A fixed deposit (FD) is a type of investment where you deposit a sum of money with a bank or non-banking financial company (NBFC) for a fixed period, ranging from 7 days to 10 years. FDs generally offer higher interest rates compared to regular savings accounts, though terms and conditions apply.

An FD calculator helps you easily determine the interest and final amount you’ll receive upon maturity. You can find this simple tool on the Online CA Filing website.

Benefits of an FD Calculator

Manually calculating FD maturity can be complex and time-consuming. The FD calculator simplifies this process, giving you accurate results in just a few clicks.

Here’s how it can assist you:

• It automates the calculation, saving you time and effort.
• You can instantly compare interest rates and maturity amounts from different financial institutions, helping you make an informed decision.

FD Maturity Formula

There are two types of FDs: simple interest FD and compound interest FD. The Online CA Filing website offers calculators for both.

For simple interest FDs, the formula is:

M = P + (P x r x t / 100)

Where:

• P is the principal amount (your initial deposit)
• r is the annual interest rate
• t is the tenure in years

For example, if you deposit ₹1,00,000 for 5 years at 10% interest, your maturity amount will be:

M = ₹1,00,000 + (1,00,000 x 10 x 5 / 100) = ₹1,50,000

For compound interest FDs, the formula is:

M = P { (1 + i / 100)^t – 1 }

Where:

• P is the principal
• i is the interest rate per period
• t is the tenure

Using the same example, for compound interest:

M = ₹1,00,000 { (1 + 10 / 100)^5 – 1 } = ₹1,61,051

How to Use the FD Calculator on Online CA Filing

1. Gather all necessary details (amount, interest rate, and tenure).
2. Enter the information into the calculator.
3. The maturity amount will be displayed instantly.

Advantages of Using Online CA Filing’s FD Calculator

• Know exactly how much you’ll receive at maturity to better plan your finances.
• The calculator is free and available for unlimited use by registered users.
• Easily compare the maturity amounts across different banks and financial institutions.

Besides the FD calculator, Online CA Filing offers several other tools to help you manage your finances, such as:

• Fixed Deposit Options
• Overdraft Against FD
• Monthly Interest on ₹1 Lakh FD
• Non-Callable FDs
• FD Sweep-in
• Auto-Renewal of FD
• Flexi Fixed Deposits
• Senior Citizen FD Interest Rates
• FD Double Scheme
• Monthly Interest Payout on FDs