Find the maturity value and interest on a fixed deposit for any rate, tenure and compounding period.
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How it is worked out
- Maturity value = P × (1 + r ÷ n)n × t, where r is the yearly rate, n the number of times interest is compounded a year and t the tenure in years.
- Most bank FDs compound quarterly. Choose simple interest for deposits that pay the interest out.
Questions people ask
Is FD interest taxable?
Yes, at your slab rate. Banks deduct TDS when interest crosses the yearly limit, and you can claim it back in your return if your tax is lower.
Can I stop the bank deducting TDS?
If your income is below the taxable limit, you can give the bank a declaration so that it does not deduct TDS.
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