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Fixed Deposit Calculator
Work out the maturity value for a bank fixed deposit at any tenure. Adjust any input below and your results update instantly.
Understanding fixed deposits
The concept, the motivation, and what to watch out for.
The safest return in the market — with a tax bill most people underestimate
A fixed deposit locks in a rate for a set tenure, with no market risk. What's easy to miss: unlike equity gains, every rupee of FD interest is taxed at your full slab rate, and your bank withholds TDS the moment your interest crosses a threshold — regardless of whether you actually owe that much tax.
This calculator projects your maturity value under either a cumulative or non-cumulative FD, and shows the TDS your bank deducts alongside what you'd actually owe at your real slab rate — often a different number.
Cumulative beats non-cumulative at the same rate
Reinvesting interest lets it compound — a non-cumulative FD paying out interest along the way earns simple, not compound, interest on the same quoted rate.
TDS isn't the same as your actual tax
Banks withhold a flat 10% once your annual interest crosses a threshold — but you might owe more (at a higher slab) or get it back entirely as a refund (if your income is below the taxable limit).
How this calculator helps
Enter your deposit, rate, and tenure — see your maturity value, TDS withheld year by year, and your real tax liability at your own slab rate.
Calculate your FD maturity value
Fill in the starred fields on the left — your results update instantly on the right.
Your details
e.g. Cumulative
e.g. Quarterly
Senior citizen
Adds a 0.5% bonus rate, typical for most banks.
≈ ₹5.00 L
e.g. ₹5,00,000
e.g. 7% for a 5-year FD
e.g. 5 years
e.g. 20%
These are example numbers. Edit any input on the left to see your own.
Your FD matures to
₹7.07 L
7.00% effective rate
Total interest
₹2.07 L
TDS withheld
₹0
₹0 withheld as TDS, but your actual tax at 20% comes to ₹41,478.
Balance vs. principal
FD balancePrincipal
Year-by-year breakdown
TDS is checked against each year’s own interest, not your FD’s total over its tenure.
YearInterestTDSStatus
1₹35,930₹0
Below threshold
0% withheld as TDS
2₹38,511₹0
Below threshold
0% withheld as TDS
3₹41,279₹0
Below threshold
0% withheld as TDS
4₹44,245₹0
Below threshold
0% withheld as TDS
5₹47,424₹0
Below threshold
0% withheld as TDS
Compare scenarios
See how payout type or a senior citizen rate changes your total interest.
Your plan
Cumulative
₹2.07 L
Total interest
Baseline
Non-cumulative instead
Same rate & tenure
₹1.75 L
Total interest
-₹32,389
With senior citizen rate
7.50%
₹2.25 L
Total interest
+₹17,585
Worked example, using your numbers
A step-by-step walkthrough of your FD's growth.
Step 1 · Effective rate
Including any senior citizen bonus, your effective rate is
7.00%
Step 2 · Total interest
Over 5 years, your FD earns
₹2.07 L
Step 3 · After tax
At your 20% slab rate, your after-tax interest is
₹1.66 L
✓
Your ₹5.00 L deposit earns ₹2.07 L in interest — ₹1.66 L after tax at your slab rate.
Personalised insights
What your numbers reveal, and what changing them would do.
₹2.07 L total interest at 7.00%
Your ₹5.00 L deposit grows to ₹7.07 L at maturity.
No TDS withheld — interest stays below the threshold each year
Even a large total, spread thinly enough across years, can avoid TDS if no single year crosses the threshold.
You'd owe ₹41,478 more than the TDS withheld
At your 20% slab rate, your real tax on ₹2.07 L interest is ₹41,478, versus ₹0 withheld as TDS.
Switching to non-cumulative would change your interest by ₹32,389
Cumulative FDs compound; non-cumulative FDs pay out simple interest on the unchanged principal — the same quoted rate produces different totals.
How this is calculated
Every step of the math behind your result, shown in the open.
Cumulative FD — compound interest
P = principal, r = annual rate (incl. any senior citizen bonus), n = compounding frequency per year, t = years, A = maturity value
Interest is added back to the principal at each compounding period, so future interest is earned on both your deposit and everything already credited.
Example: ₹5.00 L × (1 + 7.00%/4)^(4×5) → ₹7.07 L
Non-cumulative FD — simple interest
P = principal, r = annual rate (incl. any senior citizen bonus), Annual Interest = paid out each year rather than reinvested
Since each year's interest is paid out rather than added back, every year earns the same amount — there's no compounding to accelerate growth.
Example: Cumulative — see the compound-interest formula instead
TDS vs. actual tax owed
Interest = that year's interest credited, r_slab = your actual income tax slab rate
TDS is a flat-rate withholding your bank applies automatically; your real tax liability depends on your own slab rate, which can be higher or lower.
Example: ₹2.07 L interest → ₹0 TDS withheld vs. ₹41,478 actually owed at 20%
Assumptions
- Tenure is modeled in whole years — real FDs can run for any period from 7 days to 10 years.
- The senior citizen bonus is a common convention (typically 0.25–0.75%), not a regulated figure — confirm your bank's actual rate.
- TDS is checked per year against this single FD's interest only — banks actually aggregate interest across all your deposits with them for this check.
- Premature withdrawal penalties aren't modeled — this assumes the FD runs its full tenure.
- Figures are indicative — not tax or financial advice.
Did you know?
A few facts behind fixed deposits and their taxation.
194A
FD interest TDS is checked year by year
Your bank re-checks the TDS threshold every financial year — a long-tenure FD spreading modest annual interest across several years might never trigger TDS at all, even if the total interest over its life is large.
15G/15H
There's a form to stop TDS before it happens
Form 15G (or 15H for senior citizens) lets eligible depositors declare their income is below the taxable threshold, so the bank skips TDS entirely instead of the depositor claiming a refund later.
Compounding
The compounding frequency alone changes your return
The same quoted rate pays out more over time when compounded quarterly than annually — the more frequently interest is added back, the sooner it starts earning interest of its own.
Taxable
FD interest gets no special tax treatment
Unlike long-term equity gains, every rupee of FD interest is added to your income and taxed at your slab rate — there's no exemption threshold or lower flat rate.
0.50%
The senior citizen bonus is a bank's choice, not a rule
There's no law mandating extra interest for senior citizens — banks offer it voluntarily, and the exact bonus varies from bank to bank.
Frequently asked questions
Straight answers to the questions we hear most about fixed deposits.
What's the difference between cumulative and non-cumulative FDs?
A cumulative FD reinvests interest, which compounds and is paid out as one lump sum at maturity. A non-cumulative FD pays out interest periodically (monthly, quarterly, or annually) instead, so nothing compounds — at the same quoted rate, a cumulative FD always ends up worth more.
When does my bank deduct TDS on FD interest?
Once your interest from that bank crosses ₹50,000 in a financial year (₹1,00,000 for senior citizens), it withholds 10% as TDS — checked year by year, not on your FD's total interest over its whole tenure.
Is TDS the same as my final tax on FD interest?
No — TDS is just a flat-rate withholding. FD interest is taxed at your actual income tax slab rate when you file, so you may owe more (if your slab rate exceeds 10%) or get some or all of the TDS refunded (if your total income is below the taxable threshold, or your slab rate is lower).
How much extra do senior citizens get on FDs?
Most banks add 0.25–0.75% (commonly 0.50%) on top of the standard quoted rate for senior citizens — not a government-mandated figure, so it's worth checking your specific bank's rate card.
Can I avoid TDS on my FD interest?
If your total income is below the taxable threshold, you can submit Form 15G (or Form 15H if you're a senior citizen) to your bank to avoid TDS being deducted in the first place, rather than claiming it back later as a refund.
Is this tax advice?
No. This tool provides indicative estimates based on your inputs and the rates in force at the time. Consult a chartered accountant for your actual tax liability on FD interest.
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Learn more
Articles to go deeper on the ideas behind this calculator.
Fundamentals
Cumulative vs. non-cumulative FDs, compared
Why the same quoted rate produces two different totals.
5 min read
Strategy
TDS on FD interest, and how to avoid it legally
Form 15G/15H, thresholds, and claiming a refund.
5 min read
Fundamentals
Why compounding frequency matters more than you'd think
Quarterly vs. annual compounding, worked through with real numbers.
4 min read