FD Calculator — Fixed Deposit Maturity & Interest 2026
Updated: 3 June 2026 | Rates: SBI 7.5%, HDFC 7.5%, AU SFB 8.5% | TDS threshold: ₹50,000/year (₹1L for senior citizens)
FD interest rates vary by bank: SBI 7.0–7.5%, HDFC 7.1–7.5%, ICICI 7.1–7.5%, small finance banks up to 9% (indicative, Q2 2026). TDS is deducted at 10% if annual FD interest exceeds ₹50,000 (₹1,00,000 for senior citizens from FY 2025-26). Submit Form 15G / 15H to avoid TDS if your total income is below the exemption limit. FD interest is taxable at your income tax slab rate as "Income from Other Sources". Use the calculator below to compute your maturity amount.
₹50,000
Annual FD interest threshold above which TDS is deducted — ₹1,00,000 for senior citizens (FY 2025-26 onwards).
TDS rate: 10% with PAN, 20% without PAN. Submit Form 15G/15H at the start of each financial year to avoid TDS if income is below the basic exemption limit.
TDS rate: 10% with PAN, 20% without PAN. Submit Form 15G/15H at the start of each financial year to avoid TDS if income is below the basic exemption limit.
FD Interest Calculator
Amount deposited in FD
Check your bank's current rate
1 to 120 months (1–10 years)
Most Indian banks compound quarterly
FD Interest Rates Comparison — Q2 2026 (Indicative)
Rates shown are indicative for general public (non-senior citizen). Senior citizens typically earn an additional 0.25–0.50% p.a. Verify current rates on the bank's official website before investing.
| Bank | FD Rate Range (% p.a.) | Best Tenure | Senior Citizen Benefit |
|---|---|---|---|
| SBI | 6.8 – 7.5% | 400 days / 2–3 years | +0.50% (up to 80 yrs) |
| HDFC Bank | 7.0 – 7.5% | 15 months / 21 months | +0.25–0.50% |
| ICICI Bank | 7.0 – 7.5% | 15 months / 18 months | +0.25–0.50% |
| Axis Bank | 7.0 – 7.5% | 13 months | +0.25–0.50% |
| Kotak Mahindra | 7.0 – 7.4% | 390 days | +0.25–0.40% |
| AU Small Finance Bank | 8.0 – 8.5% | 12–18 months | +0.25–0.50% |
TDS on FD Interest — Rules & Thresholds
| Category | TDS Exemption Threshold (per bank, per year) | TDS Rate (with PAN) | TDS Rate (without PAN) | How to Avoid TDS |
|---|---|---|---|---|
| Regular (below 60 yrs) | ₹50,000 | 10% | 20% | Submit Form 15G |
| Senior Citizens (60+ yrs) | ₹1,00,000 | 10% | 20% | Submit Form 15H |
TDS on FD interest is deducted under Section 194A of the Income Tax Act. The threshold applies per bank — if you have FDs in multiple banks, each bank applies the threshold independently. However, total FD interest from all banks must be included in your ITR and is taxed at your applicable slab rate. TDS is only a withholding mechanism, not the final tax liability.
How FD Interest Is Calculated
Most Indian banks use the compound interest formula with quarterly compounding for cumulative FDs:
A = P × (1 + r/n)n×t
Where: A = Maturity Amount | P = Principal | r = Annual interest rate (decimal) | n = Compounding periods per year | t = Tenure in years
Where: A = Maturity Amount | P = Principal | r = Annual interest rate (decimal) | n = Compounding periods per year | t = Tenure in years
Example: ₹1,00,000 at 7.0% p.a. for 1 year, compounded quarterly:
A = 1,00,000 × (1 + 0.07/4)4×1 = 1,00,000 × (1.0175)4 = ₹1,07,186 | Interest earned = ₹7,186
Frequently Asked Questions
Which bank gives the highest FD interest rate in 2026?
As of Q2 2026, small finance banks offer the highest FD interest rates — AU Small Finance Bank offers 8.0–8.5% p.a., while larger banks like SBI, HDFC, ICICI, and Axis offer 6.8–7.5% p.a. depending on tenure. Senior citizens typically get an additional 0.25–0.50% over the regular rate. Note: Small finance banks are covered by DICGC insurance up to ₹5 lakh per depositor, same as other scheduled commercial banks. Always compare rates for your specific tenure on the bank's official website before investing.
Is FD interest taxable?
Yes. FD interest is fully taxable as "Income from Other Sources" in your income tax return at your applicable slab rate. There is no special tax rate for FD interest — if you are in the 30% bracket, your FD interest is taxed at 30% plus applicable surcharge and cess. TDS is deducted at 10% (with PAN) if annual interest from a single bank exceeds ₹50,000 (₹1,00,000 for senior citizens from FY 2025-26). TDS is not the final tax — you must include FD interest in your ITR and pay any additional tax at your slab rate, or claim a refund if TDS was excess.
How to avoid TDS on FD interest?
Submit Form 15G (for individuals below 60 years) or Form 15H (for senior citizens aged 60+) to your bank at the start of each financial year. These forms declare that your total income is below the taxable limit and request the bank not to deduct TDS. Important: You can only submit Form 15G/15H if your total income (including FD interest) is genuinely below the basic exemption limit. Submitting these forms when income is above the limit is a punishable offence under Section 277 of the Income Tax Act. Forms must be submitted to each bank where you have FDs, at the beginning of each financial year.
What is the difference between cumulative and non-cumulative FD?
In a Cumulative FD, the interest is not paid out periodically — it is compounded (quarterly or half-yearly) and added back to the principal. The entire maturity amount (principal + accumulated interest) is paid at the end of the tenure. This is ideal for wealth building if you do not need regular income. In a Non-Cumulative FD, the interest is paid out at regular intervals — monthly, quarterly, half-yearly, or annually. The principal is returned at maturity. This is suitable for retirees and those who need a regular income stream. The effective yield of a cumulative FD is higher than a non-cumulative one for the same stated interest rate, due to compounding.
Can senior citizens get a higher FD interest rate?
Yes. Almost all banks offer an additional 0.25% to 0.50% per annum over the regular FD rate for senior citizens (aged 60 years and above). For example, if a regular FD offers 7.0%, a senior citizen may get 7.25–7.50% on the same tenure. Some banks offer even higher rates for super senior citizens (80 years and above). Additionally, from FY 2025-26, the TDS exemption threshold for senior citizens on FD interest has been increased to ₹1,00,000 per year (up from ₹50,000). Senior citizens can also submit Form 15H to avoid TDS if their total income is below the taxable limit.
Related Pages
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