1. What is HDFC Bank FD Calculator?

The HDFC Bank Fixed Deposit Calculator helps estimate returns on fixed deposits from 2016 to 2024 using compound interest formula. It calculates maturity amount based on principal, interest rate, and tenure.

2. How Does the Calculator Work?

The calculator uses the compound interest formula:

Where:

• \( P \) — Principal amount (INR)
• \( R \) — Monthly interest rate (annual rate/12, as decimal)
• \( N \) — Number of compounding periods (months)
• \( A \) — Final amount (INR)

Explanation: The formula accounts for monthly compounding of interest, which is how HDFC Bank calculates FD returns.

3. Importance of FD Calculation

Details: Accurate FD return calculation helps in financial planning, comparing investment options, and understanding the power of compounding over time.

4. Using the Calculator

Tips: Enter principal amount in INR, annual interest rate in percentage (as offered by HDFC Bank during 2016-2024), and investment period in years (1-8 years).

5. Frequently Asked Questions (FAQ)

Q1: What were HDFC Bank FD rates during 2016-2024?
A: Rates varied from 6.25% to 8.50% for general public depending on tenure and economic conditions.

Q2: How is interest taxed in FDs?
A: Interest is taxable as per your income tax slab. TDS is deducted if interest exceeds ₹40,000 (₹50,000 for seniors).

Q3: Can I get monthly payouts?
A: Yes, HDFC offers monthly, quarterly, half-yearly, yearly or cumulative interest options.

Q4: What's the minimum investment amount?
A: HDFC's minimum FD amount was ₹5,000 during this period.

Q5: Are senior citizens eligible for higher rates?
A: Yes, senior citizens typically got 0.25% to 0.50% higher rates than general public.