FD & RD Maturity Calculator Excel
Compute Fixed Deposit and Recurring Deposit maturity values with quarterly compounding (the banking-industry standard). Shows year-wise interest accretion, computes TDS u/s 194A at the ₹40,000 / ₹50,000 senior-citizen threshold, and reports post-tax yield.
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Sheet-by-sheet overview
Workbook contents (3 sheets)
- Cover — Version, methodology note, compounding convention.
- FD Calculator — Principal, tenure, annual rate, senior-citizen flag → maturity, interest, TDS, post-tax yield.
- RD Calculator — Monthly contribution, tenure, rate → maturity, total deposited, interest earned.
How to use
- Open the workbook and choose the appropriate sheet (FD Calculator or RD Calculator).
- For FD: enter principal, annual rate (e.g. 7.25), tenure in months, and senior-citizen flag (Yes/No).
- For RD: enter monthly contribution, annual rate, and tenure in months.
- The workbook shows maturity value, total interest, year-wise interest breakup, applicable TDS, and post-tax yield.
- For ITR filing, use the year-wise interest breakup to declare income under "Income from Other Sources".
Why this utility matters for CAs and salaried professionals
Fixed deposits remain the single largest component of Indian household financial savings — roughly ₹100 lakh crore across scheduled commercial banks as per the latest RBI statistics. Yet most depositors cannot tell you the difference between the headline rate and the effective annual yield, or when TDS u/s 194A kicks in. This Excel utility answers both questions precisely.
The banking-industry convention for FD compounding is quarterly — interest accrues every three months and is added to principal, so the effective yield is slightly higher than the nominal rate. For an FD at 7.00 percent nominal rate compounded quarterly, the effective annual yield is 7.19 percent. Over 5 years on a ₹10 lakh principal, the difference is material — the quarterly-compounded maturity is ₹14.18 lakh vs ₹14.03 lakh on simple annual compounding. This utility uses quarterly compounding exactly.
Section 194A TDS handling
Banks deduct TDS at 10 percent on FD interest once the aggregate interest for a person in that bank crosses ₹40,000 in a financial year (₹50,000 for senior citizens). The threshold was raised in the Finance Act 2025 from ₹40,000 / ₹50,000 to ₹50,000 / ₹1,00,000 respectively but that amendment applies only from FY 2025-26 onward — earlier years still use the pre-amendment thresholds. Set the senior-citizen flag and the workbook applies the correct cut-off.
RD mode
Recurring deposits compound differently — each monthly contribution earns interest for a different period. The workbook uses the geometric-series closed form: maturity = P × ((1 + r)^n − 1) ÷ (1 − (1 + r)^(−1/3)), where r is the quarterly rate and n is the number of quarters. This matches what banks credit on maturity to the rupee.
Frequently asked questions
Which banks use quarterly compounding?
All scheduled commercial banks in India compound FD interest quarterly by default. Some co-operative banks and small finance banks offer monthly or half-yearly compounding — check the term-sheet.
Does the utility handle premature withdrawal penalty?
Not directly. Premature withdrawals typically carry a penalty of 0.5 to 1 percent below the applicable card rate — subtract that penalty from the rate input and re-run.
Why does my maturity not match the bank statement to the rupee?
Banks round intermediate interest to paisa differently. The workbook rounds to the nearest rupee per compounding step. Cumulative rounding drift is typically under ₹50 on a ₹10 lakh deposit.