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5K
2.99Cr
- Days
Maturity Value
3050
- Remember that Tax Deducted at Source (TDS) will apply to the interest accumulated, following the current tax rates.
- The interest rates automatically appear for Resident Deposits below ₹3 Crores.
- Please note that the interest rates shown are solely for calculation purposes. Click here to view the most recent interest rates on Axis Bank Fixed Deposits.
What is a Fixed Deposit Calculator?
A When investing in Fixed Deposits, calculating complex interests and maximising returns can be a challenge. This is where an FD calculator comes across as an invaluable tool. They empower you to make informed decisions. Specialised FD calculators can offer function-specific solutions, such as helping you estimate your maturity amount with precision, considering your initial deposit, chosen interest rate, and preferred investment tenure, facilitating comparisons between interest rates offered by various banks and financial institutions, enabling you to select the most lucrative option aligned with your investment goals, and provide comprehensive insights into the total interest you stand to earn, factoring in compounding frequency, a crucial aspect often overlooked in basic calculations.
How can an FD calculator help you?
Choosing the right Fixed Deposit can feel overwhelming. But worry not, tools such as FD interest rate calculators come to your rescue! Here's how an Axis Bank FD calculator can help you:
- Precise estimates: Enter your desired investment amount, chosen FD interest rate, and preferred tenure to accurately estimate your maturity amount, including accrued interest.
- Comparative analysis: Quickly compare FD interest rates across different Axis Bank offerings, from regular FDs to senior citizen FDs. Find the option that best aligns with your financial goals.
- Compounding advantage: Gain insights into the total interest you can earn, factoring in the power of compounding. Understand how interest earned on interest boosts your overall returns.
Fixed Deposit Calculator: Features and benefits
A Fixed Deposit Calculator — such as an FD Deposit Interest Calculator or Fixed Deposit Interest Rate Calculator — is a tool that helps you estimate the maturity amount of your investments.
Features of Axis Bank FD Calculator
- Easy to use and navigate
- Calculations based on the latest interest rate
- Works for multiple FD schemes
- Customisation based on your FD investment details
Benefits of Axis Bank FD Calculator
- Helps you make informed decisions
- Saves time and effort on calculations
- Peace of mind as you know all the details
The calculator will display the maturity amount (the total amount you will receive), interest earned, and any applicable tax deductions.
FD calculation for Resident & NRI customers
Choosing the right Fixed Deposit can be challenging, especially with different interest rates and regulations for resident and Non-Resident Indian (NRI) customers.
FD calculators for NRI customers
For NRIs, navigating the Indian Fixed Deposit landscape can seem complex. While the core principles of FD calculations remain similar to resident customers, additional factors specific to NRIs come into play. This is where FD calculators for NRIs become invaluable tools, but remember, the journey doesn't end there.
FD calculators for NRI customers
For NRIs, navigating the Indian Fixed Deposit landscape can seem complex. While the core principles of FD calculations remain similar to resident customers, additional factors specific to NRIs come into play. This is where FD calculators for NRIs become invaluable tools, but remember, the journey doesn't end there.
Understanding NRI-specific nuances
- Limited FD Options: Certain FD types like tax-saver FDs may not be accessible to NRIs. Axis Bank offers NRI-specific FD calculators that provide calculations for FD options available to NRIs.
- Repatriation Regulations: NRI-specific FD calculators understand restrictions and potential taxes associated with repatriating principal and interest.
By leveraging NRI-specific FD calculators, NRI customers can personalise their investment strategies, explore beyond standard options, and stay compliant with regulations and taxation requirements.
FD Calculators for resident customers
- Compounding interest: Most Indian FDs offer monthly compounding, where interest earned each month gets added to the principal, effectively earning interest on interest. This significantly impacts your final returns. Reliable FD calculators, like the Axis Bank FD Calculator, factor this in for accurate estimates. Ignoring compounding can lead to underestimating your potential returns, potentially hindering your financial goals.
- Tax implications: Resident FDs are subject to Tax Deducted at Source (TDS) if the interest earned exceeds ₹10,000 a year. While the calculator's disclaimer may provide general information, consulting a financial advisor ensures you fully understand the specific tax implications based on your circumstances. Failing to account for TDS can result in unexpected deductions, impacting your overall investment returns.
How to use FD Calculator?
There are two ways to access and use the Axis Bank FD calculator:
- 01
Using the Axis Bank website
Visit the Axis Bank website: https://www.axis.bank.in/calculators/fd-calculator
You'll see a section titled 'FD Calculator'.
- 02
Principal amount:
The amount you want to invest in the FD
- 03
Tenure:
The period for which you want to invest (in years, months, or days)
- 04
Interest rate:
Choose the interest rate applicable for your chosen scheme (regular, tax savings, senior citizen). You can find current rates on the Axis Bank website
- 05
Frequency of compounding:
Select how often you want the interest to be compounded (monthly, quarterly, half-yearly, or annually). More frequent compounding leads to higher returns.
- 06
Alternatively, you can:
- Choose the 'Cumulative' interest payment option if you want the interest to be reinvested with the principal for higher returns
- Tick the 'Senior Citizen' box if applicable, to get higher interest rates
- Click 'Calculate'
Frequently Asked Questions
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.
Benefits of FD
- Comparatively safe investment
- Stable and predicted returns (example 8% per annum)
- Well suitable for conservative investors like senior citizens
Benefits of FD
- Comparatively safe investment
- Stable and predicted returns (example 8% per annum)
- Well suitable for conservative investors like senior citizens
As a senior citizen, you enjoy enhanced interest rates on Fixed Deposits at Axis Bank, ranging typically from 6.75% to 7.75%. This gives you an additional benefit of up to 0.65% over the rates offered to the general public. Please note, however, that these favorable rates are not suited to NRI accounts.
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 ₹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 ₹10,000 to ₹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.
Withdrawal of funds from FDs before their maturity generally results in a 1% penalty. However, 5-year Tax Saver Fixed Deposits do not allow premature withdrawals under any circumstances.
When you bank FD matures, there are two options of rollover/renewing the FD.
- Under the principal roll-over option, the original principal is rolled over and interest is directly paid (credited) into the bank account.
- Under principal and Interest rolling option, the original amount along with the accrued interest is reinvested for the same tenure and the rate of interest applicable on the maturity.
The FD calculator estimates the interest you'll accrue and the maturity amount. This foresight enables you to better budget and plan your investments in accordance with your future goals.
Use the online FD calculator to find the maturity amount by entering the principal amount deposited, duration, interest rate, and compounding frequency. Alternatively, you can also login onto Internet Banking or Mobile Banking to understand the maturity amount for the value invested.
Enter your deposit amount, tenure, and the rate of interest on the FD calculator. The calculator will instantly determine your maturity value and total interest earned.
Disclaimer
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.
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