Indian banks compound interest quarterly using the formula: A = P × (1 + r/n)^(n × t), where P is the deposit amount, r is annual interest rate divided by 100, n = 4 (for quarterly compounding), and t is the tenure in years.
Yes! Most commercial banks (SBI, HDFC, ICICI, etc.) provide an additional 0.50% to 0.75% higher interest rate for depositors aged 60 years and above. You can toggle the "🧓 Sr. Citizen (+0.50%)" switch in this calculator to see exact returns.
Bank FD interest is fully taxable under "Income from Other Sources" according to your income tax slab. Banks deduct 10% TDS if interest income exceeds ₹40,000 per year for regular individuals, or ₹50,000 per year (under Section 80TTB) for senior citizens.
Yes. Deposits in all Scheduled Commercial Banks and Small Finance Banks are guaranteed and insured up to ₹5,00,000 (Principal + Interest) per depositor per bank by the Deposit Insurance and Credit Guarantee Corporation (DICGC), a wholly owned subsidiary of RBI.