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Axis Bank FD Calculator

Compound Interest Formula:

\[ A = P \times (1 + R)^N \]

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1. What is the Compound Interest Formula?

The compound interest formula calculates the amount of interest earned on a fixed deposit where the interest is compounded periodically. Axis Bank uses this method to calculate returns on their fixed deposit products.

2. How Does the Calculator Work?

The calculator uses the compound interest formula:

\[ A = P \times (1 + R)^N \]

Where:

Explanation: The formula accounts for interest being earned on both the principal and accumulated interest.

3. Importance of FD Calculation

Details: Accurate FD calculations help investors plan their finances, compare investment options, and understand potential returns before committing funds.

4. Using the Calculator

Tips: Enter principal in INR, annual interest rate in percentage, and tenure in months or years. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: How often does Axis Bank compound interest on FDs?
A: Axis Bank typically compounds interest quarterly, but this calculator uses monthly compounding for more precise results.

Q2: Are there penalties for early withdrawal?
A: Yes, Axis Bank may charge a penalty (typically 0.5-1%) for premature withdrawal of fixed deposits.

Q3: Is the interest earned taxable?
A: Yes, interest earned on FDs is taxable as per your income tax slab. TDS may be deducted if interest exceeds ₹40,000 (₹50,000 for senior citizens).

Q4: What is the minimum deposit amount for Axis Bank FDs?
A: The minimum amount varies but is typically ₹5,000 for regular FDs and ₹1,000 for special schemes.

Q5: Can I get monthly interest payouts?
A: Yes, Axis Bank offers both cumulative (interest compounded) and non-cumulative (monthly/quarterly payout) options.

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