1. What is the Fixed Deposit Interest Calculator?

The Fixed Deposit Interest Calculator helps you calculate the maturity amount and interest earned on your Axis Bank fixed deposit investment using the compound interest formula.

2. How Does the Calculator Work?

The calculator uses the compound interest formula:

Where:

• \( A \) — Maturity amount (₹)
• \( P \) — Principal amount (₹)
• \( r \) — Annual interest rate (decimal)
• \( n \) — Compounding frequency per year
• \( t \) — Time period in years

Explanation: The formula calculates how your investment grows over time with compound interest, where interest is added to the principal at regular intervals.

3. Importance of FD Calculation

Details: Accurate FD calculation helps in financial planning, comparing investment options, and understanding how compounding can significantly increase your returns over time.

4. Using the Calculator

Tips: Enter principal amount in rupees, annual interest rate as percentage, time period in years, and select compounding frequency. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the minimum investment for Axis Bank FD?
A: The minimum investment amount for Axis Bank fixed deposits is typically ₹5,000, but this may vary based on the specific FD scheme.

Q2: How often is interest compounded in Axis Bank FDs?
A: Axis Bank offers various compounding frequencies including monthly, quarterly, half-yearly, and annual compounding, depending on the FD tenure and scheme.

Q3: Are there penalties for premature withdrawal?
A: Yes, Axis Bank may charge a penalty for premature withdrawal of fixed deposits, typically 0.5-1% lower than the contracted rate.

Q4: Is TDS applicable on FD interest?
A: Yes, TDS is applicable on FD interest if the total interest income exceeds ₹40,000 (₹50,000 for senior citizens) in a financial year.

Q5: Can I get a loan against my Axis Bank FD?
A: Yes, Axis Bank provides loans against fixed deposits up to 75-90% of the deposit value at competitive interest rates.