1. What is HDFC Fixed Deposit Calculator?

The HDFC FD calculator helps you estimate returns on your fixed deposit investment using compound interest formula. This calculator provides comparable results to ICICI Bank's FD calculator.

2. How Does the Calculator Work?

The calculator uses the compound interest formula:

Where:

• \( P \) — Principal amount (initial investment)
• \( R \) — Monthly interest rate (annual rate divided by 12)
• \( N \) — Number of compounding periods (months)
• \( A \) — Final amount including interest

Explanation: The formula accounts for interest compounding monthly, which is how most bank FDs in India calculate interest.

3. Importance of FD Calculation

Details: Accurate FD return calculation helps in financial planning, comparing different investment options, and understanding how compounding grows your money over time.

4. Using the Calculator

Tips: Enter principal amount 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 does HDFC FD compare to ICICI FD?
A: Both banks offer competitive rates. HDFC rates are comparable to ICICI, with slight variations based on tenure and amount.

Q2: What is the minimum investment for HDFC FD?
A: The minimum investment is typically ₹5,000 for regular FDs and ₹10,000 for tax-saving FDs.

Q3: Are FD interest rates fixed?
A: Yes, the interest rate is fixed for the entire tenure at the time of FD booking.

Q4: Is TDS applicable on FD interest?
A: Yes, banks deduct TDS at 10% if interest exceeds ₹40,000 (₹50,000 for senior citizens) in a financial year.

Q5: Can I withdraw FD before maturity?
A: Yes, but premature withdrawals may attract penalty (usually 0.5-1% lower interest rate).