Fixed deposits (FDs) are one of the safest savings tools for retail investors, which provide relatively higher interest rates. Considering these instruments are not influenced by market volatility, the principal amount is guaranteed to increase over time.
You can find out the returns even before investing in an FD scheme using an online FD calculator. The Axis Bank FD calculator is an online tool you can use to ascertain the returns on an FD scheme with Axis Bank.
The online calculator is a convenient and simple way to calculate an FD's maturity amount and interest. This information aids in making informed decisions and ensuring adequate financial planning.
An FD can conveniently calculate returns generated on the total investment amount in the Axis Bank calculator. The calculator uses the following formula to determine the final amount receivable by an investor:
A = P (1 + r/n) ^ n x t
In which,
A = Final amount
P= Principal amount invested
r= Rate of interest
t= Tenure of investment
n= Frequency of compounding interest.
In case interest is compounded monthly, the value of n would be 12, while yearly compounding inputs the value of n as 1.
Let’s assume an individual invests Rs 75,000 in a fixed deposit with Axis Bank for five years. Interest is compounded half-yearly at a rate of 7% per annum. The Axis FD calculator determines the final amount receivable in the following method:
P= Rs 75,000
r= 7
n=1
t=5
Therefore:
A = 75,000(1+7%/2) ^2×5
=Rs. 1,06,108
As per the Axis Bank fixed deposit calculator, the individual will receive Rs 1,06,108 on an investment of Rs 75,000 on maturity.
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Real-time Axis Bank FD interest rates:
Tenure/Maturity Period | Interest for Regular Citizens for Less Than Rs.2 Crore (p.a.) | Interest for Senior Citizens for Less Than Rs.2 Crore (p.a.) |
7 days to 14 days | 3.00% | 3.50% |
15 days to 29 days | 3.00% | 3.50% |
30 days to 45 days | 3.50% | 4.00% |
46 days to 60 days | 4.25% | 4.75% |
61 days to less than 3 months | 4.50% | 5.00% |
3 months – 3 months 24 days | 4.75% | 5.25% |
3 months 25 days to less than 4 months | 4.75% | 5.25% |
4 months to less than 5 months | 4.75% | 5.25% |
5 months to less than 6 months | 4.75% | 5.25% |
6 months to less than 7 months | 5.75% | 6.25% |
7 months to less than 8 months | 5.75% | 6.25% |
8 months to less than 9 months | 5.75% | 6.25% |
9 months to less than 10 months | 6.00% | 6.50% |
10 months to less than 11 months | 6.00% | 6.50% |
11 months to 11 months 24 days | 6.00% | 6.50% |
11 months 25 days to less than 1 year | 6.00% | 6.50% |
1 year to 1 year 4 days | 6.70% | 7.20% |
1 year 5 days to 1 year 10 days | 6.70% | 7.20% |
1 year 11 days to 1 year 24 days | 6.70% | 7.20% |
1 year 25 days to less than 13 months | 6.70% | 7.20% |
13 months to less than 14 months | 6.70% | 7.20% |
14 months to less than 15 months | 6.70% | 7.20% |
15 months to less than 16 months | 7.10% | 7.60% |
16 months to less than 17 months | 7.10% | 7.60% |
17 months to less than 18 months | 7.10% | 7.60% |
18 months to less than 2 years | 7.10% | 7.60% |
2 years to less than 30 months | 7.10% | 7.60% |
30 months to less than 3 years | 7.10% | 7.60% |
3 years to less than 5 years | 7.10% | 7.60% |
5 years to 10 years | 7.00% | 7.75% |
Note: All interest rates shown above are as on December 26, 2023.