Navi Calculator 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.
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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.
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
There are several benefits of using an HDFC fixed deposit calculator. The primary ones are listed below:
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.
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.
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.
Jan 1
Fixed deposits are popular saving instruments that allow you to earn interest for depositing an amount for a fixed period.
Jan 22
A fixed deposit (FD) is a type of savings scheme that provides higher interest rates compared to a bank savings account.
Feb 18
Tax-saver FDs are fixed deposits that offer tax deductions through Section 80C of the Income Tax Act.
Jan 1
Fixed deposits are popular saving instruments that allow you to earn interest for depositing an amount for a fixed period.
Jan 22
A fixed deposit (FD) is a type of savings scheme that provides higher interest rates compared to a bank savings account.
Feb 18
Tax-saver FDs are fixed deposits that offer tax deductions through Section 80C of the Income Tax Act.
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) |
There are two ways to calculate FD interest and maturity value: simple interest and compound 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.
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