# HDFC Bank FD Calculator 2023

HDFC FD calculator is a user-friendly and powerful financial tool to calculate your FDs’ interest and maturity amount. It considers the deposit amount, tenure, and type of deposit to fetch the prevailing interest rates on the deposit and then provides an accurate estimate of returns. It can help you make informed investment decisions and better plan your finances.

Whether you are a new investor or a seasoned one, the HDFC FD calculator can be an essential tool in your investment arsenal.

Total Investment

Rate of Interest (P.a)

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Time Period (Years)

Invested Amount

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Est. Returns

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## How to Use HDFC Bank Fixed Deposit Interest Calculator?

The HDFC Bank FD calculator allows you to calculate the maturity value of your fixed deposit based on the deposit amount, tenure, and type of deposit. Below are a few steps to quickly help you calculate your returns.

Once done, you will be able to check the estimated returns along with the maturity amount.

## HDFC Bank FD Interest and Maturity Amount Calculation Formula

The interest and maturity value on fixed deposits can be calculated using the simple interest method as well as the compound interest method.

Let’s first look at the calculation via the simple interest method:

Using the simple interest method, let’s assume you invested ₹1,00,000 in a fixed deposit for 5 years at an interest rate of 7% per annum.

Here’s how you can calculate the interest and maturity value:

Simple Interest = (P × R × T) / 100

Where P = principal amount (₹1,00,000 in this case), R = rate of interest per annum (7% in this case) and T = time in years (5 years in this case)

Substituting the values, we get:

Simple Interest = (1,00,000 × 7 × 5) / 100

Simple Interest = ₹35,000

Now let’s calculate maturity value.

Maturity Value = P + I

Substituting the values, we get:

Maturity Value = ₹1,00,000 + ₹35,000 = ₹1,35,000

Now, let’s look at the interest and maturity value calculation on fixed deposits via the compound interest method. The formula is as follows –

A= P * (1 + r/n)^(n*t)

Where, A = Maturity amount, P = Principal amount invested, r = Annual interest rate, n = Number of times interest is compounded per year and t = Time of investment in years

Let’s take an example to understand this better.

Principal (P) =  ₹1,00,000, Annual rate (R) = 7%, Compound (n) = Semi-annually, Time in years = 5 years

Substituting the values in the above formula, we get:

A or Maturity Amount = 100,000 * (1 + 0.07/2)^(2*5) = ₹141,059

While the interest earned on the fixed deposit can be calculated as follows:

Interest = Maturity value – Principal amount

I = ₹141,059 – ₹1,00,000 = ₹41,059

## Benefits of Using HDFC Bank Fixed Deposit Interest Calculator

There are several benefits of using an HDFC fixed deposit calculator. The primary ones are listed below:

### Easy to Use

HDFC Bank fixed deposit calculator is a user-friendly tool that helps you determine your potential earnings on your investment. With this calculator, you can quickly and easily calculate the interest you could earn on your fixed deposit, saving you time and effort.

### Helps Assess Loan Affordability

Checking your loan EMI in advance would give you an idea whether you can afford the loan or not. You can adjust the loan amount and tenure accordingly based on your financial standing.

### Completely Free to Use

You don’t have to pay a single penny to use the online calculator. It’s absolutely free and accessible for all. All you need to ensure is that you’re selecting the correct values. Add to that - the user-friendly interface elevates the overall functionality of the calculator.

You can start a fixed deposit with HDFC Bank for as low as Rs. 5,000.
Yes, premature withdrawals of deposits are allowed. However, premature withdrawals are subject to additional charges and penalties that reflect reductions in interest earned.
Yes. Interest earned is added to income and taxed at slab rate (except on tax saver FD). If the interest payable or reinvested on a customer’s fixed deposits across all branches exceeds Rs. 40,000 (Rs. 50,000 for senior citizens) in a financial year, TDS will be deducted at 10% or 20% (if the PAN card is not provided).
Yes. HDFC Bank enables customers to opt for a nomination facility. The nominee shall receive the deposit proceeds in case of the depositor’s demise.
Disclaimer : Navi does not guarantee accuracy, completeness, or correct sequence of any of the details provided therein and therefore no reliance should be placed by the user for any purpose whatsoever on the information contained/data generated herein or on its completeness/accuracy. The use of any information set out is entirely at the User’s own risk.

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### Income Tax On Interest Earned From Fixed Deposits

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### What is HDFC Bank Fixed Deposit Interest Rate 2023?

The interest on FD in HDFC may range from 3% – 7.75% (for senior citizens). The interest rates may vary depending on the deposit amount, tenure, and other factors. Below are some highlights of HDFC FD interest rates.

 Interest rate 3% to 7.10% (7.75% for senior citizens) Tenure 7 days to 10 years Minimum Deposit ₹5,000 Maximum Deposit No upper limit Lock-in period 7 days (5 years for Tax Saver)

### Ways to Calculate HDFC Bank Fixed Deposit Interest and Maturity Amount

There are two ways to calculate FD interest and maturity value: simple interest and compound interest.

1. Simple interest

The simple interest earned can be calculated as follows:

Simple Interest = (Principal * Rate * Time) / 100

Here’s an example of how to calculate the interest and maturity value on a fixed deposit using the simple interest method, assuming an investment of ₹5,00,000 for 3 years at an interest rate of 7% per annum:

= (500000 * 7 * 3) / 100

= ₹1,05,000

Therefore, the simple interest earned on the deposit is ₹105,000.

To calculate the maturity value, add the principal amount and the simple interest earned:

Maturity Value = Principal + Simple Interest

= ₹5,00,000 + ₹1,05,000

= ₹6,05,000

Therefore, the maturity value of the fixed deposit after 3 years is ₹6,05,000.

1. Compound interest

Another method to calculate the interest earned by your FD is via the compounding method. The formula is as follows –

A= P * (1 + r/n)^(n*t)

Where,

A = Maturity amount

P = Principal amount invested

r = Annual interest rate

n = Number of times interest is compounded per year

t = Time of investment in years

Let’s take an example to understand this better.

Principal (P) =  Rs. 5,00,000, Annual rate (R) = 7%

Compound (n) = Semi-annually, Time in years = 3 years

Substituting the values in the above formula, we get:

A = 500,000 * (1 + 0.07/2)^(2*3) = ₹614,627

While the interest earned on the fixed deposit can be calculated as follows:

Interest = Maturity value – Principal amount

I = ₹614,627 – ₹5,00,000 = ₹114,627

Listed below are some ways the HDFC FD calculator can help you.
• Saves time and effort : The HDFC FD calculator is an easy-to-use online tool that can help you calculate the interest earned on your FD investment. All you need to do is enter the principal amount, interest rate, and investment tenure, and in seconds, you can have your returns calculated.
• No scope for human errors : One of the biggest advantages of using the HDFC fixed deposit calculator is that it saves time and effort. You no longer need to spend hours calculating the interest earned on your FD investment manually. The calculator provides quick and accurate results, allowing you to make informed investment decisions.
• Investment planning : You can determine the interest earned on different investment amounts, rates, and tenures using the calculator. This information can be useful in deciding the amount you want to invest, the duration of your investment, and the interest rate you seek.

### Factors that Can Affect HDFC Bank Fixed Deposit Maturity Amount Calculation

The factors listed below affect the HDFC fixed deposit interest rate and maturity amount.
• Investment amount : The amount invested is a primary factor affecting the maturity value. Generally, the higher the investment amount, the higher the maturity value. The interest earned on the investment is calculated as a percentage of the investment amount.
Therefore, investing more money will lead to a higher interest earned and, ultimately, a higher maturity value.
• Interest rate :The fixed deposit interest in HDFC Bank is another crucial factor determining the maturity value, which can vary depending on the age of the depositor, tenure and investment amount. Typically, the longer the tenure, the higher the interest rate offered. Senior citizens get preferential interest rates (except in NRI accounts).
• Tenure: Tenure is also a crucial factor that affects the maturity value. HDFC fixed deposits have a minimum tenure of 7 days. Generally, the longer the tenure, the higher the interest rate offered.
Tenure is also a crucial factor that affects the maturity value. HDFC fixed deposits have a minimum tenure of 7 days. Generally, the longer the tenure, the higher the interest rate offered.