NaviLogo.c2380d7b

IDFC FD Calculator 2023

IDFC First Bank FD Calculator is an online tool that helps you calculate returns on your fixed deposit with IDFC Bank. It is a convenient and simple way to determine the interest on the fixed deposit investment and compare the different fixed deposit schemes offered by the IDFC First Bank. Manually calculating the maturity value of a fixed deposit may be a complex process involving the risk of human error. You can use the FD interest calculator IDFC Bank as an alternative to find out the interest income and the maturity value of your fixed deposit accurately and quickly.

Total Investment

Rate of Interest (P.a)

%

Time Period (Years)

Invested Amount

0

Est. Returns

Total Value

How to Use the IDFC First Bank Fixed Deposit Calculator?

IDFC First Bank Fixed Deposit calculator helps you calculate the maturity amount and interest on your fixed deposits for a given tenure. It requires you to provide information such as tenure, deposit amount, and type of deposit to generate estimated returns. Here are the three simple steps to check the returns on your IDFC First Bank Fixed Deposit:
  • Step 1 : Enter the principal you wish to invest in a Union Bank fixed depositEnter the FD investment amount or use the slide bar to select the same
  • Step 2 : Enter the rate of interest (p.a.) or use the slide bar to select the same
  • Step 3 : Enter the investment tenure (in years) or use the slide bar to select the same
Once all details are entered, the FD calculator will display your fixed deposit’s interest and maturity value in a fraction of a second.

Popular Calculators

IDFC First Bank FD Interest and Maturity Amount Calculation Formula

There are two methods to calculate the interest and maturity amount of IDFC First Bank FD:

  1. The simple interest method and
  2. The compound interest method

The formula for the FD interest and maturity value through a simple interest method is:

Simple Interest = (P * R * T)/100

Where P stands for the Principal amount of the deposit, R stands for FD Rate of interest (%), and T stands for the tenure of the deposit. 

Let us take an example to understand it better. Let’s assume that you have invested ₹5 lakh in an IDFC First Bank FD for a tenure of 3 years at an interest rate of 7.5% per annum 

Hence, using the above formula, P = ₹5 lakh, R = 7.5%, and T = 3 years

Simple Interest = (5, 00,000 * 7.5 * 3) /100 = ₹1, 12,500

Maturity Amount = Principal Amount + Simple Interest = ₹5, 00,000 + ₹1, 12,500 

So, on the maturity of your Fixed Deposit, you will get ₹6,12,500

The formula for the FD interest and maturity value through the compound interest method is

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

Where, A stands for Maturity Value, P stands for the Principal amount of the deposit, r stands for FD Interest Rate, t stands for Tenure, and n stands for the number of compounding in a year. 

Let us take an example to understand it better. Let’s assume you have invested ₹5 lakh in IDFC First Bank for 3 years at a 7.5% per annum interest rate to be compounded semi-annually. 

In this case, P = ₹5,00,000, Rate of Interest = 7.5%, Tenure = 3 years, and number of times compounded in a year is 2, 

A = 5,00,000 (1+0.075/2) ^ (2*3)

Maturity Value = ₹6, 23,590

Interest amount = ₹6, 23,590– ₹5, 00,000 = ₹1,23,590

Benefits of Using IDFC First Bank Fixed Deposit Interest Calculator

Key benefits and features of the IDFC Fixed Deposit calculator are as follows:

Easy to use

IDFC First Bank interest calculator is easy to use and requires only a few inputs, such as the amount of deposit, tenure, and type of interest payout desired, to generate the interest payout and maturity value of your FD.

Accurate calculation

FD calculator IDFC Bank allows you to calculate interest on your fixed deposit accurately and instantly without any chances of error.

Investment planning

With the IDFC Bank FD calculator, you can plan and determine how much interest you will get on your fixed deposit, given your budget and financial goals. You can also change the input values on the calculator to check how they affect the returns on your fixed deposit investment.

Completely free

You don't have to pay to use this online tool. It can be accessed by anyone multiple times. All you need to do is fill in the correct values, and you can get the estimated results quickly.

Frequently asked questions

Senior citizens having IDFC First Bank FD accounts can get a 0.5% higher rate of interest than the normal rates for the general public (non-senior citizens). Senior citizens can earn up to 8.25% as interest on their IDFC First Bank fixed deposit, depending on the tenure.
IDFC First Bank offers an FD interest rate of 5% for tenures of 91 to 180 days for the general public. Note that tenures up to 180 days are payable on a simple interest basis. 181 days onward the interest begins to compound.
IDFC First Bank FD has a minimum lock-in period of 7 days for domestic and NRO investors. NRE FD accounts have a minimum 1 year lock-in period and the Tax Saver Deposit, which is available only for domestic deposits, has a lock-in period of 5 years. While premature withdrawal is permitted, it may involve a penalty.
The number of years in which the fixed deposit amount would double is calculated using the formula 72 divided by the annual interest rate. For instance, if you deposit ₹1 lakh in an FD offering an interest rate of 8%, then your fixed deposit amount would double in 72/8 = 9 years.
The returns on IDFC First Bank Fixed Deposits are unaffected by fluctuations in the market or market risk.
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.

Other Calculators

Blogs

Jan 1

Income Tax On Interest Earned From Fixed Deposits

Fixed deposits are popular saving instruments that allow you to earn interest for depositing an amount for a fixed period.

Jan 22

Fixed Deposit 101: Should You Invest In FDs?

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 in India: Tax Deductions Through Section 80C Of Income Tax Act

Tax-saver FDs are fixed deposits that offer tax deductions through Section 80C of the Income Tax Act.

Know More

Explore our videos

4 Tips to Improve Loan Eligibility
Personal Loan vs Gold Loan vs Credit Card Loan: Which can work best for you?
4 Mistakes to Avoid While Taking a Personal Loan
View all

What is IDFC First Bank Fixed Deposit Interest Rate in 2023

IDFC First Bank Interest Rate for regular and senior citizens ranges from 3.5% to 7.75% and 4% to 8.25% , respectively. The actual applicable interest rate varies depending on the fixed deposit tenure. The interest rate is generally higher for fixed deposits with longer tenures. Let us have a look at some of the highlights of IDFC First Bank FD interest rates:

  • Interest Rate: 3.50% to 8.25% 
  • Fixed Deposit Tenure: 7 days to 10 years
  • Minimum fixed deposit amount: ₹1000
  • Maximum fixed deposit amount: No limit
  • Lock-in period: 7 days (5 years for Tax Saver FD)

Ways to Calculate IDFC First Bank Fixed Deposit Interest and Maturity Amount

You can calculate IDFC First Bank fixed deposit interest and maturity amount using two methods:

  1. Simple Interest Method and
  2. Compound Interest Method

The formula for IDFC First Bank Fixed Deposit calculation via simple interest method is:

Simple Interest = (P * R * T)/100

Where P stands for the Principal amount of the deposit, R stands for FD Rate of interest (%), and T stands for the tenure of the deposit. 

Let us take an example to understand it better. Let’s assume that you have invested ₹5 lakh in IDFC First Bank FD for a tenure of 2 years at an interest rate of 7% per annum 

Hence, going by the formula stated above, P = Rs. 5 lakh, R = 7% and T = 2 years

Simple Interest = (5,00,000 * 7 * 2) /100 = Rs. 70,000

Maturity Amount = Principal Amount + Simple Interest = ₹5,00,000 + ₹70,000

So, on the maturity of your fixed deposit, you will get ₹5,70,000

The formula for IDFC First Bank Fixed Deposit calculation via compound interest method is:

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

Where, A stands for Maturity Value, P stands for the Principal amount of the deposit, r stands for FD Interest Rate, t stands for Tenure, and n stands for the number of compounding in a year. 

Let us take an example to understand it better. Let’s assume you have invested ₹5 lakh in IDFC First Bank for 4 years at a 5% per annum interest rate to be compounded semi-annually. 

In this case, P = ₹5,00,000, Rate of Interest = 5%, Tenure = 4 years, and number of times compounded in a year is 2, 

A = 5,00,000 (1+0.05/2) ^ (2*4)

Maturity Value = ₹6,09,201

Interest amount = ₹6,09,201 – ₹5, 00,000 = ₹1,09,201

How Can IDFC First Bank FD Calculator Help You?

IDFC First Bank FD Calculator helps the investor in multiple ways. Some of them are listed below:
  • Provides error-free results: Human calculations are often subject to oversight and error. The IDFC FD Calculator enables you to accurately calculate the interest pay-out and maturity value of your fixed deposit without any manual interference.
  • Saves time and effort : IDFC Bank FD Calculator is user-friendly and provides quick, accurate results. It saves time and effort in cumbersome manual calculations.
  • Helps with Financial planning and investment strategy : The IDFC FD interest rate calculator lets you plan your finances by providing an estimate of the returns you can expect from your investments.

Factors that Can Affect IDFC First Bank Fixed Deposit Maturity Amount Calculation

IDFC First Bank fixed deposit maturity amount calculation depends on several factors. Some of them are:

  • The amount of investment : The investment amount directly impacts the calculation of the maturity amount of your fixed deposit. The higher your investment in FD – your principal investment – the higher your maturity value will be.
  • Rate of interest : The interest rate offered on the fixed deposit is a crucial factor that impacts the maturity value of the FD. Higher interest rates shoot up the maturity amount.
  • Duration/Tenure of deposit : TIDFC First Bank offers a higher interest rate for FDs with longer tenure. The longer the tenure, the higher the interest and the maturity payout.
  • Premature withdrawals :Premature fixed deposit withdrawals attract a penalty that may lower your maturity amount.
  • Compounding frequency : Compounding can also impact the maturity value of the FD. The more frequent the compounding, the higher would be the maturity pay-out.
  • Age of the investor : Senior citizen depositors usually get preferential FD interest rates of 50 basis points or 0.5% over and above the normal FD rates. A higher rate of interest would translate to a bigger FD maturity amount.

Use our IDFC First Bank FD calculator to accurately determine your FD returns on maturity. The calculator is extremely user-friendly and designed to provide accurate and fast results.

Read More
NaviLogo.c2380d7b

Download
the Navi app now!

Download the app