Fixed Deposit

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A Fixed Deposit or FD is a scheme that has been popular since ages in India.

It is nothing but one of the most common types of deposit scheme provided by all banks as well as many non-banking financial institutions.

In a Fixed deposit, all you need to do is deposit a lumpsum amount for a definite time period at a rate of return which is predefined. On the date of the fixed deposit maturity, you may choose to remain invested or withdraw the maturity amount. There also would be a component of Tax Deducted at Source/TDS . Banks or the financial institution will deduct the TDS on an FD interest amount which is higher than Rs.10,000 per year. The tax deduction rate is 10% on interest income, only on the condition that the details of your PAN are linked with the Fixed Deposit (FD) account. If you fail to offer your PAN details, it will lead to a deduction of 20% on interest income. It is best to compare the rate of interest of different banks in case you wish to deposit a few of your savings in a Fixed deposit.

How does Fixed deposit calculator work?

Fixed Deposit Interest Calculator

Fixed Deposit Interest Calculator

The FD calculator or the Fixed Deposit interest calculator is a user friendly calculator that is available online that helps you in calculating the interest earned on your FD. Fixed deposit calculator is absolutely free of cost. All you need to do is enter the requested principal as well as the maturity amount as input and then the FD calculator will automatically calculate the interest that will be earned on the deposit

Fixed Deposit Maturity Calculator

Fixed Deposit Maturity Calculator

The Fixed Deposit Maturity Calculator is not too different than the Fixed Deposit Interest Calculator. This tool is available online and is absolutely free of cost. A Maturity Deposit Calculator is particularly beneficial in calculating the amount that you will receive on maturity. The maturity amount will be calculated depending on the principal amount, time period as well as the rate of interest.

Step-by-step procedure for opening a Fixed deposit account

  • You can start a fixed deposit account with any bank wherein you already hold a savings account

  • You may also visit the bank’s or the financial institution’s official website online for opening a fixed deposit account.
  • However, there are certain banks who can yet allow you to start a FD account without you needing to start a savings bank account. But, you will be need to submit your know-your-customer (KYC) documents if your bank permits you to open a FD account without a savings account.
  • All you need to do is submit your self-attested photocopies of your ID proof like PAN and address proof like Aadhaar, voter’s license and a photograph.

  • The returns on Fixed deposit are assured

  • Fixed deposits offer flexibility for selecting an amount that you wish to invest over a period of time
  • FD’s are considered to manage the kind of risk when you plan for long-term financial aims of your life
  • Fixed deposits can also help in liability crunch
  • Fixed deposits offer higher interest rate for senior citizens
  • Facility to avail seamless Cashless hospitalization.

  • Offers flexibility to open a joint fixed deposit with your children, spouse or parents
  • Offers flexibility to opt for the mode of payment of interest

  • The returns that a FD offers are usually lower compared to other investment options
  • FD interest is certainly not sufficient for covering the rising inflation
  • The tax deduction at source (TDS) would be deducted on the interest income
  • You may not get to enjoy the advantages of diversification of your financial portfolio in case you invest all your savings in a FD. This diversification includes real estate, Mutual Funds, etc.
  • If you wish to withdraw your fixed deposit prematurely, you will have to bear the loss of interest income as a penalty.

  • The tenure of Fixed Deposits range from 7 days to 10 years
  • The interest rates on Fixed Deposits differs from one bank to another bank.

  • If you opt for a longer term, the interest rate would be higher
  • Here, in case of a Fixed deposit, the duration as well as the interest rate of Fixed deposits are fixed. Thus, you will know beforehand the amount on the maturity of your FDs
  • In the case of a FD, the interest is usually compounded quarterly and therefore is given on maturity.
  • The Reserve Bank of India has allowed the banks to quote an interest rate which is higher for customers who deposit amount more than Rs.15 Lakhs
  • You can also avail a loan against fixed deposit (Loan against FD)

Some of the frequently asked questions about Fixed Deposit

Mentioned below are the documents required for opening a Fixed Deposit account:

  • Photograph
  • ID proof
  • Address proof
  • A photograph
  • Fixed deposit form duly filled and signed as linked to your Savings or Current account


Yes, investing in a fixed deposit is a best option for risk-averse investors who seek for a short-term investment with a guaranteed rate of return.

Yes, a 10% TDS would be applicable on a fixed deposit in case the interest that you earn from your FDs is above Rs.10,000/- Also, it is safe to invest in a fixed deposit since it offers guaranteed returns.

Yes, you can prematurely withdraw or break your FD in case of an emergency. The bank or the financial institution will charge penalty for the same.

Eligibility Criteria ..

To open a fixed deposit FD account, all you need to be is an Indian, NRI, HUF or a senior citizen.

Besides, you may also open a FD account under guardianship for a minor.

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