Type of Customer
Type of Fixed Deposit
Date of Fixed Deposit
Amount Deposit in between 5K to 1.99Cr
5K
1.99Cr
Tenure
YY
MM
DD
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A Fixed Deposit calculator is designed to assist you in determining the interest rate you'll earn by placing your money in a Fixed Deposit for a set period. Just input the required details and effortlessly compute the interest on your FD. Online FD calculator is used to determine the maturity amount by applying compound interest on a monthly, quarterly, half-yearly or annual basis.
(Indicative interest rates for calculation only. Click hereFor latest interest rates for latest rates.)
Axis Bank does not guarantee accuracy, completeness or correct sequence of any 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. User should exercise due care and caution (including if necessary, obtaining of advise 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. Axis 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 Axis Bank. Neither Axis 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.
Fixed Deposit: Known for its safety and relatively high interest rates compared to regular savings accounts, a Fixed Deposit (FD) is a favored investment in India. Interest rates are fixed for the term of the deposit and vary between banks. You can calculate the interest as Cumulative, Quarterly, Monthly, or Standard.
Senior Citizen Rates: Senior citizens typically receive an interest rate that is about 50 to 60 basis points higher than the standard rate, depending on the chosen tenure.
Interest Calculation for Short Tenures: For FDs with a tenure shorter than 6 months, interest is calculated using simple interest based on the number of days. Compounded Interest for Longer Tenures: For FDs with a tenure of 6 months or more, interest is compounded quarterly. This means interest earned during the previous quarter is added to the principal for subsequent interest calculations.
For monthly interest payout option, the interest paid will be calculated at a discounted rate over the standard rate. In case you chose a quarterly payout option then interest is calculated and paid quarterly.
Minimum Tenure: The shortest possible tenure for an FD is as low as 7 days. Minimum Investment Amount: The minimum amount required to open an FD via Mobile app or Internet Banking is ₹5,000. For those opening an FD at a bank branch, the minimum investment is ₹10,000.
Tax-Saver FD: Investments in tax-saver FDs qualify for a deduction up to ₹1.5 lakh under Section 80C of the Income Tax Act, 1961. These FDs come with a mandatory lock-in period of 5 years.
Compounded Interest for Longer Tenures: For FDs with a tenure of 6 months or more, interest is compounded quarterly. This means interest earned during the previous quarter is added to the principal for subsequent interest calculations.
You can book a 5-year tax saver FD with a minimum amount of Rs 100 and in multiples thereof but to subject to a maximum of Rs 1.5 lakh.
On the other hand, a regular bank FD is not subject to a lock-in period and does not qualify for a deduction under Section 80C of the Income-Tax Act, 1961. The minimum investment amount in case of a regular bank FD is Rs 5,000.
Yes, the interest earned on bank fixed deposit is taxable under the Income Tax Act, 1961.
The tax is deducted at source by the bank as per the prevailing rules. The rate for TDS (Tax Deduction at Source) is 10%, if PAN is furnished; and if not, TDS is 20%. No surcharge or cess is levied over and above this basic rate.
TDS, with respect to interest earned on your bank FD, is deducted based on the total interest projected on the aggregate of your bank FD for the financial year.
If the total projected interest in a financial year crosses the threshold limit, which is currently Rs 10,000 for non-senior citizens, TDS is deducted proportionately from the existing fixed deposits at the time of interest application. For senior citizens (60 years and above), the union budget 2018 has increased the exemption of interest income on deposits with banks (includes fixed deposits) and post offices from Rs 10,000 to Rs 50,000.
In case, you have no other income apart from interest income, in order to avoid TDS, you can submit a declaration under Section 197A of the Income Tax Act in Form 15-G (for general or non-senior citizens) or Form 15-H (for senior citizens), as applicable.
Furthermore, in order to avoid TDS, split your bank FDs across branches of the Bank. Splitting bank FDs will also enable you to address your liquidity needs.
Early Withdrawal: FDs can generally be withdrawn before maturity, although this incurs a penalty of 1.0%. Restrictions on Early Withdrawal: Premature withdrawals are not permitted for 5-year Tax Saver Fixed Deposits.
When you bank FD matures, there are two options of rollover/renewing the FD.