Calculate fixed deposit maturity amount and interest earned with different compounding frequencies.
A Fixed Deposit (FD) is a savings instrument offered by banks where you deposit a lump sum for a fixed period at a predetermined interest rate. It provides guaranteed returns.
More frequent compounding (monthly > quarterly > yearly) gives slightly higher returns as interest is calculated on previously earned interest more often.
Yes, interest earned on FD is taxable as per your income tax slab. If interest exceeds ₹40,000 in a year (₹50,000 for seniors), TDS is deducted.