What is the FD interest rate in SBI in 2024?

SBI FD rates 2024: 1 year = 6.80%, 2 years = 7.00%, 3 years = 6.75%, 5 years = 6.50%. Senior citizens get +0.50% extra on all tenures. The highest SBI rate is currently for 400-day special FDs (~7.10%). Post Office Time Deposit gives 7.50% for 5 years with sovereign guarantee.

What is the maturity of ₹1 lakh FD for 3 years?

₹1 lakh at 7.00% for 3 years with quarterly compounding: Maturity = ₹1,00,000 × (1 + 0.07/4)^12 = ₹1,23,144. Interest earned = ₹23,144. At HDFC's 7.15%: ₹1,23,484. At Post Office 7.10%: ₹1,23,379. Senior citizens earn ~₹600–700 more due to the 0.5% bonus.

Is FD interest taxable in India?

Yes. FD interest is added to your income and taxed at your slab rate. TDS (Tax Deducted at Source): banks deduct 10% TDS if annual interest exceeds ₹40,000 (₹50,000 for senior citizens). Submit Form 15G (under 60) or 15H (senior citizen) to avoid TDS if your total income is below the taxable limit.

What is the difference between FD and RD?

FD (Fixed Deposit): Lump sum investment, fixed tenure, fixed interest rate. Best for idle money you won't need for a period. RD (Recurring Deposit): Monthly installments (like SIP for bank savings), same tenure and rate concept. For monthly earners, RD helps build discipline. FD gives slightly higher rates. RD formula: M = R × [(1+r)^n − 1] / (1 − (1+r)^(−1/3)), where R = monthly installment.

FD Calculator India — Fixed Deposit Maturity 2024 (SBI, HDFC, ICICI)

FD Calculator India

Calculate Fixed Deposit maturity amount and interest earned for any bank. Current 2024 rates for SBI, HDFC, ICICI, Axis, and Post Office pre-loaded.

QUICK ANSWER

₹1 lakh at 7% for 3 years (quarterly compounding) → Maturity: ₹1,23,144 (interest: ₹23,144). Senior citizens get +0.5% = ₹23,835 interest. Post Office 5-year FD at 7.50% on ₹1 lakh → ₹1,44,995. FD interest is taxable — add to income at your slab rate. TDS applies if annual interest >₹40,000.

Principal Amount (₹)

Interest Rate (% p.a.)

Tenure (years)

Compounding Frequency

Senior Citizen (+0.5% extra on most banks)

Bank FD Rates (2024, indicative)

Bank	1yr	2yr	3yr	5yr
🏦 SBI
🏦 HDFC Bank
🏦 ICICI Bank
🏦 Axis Bank
📮 Post Office TD

Click any rate to use it. +0.5% for senior citizens on most banks. Rates indicative.

FD vs savings account vs SIP — where to park money?

Option	Returns (2024)	Risk	Best for
Savings Account	3–7% (digital banks 6–7%)	Very Low	Emergency fund, 0–3 months
FD (SBI/HDFC)	6.5–7.15%	Very Low	6 months – 3 years goals
Post Office FD	7.5% (5yr)	Zero (sovereign)	Conservative long-term
Liquid Mutual Fund	6.5–7.5%	Very Low	Parking money, instant redemption
Debt Mutual Fund	7–8%	Low	3+ years, post 2023 tax treatment
Nifty 50 SIP	~13.5% CAGR hist.	Medium-High	5+ years wealth creation