FD Interest Calculation - ₹1000 to ₹1,00,000 in Fixed Deposit for 1 Year (Hindi)
In this video by FinCalC TV we will see FD Interest Calculation examples on Rs. 5000 to Rs. 1 Lakh FD for 1 year with FD interest rates in SBI, HDFC, ICICI banks, etc. in hindi using FD Calculator or Fixed Deposit Calculator. Also you will know how to calculate fd interest or fd ka interest kaise calculate kare hindi query.
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WHAT IS FD?
FD full for in Fixed Deposit, also known as Term Deposit. FD can be booked in any nationalized or private banks or in post office in India. The main goal of booking FD should be to use the invested amount in some future buying.
For example, you have enough amount to buy a new smartphone with a budget of Rs. 10,000, but you can wait for the next 1 year to check if you get a good deal within your budget with upcoming new smartphones. So you can book an FD for 1 year, post which, you can use the fund to buy a new smartphone of your choice. And this is how, you should link your FD investment to your goals.
You get additional interest amount as bonus, higher than savings account in Fixed Deposits.
HOW FD CALCULATOR WORKS?
FD Calculator helps you to know how much interest you can earn if you book a FD with specific amount, with interest rate and tenure provided to the calculator. This will help you plan your investments for goals accordingly.
There are 2 types of FD:
- Cumulative Fixed Deposits: A type of FD that helps you accumulate interest amounts that you gain every quarter. This interest amount helps you earn more interest over long run which is known as Compounding. Compounding in FD usually happens on quarterly basis, which means, your interest calculated every month will be added to your balance every quarter. This increase in balance will help you earn more interest in upcoming quarters and that is why cumulative Fixed Deposits must be preferred.
- Non Cumulative Fixed Deposits: In this type of FD you get regular payouts may be quarterly or half yearly. This payouts are usually the interest amounts you gain over a quarter of half year. Instead of adding this interest to your balance amount, it is paid out to you which you can treat as a bonuses on regular intervals.
Cumulative Fixed Deposits earn higher interest amounts compared to non cumulative fixed deposits.
HOW MUCH YOU WILL GET ON RS. 1 LAKH FD?
Based on the calculator, for FD of amount = Rs. 1 Lakh, interest rate = 4.5% and tenure = 1 Year, you’ll get total interest = Rs. 4577 and maturity amount = Rs. 1,04,577
IN HOW MANY YEARS FD WILL DOUBLE?
It depends on interest rate you are getting on FD. Senior citizens and bank staff gets higher interest rates on FD compared to others. Considering quarterly compounding, and interest rate of 5%, your investment amount will double in approx. in 14 years. So after 14 years, your FD of Rs. 1 Lakh with annual interest rate of 5%, you’ll get approx. 2 Lakh as maturity amount.
WHICH BANK FD IS BEST?
You can book FD in any bank including SBI, ICICI, Axis, etc. Above calculator gives approx. interest and maturity amounts for FDs booked in SBI as well. So above FD calculator can be treated as FD calculator for SBI.
Apart from banks, you can also check out FD interest rates in Post Office as well. Some Post offices provide higher interest rates compared to banks so they are worth checking.
DOES FD GIVE MONTHLY INTEREST?
Yes, monthly interest is calculated in FD and is compounded on quarterly basis.
INCOME TAX SAVING ON FD
You can save income tax on FD under Section 80C. But the tenure for saving income tax in FD must be 5 years. Other tenures FD cannot help you save income tax. Maximum of Rs. 1.5 Lacs can be claimed as deduction under Section 80C while saving income tax.
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DISCLAIMER:
Examples and demo used are for Illustration purpose only and might not cover every detail of examples shown.