Compound interest formula
A = P × (1 + r/n)^(n×t), where P = principal, r = annual rate, n = compounding frequency per year (typically 4 for quarterly), t = years. Indian banks compound quarterly by default.
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A = P × (1 + r/n)^(n×t), where P = principal, r = annual rate, n = compounding frequency per year (typically 4 for quarterly), t = years. Indian banks compound quarterly by default.
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What we assume
Quarterly compounding and cumulative vs non-cumulative FDs.
Senior citizen rates, TDS threshold, and slab-rate taxation.
How to avoid TDS if your total income is below the taxable limit.
Heads up. For situations involving international income, business income, or capital gains, always cross-check with a qualified Chartered Accountant before acting on these numbers.
Cumulative FD: interest compounds and is paid at maturity along with principal. Non-cumulative FD: interest is paid out monthly, quarterly, half-yearly, or annually as chosen — only principal is returned at maturity.
TDS at 10% is deducted by the bank if FD interest exceeds ₹50,000 (₹1,00,000 for senior citizens) in a financial year from 1-Apr-2025 (Section 194A as amended by Finance (No. 2) Act 2025). Post Office FD threshold remains ₹40,000 / ₹50,000. Submit Form 15G / 15H if your total income is below the taxable limit to prevent TDS deduction.
Senior citizens (60+) get an additional 0.5% rate over the regular FD rate across most PSU and private banks. SCSS (Senior Citizen Savings Scheme) currently offers 8.0% per annum (Q1 FY 2026-27; rate is reset quarterly by the Ministry of Finance) with quarterly interest and 5-year lock-in — separate from regular FDs.
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