Calculation of Interest on Fixed deposit is made easy with this Free Deposit Interest Calculator.
You can use this for calculating the interest on multiple deposits for self-use.
For making an Interest Accruals as on 31st March every year also, this calculator can be used.
The file contains an example of sample calculations.
The base of Deposit Interest Calculator :
Normally in Banks, FD Interest / Interest on Fixed Deposit gets compounded on a quarterly basis (June, September, December, and March). The example is also given on the same principle.
When the amount is deposited, the interest for that quarter is gets calculated from the date of deposit till the end of that quarter & thereafter on a quarterly basis.
At the time of maturity, the interest gets calculated from the date of start of the quarter in which the deposit will get matured till the date of Maturity.
Click here for FD interest rates in the State Bank of India (SBI).
Click here on how to create your wealth with Recurring Deposit (RD) / Cumulative Deposit.
- Start RD
- After it gets matured, start another RD account.
- Do not discontinue.
- Keep Investing in FD from matured RD Accounts.
- Keep re-investing matured FD again in FD.
