IDFC Bank Fixed Deposit (FD) Interest Calculator

IDFC Bank FD Calculator helps the customer to estimate the returns they will get from an FD. This online tool is ideal and easy to use. The customers can access the IDFC Bank FD Calculator by visiting the bank's official portal.

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Maximum returns Offered by Guaranteed

6.5%**

Fixed Deposits

(by SBI bank)

(5-10 Years)

7.1%***

Public Provident Fund

(other popular options)

(15 Years)

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Policies Sold
IDFC Bank FD Calculator

Total Investment

₹500 ₹30L
Enter Total Investment

Rate of Interest (Yearly)

1% 15%
Rate of Interest (Yearly)

Time Period

1 Year 15 Years
Enter Time Period
Total Investment
Interest Earned
Maturity Amount

The bank offers different rates for different tenures of FD, and it is here that this IDFC Bank FD Calculator can help customers to calculate the interest earned and the end accumulated amount of the fixed deposit after the completion of the tenure.

How does IDFC Bank FD Calculator work?

The bank offers two types of FD schemes: short term and long term. There are several options in these two categories based on tenure time. It is imperative to know about the interest rates offered to the customers based on the tenure term, the deposit amount, and the customer's age and profile. With the help of the IDFC Bank FD Calculator, the customer can design a well-tailored account. IDFC Bank offers benefits for FDs based on the profile of the depositors, whether they are:

  • Senior citizens
  • NRE/NRO accounts
  • Resident individual
  • Type and payment of interest

The senior citizens are paid an additional 0.5% interest than the regular rate of interest. Simple interest is calculated for deposits less than 180 days tenure and for FDs above 180 days tenure, the interest is paid compounded quarterly. Below is a table of rates of interest paid by IDFC Bank FD and maturity amount. Based on this table, the customer can calculate their maturity amount and plan their product.

Tenure Rates Maturity amount for Rs 1 Lakh
7 to 14 days 2.75% to 3.25% RS 1,00,053-Rs1,00,125
15 to 29 days 3.00% to 3.50 % Rs1,00,123-Rs1,00,278
30 to 45 days 3.50% to 4.00% Rs1,00,288-Rs1,00,493
46 to 90 days 4.00% to 4.50% Rs1,00,504-Rs1,01,110

The IDFC Bank FD Calculator can help calculate the maturity amount on a deposit of up to 20Cr. An FD with a higher amount must be discussed with the nearest IDFC Bank Branch for detailed understanding.

Simple Interest Vs Compound Interest

The point that needs to be noted here is that FDs attract simple interest for a tenure of fewer than 6 months, while investments made for a period of more than 6 months enjoy quarterly compounded interest rates. We've been talking about interest rates, deposit amount and deposit tenure. Let us first decode and understand each term separately.

  • Deposit amount: This is also called the principal. It is the initial amount deposited by the customer while purchasing the plan. This lump sum amount is deposited at the IDFC Bank in the customer’s name. The rate of interest may change with the rising deposit amount.
  • Deposit tenure: It is the time till which the customer has agreed to keep his amount with the bank. It is also called the tenure of the FD.
  • Rate of interest: In simple terms, interest is the amount that’s regularly added to the principal for a specific period to form the final amount paid to the customer. There are two types of interest – simple and compound. 

Simple interest is the percentage of the principal that keeps on getting added to the principal regularly for a certain period. It is calculated using the formula: 

SI = (PRT)/100

Where,

         SI = simple interest

         P = principal

         R = rate of interest

         T = tenure

Compound interest is the interest added on the new amount subsequently. The IDFC Bank FD Calculator determines the maturity value where the compounding frequency is 4 times a year. An interest received through compound interest is always more than interest received through the SI formula. The formula that IDFC Bank FD Calculator uses to calculate CI is

A = P(1+R/n)^n*T

Where,

           A = maturity amount

           P = principal

           R = rate of interest

           n = compounding frequency in a year

           T = tenure

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How to use IDFC Bank FD Calculator?

IDFC Bank FD Calculator works using the necessary information taken from the customer, which mainly comprises his deposit amount and tenure. It is an online tool and user friendly. With the help of this tool, the customer can easily calculate his return amount, adding all the interest. The process is simple, and the steps involved are well defined. Any layman can use the IDFC Bank Calculator and plan his investment according to his needs. The steps involved in the process are mentioned below:

  • Visit the bank portal and look for FD Calculator
  • Select IDFC Bank FD Calculator
  • Input the deposit amount
  • Select the investment tenure
  • Choose the type of deposit from the options, whether short term, reinvestment, quarterly or monthly payout
  • Click on the 'Calculate' button.

The customer is allowed to use the fixed deposit calculator as many times as he wants until he finds a plan that is precisely suitable for him.

FD interest have fallen consistently over the last 5 years.
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How can IDFC Bank FD Calculator help?

The bank offers various options in FD, which have all been designed keeping in mind the various needs of different customers. The bank provides two types of FD schemes: short term and long term. The short term FD scheme can be as short as 7 days, and the long term can be of 10 years and above. 

The customer can choose any one option to suit their individual preferences, but it becomes challenging and confusing with so many attractive options on the table. The interest earned on an FD in IDFC Bank depends on the deposit amount, rate of interest applicable, tenure of the FD and the type of interest and its calculation frequency.

The IDFC Bank FD Calculator provides a platform to readily calculate the final yield based on interest and deposit tenure rate. The final outcome is based on the rate of interest earned. The bank offers a rate of interest on FDs of up to 6%. Hence, it shows the maturity amount based on the information provided by the customer. The IDFC Bank FD Calculator makes it easier for the investor to get rid of his dilemma and make the right investment matching one’s life’s goals. You can start your FD with a sum of RS 1000, which can go up to no limit.

Advantages:

IDFC Bank FD Calculator is extremely easy to use, and this also is the primary reason it'll be a great help in planning your FD. It is also easily available on a real-time basis and can be accessed from multiple devices. It also eliminates any chances of manual error in the calculation of the returns. There are several other advantages of using the IDFC Bank FD Calculator:

  • It is not cumbersome and can be easily used from multiple devices at the same time.
  • It is error-free and is a good planning tool.
  • It calculates the maturity amount after simply asking for the deposit amount and tenure of the deposit. It automatically uses the applicable interest rate for a particular deposit amount.
  • It also factors the TDS in its final output
*Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

FAQ's

  • Q: What is the minimum amount for which IDFC Bank FD Calculator can be used?

    Ans: The minimum amount for which this tool can be used is Rs 10000. While the maximum amount is Rs 20cr, for which it can be used to calculate the maturity amount.
  • Q: How does it generate the results?

    Ans: The calculator asks for three primary questions from the customer, i.e. deposit amount, type of deposit and deposit tenure. Then it uses the applicable rate based on the information provided and simply produces the result. For a tenure of fewer than 6 months, the calculator uses simple interest, while for the investment made for over 6 months, the quarterly compounding principle is applied.
  • Q: Can the FD scheme be withdrawn prematurely?

    Ans: Yes, the customer is allowed to withdraw his FD at any given time. He would be required to pay "Premature Closure Penalty" charges described by the bank at the time of inception.
  • Q: Are there any tax benefits under FD schemes?

    Ans: The customer can avail of tax benefits under section 80C of Income Tax Act 1961 only if they've deposited the FD for 5 years and more. This means the option of premature withdrawal won't be available to them.
  • Q: Is it mandatory to submit my PAN details? What will be the consequences if I don't submit my PAN details to the bank?

    Ans: You must submit your PAN card details during documentation before making the deposit. If you don't have a PAN, you'll have to submit Form 60. But if a customer opens a Fixed Deposit without PAN card details, the following are the repercussions:
    • No TDS credit from Income Tax Department
    • TDS will be recovered at 20% (against 10% as per the rule)
    • No issue of TDS certificate ( as per CBDT circular no: 03/11)
    • Exemption certificates including Form 15G/H etc. will become invalid, and a TDS penalty will be applied
* Applicable for Titanium variant of Max Life Smart Fixed-return Digital (Premium payment of 5 years, Policy term of 10 years) and a healthy male of 18 years old paying Rs. 30,000/- monthly (exclusive of all applicable taxes)
** Fixed deposit rate applicable for 5 year's 1 day to 10 years for investment amount less< 2 Crore ( Not for senior citizens).
*** PPF interest rate applicable for 15 years for investment amount upto 1.5 Lac
+ Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
#Discount offered by insurance company
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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