Indian Bank FD Calculator
Indian Bank FD Rates on Domestic/NRE/Capital Gains Type B/Tax Saver Fixed Deposits of less than Rs 2 crore - General Citizens
| Tenure | Interest rate p.a. (General citizens) |
| 7 days to 14 days | 2.8 |
| 15 days to 29 days | 2.8 |
| 30 days to 45 days | 3 |
| 46 days to 90 days | 3.25 |
| 91 days to 120 days | 3.5 |
| 121 days to 180 days | 3.75 |
| 181 days to less than 9 months | 4 |
| 9 months to less than 1 year | 4.4 |
| 1 year | 5.45 |
| Above 1 year to less than 2 years | 5.5 |
| 2 years to less than 3 years | 5.55 |
| 3 years to less than 5 years | 5.75 |
| 5 years | 5.65 |
| Above 5 years | 5.65 |
| 610 days (IND UTSAV 610)* | 6.1 |
Note: The FD interest rates are effective as of 24 August 2022
Indian Bank FD Rates on Domestic/NRE/Capital Gains Type B/Tax Saver Fixed Deposits of less than Rs 2 crore - Senior Citizens
| Tenure | Interest rate p.a. (Senior citizens) |
| 7 days to 14 days | 2.8 |
| 15 days to 29 days | 3.3 |
| 30 days to 45 days | 3.5 |
| 46 days to 90 days | 3.75 |
| 91 days to 120 days | 4 |
| 121 days to 180 days | 4.25 |
| 181 days to less than 9 months | 4.5 |
| 9 months to less than 1 year | 4.9 |
| 1 year | 5.95 |
| Above 1 year to less than 2 years | 6 |
| 2 years to less than 3 years | 6.05 |
| 3 years to less than 5 years | 6.25 |
| 5 years | 6.15 |
| Above 5 years | 6.4 |
| 610 days (IND UTSAV 610)* | 6.25 |
Note: The FD interest rates are effective as of 24 August 2022
Indian Bank Interest Rates on Domestic/NRE/Capital Gains Type B/Tax Saver Fixed Deposits of Rs 2 crore to less than Rs 5 crore - General Citizens
| Tenure | Interest rate p.a. (General citizens) |
| 7 days to 14 days | 2.9 |
| 15 days to 29 days | 2.9 |
| 30 days to 45 days | 2.9 |
| 46 days to 90 days | 2.9 |
| 91 days to 120 days | 2.9 |
| 121 days to 180 days | 2.9 |
| 181 days to less than 9 months | 3.9 |
| 9 months to less than 1 year | 3.25 |
| 1 year | 3.55 |
| Above 1 year to less than 2 years | 3.25 |
| 2 years to less than 3 years | 3.25 |
| 3 years to less than 5 years | 3.25 |
| 5 years | 3.25 |
| Above 5 years | 3.25 |
Note: The FD interest rates are effective as of 24 August 2022
Indian Bank Interest Rates on Domestic/NRE/Capital Gains Type B/Tax Saver Fixed Deposits of Rs 2 crore to less than Rs 5 crore - Senior Citizens
| Tenure | Interest rate p.a. (Senior citizens) |
| 7 days to 14 days | 3.4 |
| 15 days to 29 days | 3.4 |
| 30 days to 45 days | 3.4 |
| 46 days to 90 days | 3.4 |
| 91 days to 120 days | 3.4 |
| 121 days to 180 days | 3.4 |
| 181 days to less than 9 months | 4.4 |
| 9 months to less than 1 year | 3.75 |
| 1 year | 4.05 |
| Above 1 year to less than 2 years | 3.75 |
| 2 years to less than 3 years | 3.75 |
| 3 years to less than 5 years | 3.75 |
| 5 years | 3.75 |
| Above 5 years | 4 |
Note: The FD interest rates are effective as of 24 August 2022
Interest Rates of FCNR (B) and RFC Deposits
| Currency | 1 year to less than 2 years | 2 years to less than 3 years | 3 years to less than 4 years | 4 years to less than 5 years | 5 years |
| USD | 2.9 | 3 | 3.1 | 3.1 | 3.1 |
| GBP | 2 | 2.2 | 2.25 | 2.25 | 2.25 |
| EUR | 0.02 | 0.01 | 0.01 | 0.1 | 0.15 |
| JPY | 0.11 | 0.13 | 0.12 | 0.13 | 0.14 |
| CAD | 1.81 | 2.36 | 2.6 | 2.66 | 2.67 |
| AUD | 1.2 | 1.7 | 2.05 | 2.3 | 2.45 |
| CHF | 0 | 0.01 | 0.02 | 0.03 | 0.05 |
| SGD | 0.27 | 0.4 | 0.49 | 0.55 | 0.61 |
Note: The FD interest rates are effective as of 2 August 2022
Foreclosure Charges
| Period of Deposit | Deposits up to Rs. 5 lakhs | Deposits above Rs. 5 lakhs |
| Less than 7 days | No interest will be credited | No interest will be credited |
| 7 days and above | “No penalty if deposits are kept for at least 181 days, i.e. the eligible interest rate will be the relevant card rate for the actual period run on the date of deposit. | |
| If deposits are closed before 181 days: the applicable rate will be the relevant card rate for the actual time run prevailing on the day of deposit, less 1% p.a. as foreclosure charges” | Applicable rate will be the relevant card rate for the actual time run prevailing on the day of deposit, less 1% p.a. as foreclosure charges |
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Indian Bank FD Calculator
Indian Bank fixed deposit comes with attractive interest rates. However, the longer the deposit term, the higher would be the interest rates. Indian Bank FD tenure can range from as low as 7 days to more than 5 years. FD rates are also dependent upon the principal amount invested. In this regard, if you want to estimate your interest earnings appropriately, you can take help of an online Indian Bank FD calculator.
It is a simple online tool that helps in better financial planning. Let’s find out more about this calculating device.
Indian Bank Fixed Deposit (FD) Calculator
While investing in an FD investment, it is essential to check the potential return from an investment. This helps individuals to plan their financial goals better. Also, it is crucial for depositors to have an idea of different rates of interest applicable to Indian Bank FD investment as it is the most important factor that directly impacts the interest or maturity amount.
Indian Bank interest rate for fixed deposits starts from 2.80% to 6.50% for general citizens for investments less than ₹2 crore. In contrast, senior citizens could earn an additional interest rate of 0.50% for amounts up to ₹10 crores.
An online Indian Bank FD calculator is a great tool for estimating the maturity amount. You need to input the interest rate, total tenure, and principal amount only and the calculator will do the rest. With this calculator, investors can effectively compare the maturity amount for various investment tenures and amount and make an informed financial decision.
How Does the Indian Bank FD Calculator?
You can now easily access your interest earnings from FD investment without any hassle through this online tool in just a few clicks. Follow these steps:
1. Enter an investment amount in the “Total Investment” space.
2. Now you can drag the purple line to the desired tenure or enter the time period in the box provided.
3. Fill in the interest rate and wait for the precise calculation.
4. Then your screen will display the estimated return and total value that you will receive against the FD investment.
However, you can alter all inputs accordingly and choose a suitable FD tenure and investment amount as per your financial goals.
Fixed deposits are of 2 types: compound interest FD and simple interest FD.
In a scenario of compound interest, the formula is:
A = P (1 + r/n) ^ n*t.
In this above-mentioned formula,
A = Maturity value
r = Indian Bank fixed deposit interest rate
t = Number of years
n = compounding frequency
P = Principal amount.
While using an Indian Bank FD Calculator, you need to enter the exact investment amount, interest rate and tenure to compute the interest earned.
To understand the whole calculation procedure precisely, let us consider an example.
Example
Suppose you are investing ₹2 lakhs in a fixed deposit scheme for 2 years with an annual compound rate of 6.50%. In this scenario,
P= ₹ 2,00,000
r= 6.50%
t= 2
n= 1
Hence, A= Rs. [2,00,000 (1+6.50/1) ^ 1 x 2] = ₹ 2,26,000.
So as per this calculation, the maturity amount will be ₹ 2,26,000 after 2 years.
On the other hand, the simple interest formula used is:
M= P+ (PXRXT/100)
Where M denotes the maturity amount, T is the investment tenure, and R is the interest rate.
Benefits of an Online Indian Bank FD Calculator
Online calculators are easy to use and include a hassle-free procedure. Check out some of the notable advantages of using an online Indian Bank fixed deposit calculator:
- Easy Calculation and Error-free Results
Manual calculations can lead to mistakes. An online FD calculator leaves no room for errors as the entire process is automated. You need to enter different variables, and upon entering these figures, the precise maturity value estimation will be calculated. - Perform Comparison
You can compare the returns from FD schemes of varying tenure and interest rates. As a result, you can estimate which investment provides higher interest returns and choose accordingly. - Customised Results
Among other advantages of using an online calculator like this is that it can generate tailored results. Here, users can change the investment details accordingly. - Easy and Free Access
This tool is available online and requires no login credentials. You can access it anytime, anywhere and alter inputs as many times as you wish.With the Upstox Indian Bank fixed deposit calculator, it is now easy to calculate error-free maturity value and interest earned. Before you start investing in Indian Bank FDs, you can check out this tool to get a clear idea of the maturity amount for a specific FD scheme.
Frequently Asked Questions
What is the FD interest rate in Indian Bank?
The Indian Bank fixed deposit interest rate starts from 2.80% for general citizens. It is 2.80% to 7% for senior citizens. This rate is for investment of less than ₹2 crore.
Is there a premature withdrawal facility with Indian Bank?
Yes, Indian Bank allows its investors to withdraw their deposit amounts prematurely. However, the bank will charge a penalty fee of 1% for all deposits of ₹5 lakh and above if the investment is withdrawn before 181 days.
In how many years has FD doubled in Indian Bank?
There is a method known as Rule 72 through which you can compute the number of years it will take to double your amount invested in an FD. For instance, if the interest rate for your FD is 6.40%, it will take (72/6.40) 11.25 years to double your deposit amount.
What is the minimum amount you can deposit in Indian Bank fixed deposit scheme?
The minimum amount you can deposit in Indian Bank FD is ₹1,000.
Does Indian Bank provide an auto-renewal facility for fixed deposits?
Indian Bank provides an auto-renewal facility for customers who have fixed deposits.
Who is eligible to open an Indian Bank fixed deposit account?
Any minor or individual resident in India who fulfils the KYC requirement can open a fixed deposit account.
Are FD accounts with Indian Bank taxable?
Yes, Indian Bank FDs are taxable as per the Income Tax Act 1961. According to current rules, if the total interest earned in one financial year is more than ₹10000, then the depositor must pay a TDS.
Disclaimer:
This calculator is meant to be used for indicative purposes only. It is designed to assist you in determining the appropriate amount of prospective investments. This calculator alone is not sufficient and shouldn’t be used for the development or implementation of any investment strategy. Upstox does not take the responsibility/liability nor does it undertake the authenticity of the figures calculated therein. Upstox makes no warranty about the accuracy of the calculators/reckoners. The examples do not claim to represent the performance of any security or investments. In view of the individual nature of tax consequences, each investor is advised to consult his/her own professional tax advisor before making any investment decisions on the basis of the results provided through the use of this calculator.