IDFC FD Calculator

The IDFC Fixed Deposit calculator allows you to evaluate the maturity amount and interest rates of various financial institutions’ fixed deposits. The calculator can save a significant amount of time while doing these complicated calculations.

A fixed deposit (FD) is a type of savings instrument offered by financial institutions where an investor can deposit a lump sum of money for a fixed period at a predetermined interest rate. They are commonly referred to as term deposits because the money is invested for a specific term or period, ranging from as short as 7 days to as long as 10 years.

FDs are categorized into two primary options - non-cumulative FDs and cumulative FDs. In non-cumulative FDs, the interest is paid to the investor on a monthly, quarterly, half-yearly, or annual basis depending on the chosen frequency. In cumulative FDs, the interest is compounded annually and reinvested along with the principal amount.

How Does The IDFC Fixed Deposit Calculator Work?

The formula used to calculate the maturity for non-cumulative FDs is:

Where,

M is the Maturity amount
P is the Principal amount that you deposit
r is the rate of interest per annum
t is the tenure in years

The formula used to calculate the maturity for cumulative FDs is:

Where,

M is the Maturity amount
P is the Principal amount that you deposit
r is the rate of interest per annum
n is the number of times the amount is compounded
t is the tenure in years

Example:

Mr. Sunil is planning to put ₹4.4 lakhs in a fixed deposit scheme. The FD will earn him an interest of 6.4% interest per annum. The tenure of the FD is 3 years. He wishes to get a quarterly payout of his interest income. By putting the above values in the formula, we get:

M = P + (P x t x r / 100)
M = 4,40,000 + (4,40,000 x 3 x 6.4/100)
M = 4,40,000 + (4,40,000 x 3 x 0.064)
M = 4,40,000 + 84,480
M = ₹5,24,480

Interest = 5,24,480 - 4,40,000
Interest = ₹84,480
Interest payable every year = 84,480 / 3 = ₹28,160

So, if Mr. Sunil invests ₹4.4 lakhs in a fixed deposit scheme that earns him an interest of 6.4% interest per annum for 3 years, he would get a quarterly payout of ₹28,160 and the principal amount of ₹4.4 lakhs at the end of the tenure.

Using the same example, let’s see how much Mr. Sunil will be able to receive as a maturity amount if he chooses to invest in a cumulative FD.

M = P (1 + r/n) ^ (n x t)
M = 4,40,000 (1 + 0.064)^(1 x 3)
M = 4,40,000 x (1.064)^3
M = 4,40,000 x 1.204550144
M = ₹5,30,002

If Mr. Sunil invests ₹4.4 lakhs in an FD, offering an interest of 6.4% per annum for 3 years, he would earn a maturity amount of around ₹5.3 lakhs.

How To Use The IDFC Fixed Deposit Calculator?

Below is the step-by-step guide for using the fixed deposit calculator.

• Choose between cumulative and non-cumulative fixed deposit options.
• Enter the deposit amount.
• Type in the interest rate of the deposit.
• Specify the tenure of the fixed deposit.

When the details are entered, the maturity amount and interest earned will be automatically shown on the calculator.

Benefits Of Using The IDFC Fixed Deposit Calculator

A fixed deposit calculator offers several benefits to its users. They are:

• The fixed deposit calculator helps you calculate the balance you will get when your FD matures for the amount you have put in.
• The calculator can help you make a comparison of the maturity amount and available rates of interest for different FD schemes.
• The calculator can help you select the right tenure for your FD.