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  • IDBI Bank Fixed Deposit Calculator

IDBI FD Calculator

Calculate FD Returns

Investment Amount
₹ 
Investment Duration
Interest Rate
 %

After 5 years, you will have

₹ 15,105

that’s ₹ 5,105 earned as interest

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Note: All projections are based on historical averages. Learn More

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What is an IDBI FD Calculator?

An IDBI FD calculator is an online easy-to-use tool to estimate the interest to be earned on the principal amount. The calculator asks you to enter a few details and provides you the interest and maturity amount as an output. The IDBI Bank fixed deposit calculator also provides a graphical representation of the balances at each investment period to help you analyze the returns. 

The fixed deposit calculator only provides an estimation of wealth gained and does not provide any assurance or claim the value estimated based on the inputs provided. You can use Scripbox’s simple and easy-to-use online calculator to estimate the maturity of FD.

idbi fd calculator

How to use an IDBI FD Calculator?

To estimate the maturity and interest amount you only need to enter a few details. Moreover, you can use the calculator using 2 different approaches. Firstly, you can add the investment amount you have in mind and calculate the maturity amount. Secondly, you can enter the target maturity amount you want at the maturity and know the principal amount you need to invest today. You can view the output as a chart representation and a tabular representation per period. Now, let us understand each estimation option and the steps involved.  

Target Amount Approach

As explained earlier this approach is based on the target maturity amount you want to earn. Let’s say you want to invest in a long-term plan to study abroad. You know that you will need Rs 5,00,000 after 7 years. Now with the help of this calculator, you can calculate what amount you should invest today so that you earn the interest and get the matured amount of Rs 5,00,000. This approach is very helpful for planning and estimating an outcome. 

You must follow the following steps to use the calculator with the target amount approach:

  1. Firstly, enter the target maturity amount
  2. Secondly, provide the investment duration in years or months. 
  3. Thirdly, enter the interest rate on FD
  4. Select the compounding period i.e. monthly, quarterly, half-yearly, or yearly. The compounding period is the payout tenure of the fixed deposit. The interest earned on FD depends on the compounding period. Hence, provide this detail carefully.

Once you enter the above details the calculator will provide the output of the principal amount to be invested along with the interest to be earned on such principal amount.   

Investment Amount Approach

The investment amount approach will help you when you already have an investment amount in mind. You can estimate the maturity value along with interest. 

Follow the following steps to use this approach:

  1. Enter the investment amount 
  2. Enter the investment duration in years or months of investment. To enter an investment duration such as 1.5 years enter the total number of months i.e. 18 months in this case.
  3. Provide the interest rate
  4. Select the compounding period i.e. monthly, quarterly, half-yearly, or yearly. 

Once you enter the details the IDBI fixed deposit calculator will provide the maturity amount for the tenure and wealth gained or interest earned.

Benefits of using an IDBI FD Calculator

  1. Before investing in any investment option it is advisable to first estimate the returns under various criteria. This way you will always have your expectations correct and avoid any surprises in the long term. The main purpose of any investment option is to ensure that it meets your investment goals. Hence, you must use investment calculators and evaluate the returns for multiple investment options as well.  
  2. There are multiple investment alternatives to fixed deposits. Before investing you can compare the estimated return under different investment options. Scripbox provides multiple calculators for different investment options like PPF calculator, ELSS calculator, and so on. All the calculators are available on Scripbox’s website
  3. The interest income on any fixed deposit depends on the factors like initial investment, interest rate per annum, compounding frequency, and payout period. You can easily adjust these factors individually while using the IDBI Bank FD calculator and know which combination works best for you. 
  4. By now we know that each bank offers different interest rates for different types of fixed deposits and tenure. You can compare the interest income under different banks by using the fixed deposit calculator. Moreover, you can know which bank is better and the best combination of factors. For example- You can use IDBI bank fixed deposit calculator along with the SBI FD calculator and adjust the factors such as compounding frequency, tenure, etc. This way you will know which FD is better for you. 

How to calculate IDBI Bank FD Interest?

You can calculate IDBI Bank FD Interest using 2 methods i.e. simple interest on FD and compound interest. Under both the methods the final interest amount depends on similar factors. Such factors are the initial amount, rate of FD interest, and tenure. 

Simple Interest on FD 

Simple interest is the interest earned on the investment amount for a given period of time at a predetermined interest rate. This method is very simple and easy to calculate. 

Simple Interest Formula- (P * R * T)/ 100

Where,

P = Principal amount of investment

R = Rate of FD Interest (%)

T = Tenure of investment 

Let us understand the calculation with the help of an example

Mr. Amar invests Rs 100,000 in a fixed deposit on 1st April 2019 for 3 years at a rate of interest of 10% per annum. Here, the investment amount (P) is Rs 100,000, rate of interest (R) is 10% per annum and tenure (T) is 10 years

Simple interest = (P * R * T)/ 100

                         = (Rs 100,000 * 10 * 3 years) / 100

                         = Rs 30,000

Maturity amount on FD = Principal Investment Amount + Interest Earned

                                      = Rs 1,00,000 + Rs 30,000

                                      = Rs 1,30,000

Compound Interest on FD

Compound interest is the interest earned on the principal amount invested and the interest earned. The interest rate is raised to the number of periods (years) for which the interest will be compounded and multiplied to the principal amount invested. In India, mostly all the types of fixed deposits offered by the Banks and NBFCs are based on compounding interest. Moreover, these FDs also provide an option to choose different compounding frequencies like monthly, quarterly, half-yearly, and yearly. If you choose to withdraw the matured amount and interest at the end of the FD tenure then the interest amount earned every period is added to the principal amount. Hence,  compounding interest FD provides higher interest than simple interest. 

Compound Interest Formula

A = P (1+r/n) ^ (n * t)

A = Maturity Amount

P = Principal amount invested

r = Rate of Interest (in decimals)

n = number of compounding in a year

t = number of years

Example

Mr. Amar invests Rs 10,000 for a tenure of 4 years at an FD interest rate of 10% per annum compounded monthly. 

Here,

Principal amount invested is Rs 10,000

Interest Rate is 10% per annum compounded monthly

Number of compounding in a year is 12 i.e. 1 every month

Number of years of investment is 4 years

A = 10,000 (1+0.10/12) ^ (4*12)

A = Rs 14,894

Interest amount = Rs 14,894 – Rs 10,000 = Rs 4,894

Frequently Asked Questions

What is the FD rate of IDBI Bank?

IDBI Bank offers different types of fixed deposits. IDBI Bank FD interest rate depends on the tenure and type of FD. IDBI Bank FD interest rate for regular deposits for a tenure ranging between 5 years to 10 years is 5.25%. The interest rates for senior citizens for the same deposit is 5.75%. The tax-saving FD interest is 5.25%. While the interest rates for senior citizens for tax-saving FD is 5.75%.
You can visit our blog on IDBI FD interest rates for further details on each deposit as per type and tenure. You can also compare the pre-tax and post-tax interest income on IDBI fixed deposits. Moreover, you can compare IDBI FD interest income with fixed deposits provided by other banks. 

Is IDBI Bank safe for FD?

An investment in IDBI Bank fixed deposit is safe as the interest rate is predetermined and guaranteed. Moreover, the Deposit Insurance and Credit Guarantee Corporation provides insurance coverage for an amount of Rs 5 lakhs. Hence, a fixed deposit of Rs 5 lakh is always insured and secure. Further, IDBI Bank is well rated by the credit rating agencies such as CRISIL and CIBIL.

What is the highest interest earned on IDBI Bank’s fixed deposit?

The fixed deposit interest rates depend on the tenure of investments. A higher deposit period provides a higher FD interest rate. Further, the FD interest rate is higher for senior citizens by 0.50% to 1.50% depending on the bank and FD type. The highest interest rate in IDBI Bank fixed deposit is 5.75% for a regular FD and a tax-saving FD for a period of 5 years or more for a senior citizen. To know more about IDBI Bank FD interest rate you can refer to our blog. 

What is the minimum amount required to open an FD account with IDBI Bank?

You can invest in an IDBI fixed deposit with a minimum investment of Rs 1,000. Whereas there is no limit on the maximum amount of investment in a fixed deposit.

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