Navi Calculator IDFC First Bank FD Calculator 2023
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There are two methods to calculate the interest and maturity amount of IDFC First Bank FD:
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
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.
FD calculator IDFC Bank allows you to calculate interest on your fixed deposit accurately and instantly without any chances of error.
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.
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.
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.
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:
You can calculate IDFC First Bank fixed deposit interest and maturity amount using two methods:
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
IDFC First Bank fixed deposit maturity amount calculation depends on several factors. Some of them are:
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.