest exceeds ₹40,000 (₹50,000 for senior citizens), the bank deducts TDS.
Q2: Can I withdraw my FD/RD before maturity? Yes, most banks allow premature withdrawal, but they may charge a small penalty (usually 0.5% to 1%) on the interest rate.
Q3: Is RD better than a Savings Account? Definitely! RD provides much higher interest rates (6-7%) compared to a regular Savings Account (around 3-4%).
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