How FD Calculator Works
This calculator uses the compound interest formula: A = P(1 + r/n)^(nt), where P is the principal, r is the annual interest rate, n is the compounding frequency per year, and t is the number of years. Quarterly compounding is the most common frequency used by Indian banks.
Senior citizens usually get 0.25% to 0.50% higher interest rates on FDs. Some banks offer special FD schemes with higher rates for specific tenures. Always compare FD rates across banks before investing.