What it does
A fixed deposit (called an FD in India, a GIC in Canada, a CD in the US) locks money in for a set time at a set rate. This calculator tells you what you get back at the end. It also covers the recurring deposit (RD), where you put in a fixed amount every month.
Interest can be compounded monthly, quarterly, every six months or yearly, or paid as simple interest at the end. Indian banks usually compound FDs quarterly. A ladder splits your money across up to five terms so a deposit matures every step. For growth with extra deposits, see compound interest, and for a target date, the savings goal tool.
How to use it
- Choose a lump-sum deposit or a recurring monthly deposit.
- Enter the amount, the yearly rate and the length in months, days or years.
- Choose how interest is compounded. Ask your bank if you are unsure.
- Optionally pick a ladder of 2 to 5 terms and read the table.
What each setting does
- Compounded: how often interest is added to the balance. More often means slightly more.
- Simple, paid at the end: interest is not added to the balance along the way.
- Ladder: the amount is split equally; deposit one has your length, deposit two twice that, and so on.
Worked example
You deposit 1,00,000 at 7% a year, compounded quarterly, for one year. Each quarter earns 1.75%, so the maturity amount is 1,00,000 x 1.0175^4 = 1,07,186. A recurring deposit of 1,000 a month for 12 months at 6.5% compounded quarterly matures to about 12,429, of which 12,000 is yours.
FAQs
Why does my bank show a different amount? Banks may round each quarter, count days differently, or change the rate. Use this as a close estimate.
Is the interest taxed? Often yes, and some banks deduct tax at source. This tool shows the amount before tax. Not financial or tax advice.
What is a deposit ladder? Splitting money across different terms so some of it frees up regularly, while longer deposits keep earning their rates.
Can I use days? Yes. Days are counted as days divided by 365.
Where the numbers come from
- Compound interest formula A = P(1 + r/m)^(m t). Indian recurring deposit (RD) formula with quarterly compounding: M = R[(1+i)^n - 1] / (1 - (1+i)^(-1/3)), i = rate/4, n = quarters. Banks may differ by a few rupees through rounding; check your bank's own figure.
Standard scientific values, such as constants, atomic weights and melting points, are facts found in every textbook; we name where ours were checked. If you are an author or publisher and want a value, a credit or a table changed or removed, tell us and we will act quickly.
Last updated 2026-11-10.