ICICI Bank FD Calculator 2023
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 ICICI Bank Fixed Deposit Calculator?
- Step 1 : Select the total investment amount
- Step 2 :Select the applicable interest rate
- Step 3 : Select your investment duration
ICICI Bank FD Interest and Maturity Amount Calculation Formula
There are two methods to compute the interest rate and maturity amount for an ICICI Bank FD: the simple and compound interest methods.
The formula for the simple interest calculation method is:
Simple interest = (P * R * T)/100
Here, P represents the principal amount invested, R denotes the rate of interest in percentage, and T is the investment tenure.
Here is an example:
Suppose you invest ₹2 lakh for 4 years at an interest rate of 8% p.a.
Simple Interest = (2,00,000 * 8 * 4)/100 = ₹64,000
Maturity Amount = Principal + Simple Interest = ₹2,00,000 + ₹64,000
Thus, the maturity amount is ₹2,64,000.
An alternative method to compute the maturity amount is the compound interest method, with the following formula:
A = P (1+r/n) ^ (n * t)
Here, A represents the maturity amount, P represents the principal amount invested, r denotes the interest rate, n denotes the number of times the interest is compounded in a year, and t denotes the investment tenure. For instance, if you invest ₹3 lakh for 5 years at an interest rate of 7.5% p.a. compounded quarterly, then
A = 3,00,000 (1+0.075/4) ^ (4*5)
Maturity Amount = ₹4,34,984
Interest = Maturity Amount – Principal = ₹4,34,984 – ₹3,00,000 = ₹1,34,984
Benefits of Using ICICI Bank Fixed Deposit Interest Calculator
Instant and Accurate Results
The ICICI Bank fixed deposit calculator is designed to offer prompt and precise results within a few seconds. By selecting important details such as investment amount, investment tenure, and interest rate, you can easily check your maturity amount and interest earned with accuracy.
Can Help in Investment Planning
The ICICI Bank FD interest and maturity calculator can help you quickly determine what works best for your financial planning goals. You can use it to compare different FD rates and tenures.
Widely Accessible
The best part about this online calculator is that it's completely free and accessible to all. Ensure you enter the correct values, and the user-friendly interface makes it easy to navigate and use the calculator.
Frequently asked questions
You need to input the investment amount, the applicable interest rate and the investment duration to calculate returns using the ICICI Bank fixed deposit calculator.
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What is ICICI Bank Fixed Deposit Interest Rate in 2023?
The ICICI Bank fixed deposit interest rate ranges between 3.00% and 7.10% based on investment duration and category of investor. Senior citizens are eligible for a higher interest rate of 7.60%. Below are the highlights of ICICI Bank fixed deposits.
- Interest Rate: 3.00% – 7.10%
- Tenure: 7 days to 10 years
- Minimum Deposit: ₹10,000 for general people and ₹2000 for minors
- Maximum Deposit: No limit
- Lock-in Period: None (5 years for tax-saver deposit)
Ways to Calculate ICICI Bank Fixed Deposit Interest and Maturity Amount
There are two methods to calculate the interest and maturity amount on an ICICI Bank fixed deposit – the simple interest and compound interest methods.
Method 1: Simple interest method
To calculate the interest using the simple interest method, use the formula:
Simple interest = (P * R * T)/100
where P is the principal amount invested, R is the interest rate, and T is the tenure.
For example, if you invest ₹50,000 for a tenure of 3 years at an interest rate of 8%, then the simple interest is calculated as below:
Simple Interest = (50,000 * 8 * 3)/100 = ₹12,000
The maturity amount would be the principal amount plus the simple interest:
Maturity Amount = Principal Amount + Simple Interest = ₹50,000 + ₹12,000 = ₹62,000
Method 2: Compound interest method
To calculate the interest using the compound interest method, use the formula:
A = P (1+r/n)^(n*t)
where A is the maturity amount, P is the principal amount invested, r is the interest rate, n is the number of times interest is compounded in a year, and t is the tenure.
For example, if you invest ₹1,00,000 for 5 years at an interest rate of 7% compounded quarterly, then the maturity amount is:
A = 1,00,000 (1+0.07/4)^(4*5) = ₹1,41,477
The interest earned on this deposit would be calculated using the below formula:
Interest Amount = Maturity Amount – Principal Amount = ₹41,477
How Can ICICI Bank Fixed Deposit Calculator Help You?
- Convenient Calculation : The ICICI Bank FD interest and maturity amount calculator is designed to be user-friendly, allowing for easy navigation and convenience.
- Instant and accurate: With quick and error-free results, you can obtain accurate calculations in seconds without any waiting time. The ICICI Bank fixed interest rate calculator eliminates the possibility of human error, ensuring precise outcomes every time.
- Easy investment planning : The ICICI Bank FD calculator can also aid in investment planning. By selecting the tenure, investment amount, and applicable interest rate, you can determine the most suitable amount or tenure aligned with your investment goals.
Factors that Can Affect ICICI Bank Fixed Deposit Maturity Amount Calculation
- Interest rate: The interest rates offered on ICICI Bank FDs may vary depending on the scheme, investment amount and tenure. The senior citizen scheme, for instance, makes senior citizens eligible for FD rates higher than normal rates.
- Investment duration: The maturity amount of your investment in ICICI Bank fixed deposit may be affected by the duration or tenure of your investment, as ICICI Bank rates vary based on the investment tenure.
- Investment amount: The maturity amount is directly proportional to the amount invested. Thus, you must consider your investment goals carefully to determine the investment amount and duration.