Interest Calculator For Fixed Deposit In Axis Bank

Fixed Deposit Formula:

\[ A = P \times (1 + r/n)^{n \times t} \]

Principal Amount (P):

₹

Annual Interest Rate (r):

Compounding Frequency (n):

Time (t):

years

Maturity Amount (A):

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1. What is the Fixed Deposit Interest Formula?

The compound interest formula calculates the maturity amount for a fixed deposit investment. It takes into account the principal amount, annual interest rate, compounding frequency, and time period to determine the final amount including interest earned.

2. How Does the Calculator Work?

The calculator uses the compound interest formula:

\[ A = P \times (1 + r/n)^{n \times t} \]

Where:

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

Explanation: The formula calculates how much your investment will grow based on compound interest, where interest is earned on both the principal and accumulated interest.

3. Importance of Fixed Deposit Calculation

Details: Accurate fixed deposit calculations help investors plan their finances, compare investment options, and understand the potential returns from their savings in Axis Bank fixed deposits.

4. Using the Calculator

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

5. Frequently Asked Questions (FAQ)

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

Q2: How often does Axis Bank compound interest?
A: Axis Bank offers various compounding options including monthly, quarterly, half-yearly, and annual compounding, depending on the FD tenure and scheme.

Q3: Are Axis Bank FDs safe?
A: Yes, Axis Bank fixed deposits are considered safe as they are offered by a reputable bank and deposits up to ₹5 lakhs are insured by DICGC.

Q4: What is the current interest rate for Axis Bank FDs?
A: Interest rates vary based on tenure and customer category. Please check Axis Bank's official website for current rates.

Q5: Can I withdraw my FD before maturity?
A: Yes, but premature withdrawal may attract penalties and the interest rate may be revised to the applicable rate for the period the deposit was held.