Most FD calculators stop at the maturity value printed on the receipt. That number is before tax, and before a few years of rising prices. This free Excel sheet goes three steps further: it works out maturity the way Indian banks do, then subtracts the tax on the interest, then shows what the money is worth in today's terms.
⬇ Download: FD + RD calculator in Excel (.xlsx, free)What's in the sheet
- FD tab: amount, rate, years and compounding (quarterly is the default for most Indian banks), then the maturity value, the interest and the effective yearly yield.
- Tax: your slab plus 4% cess on the interest, the maturity after tax, and the post-tax yearly return.
- Inflation: the maturity after tax in today's money, and the real yearly return. If that last number is negative, the deposit is losing buying power.
- A year-by-year table up to ten years.
- RD tab: a monthly deposit compounded quarterly, with the total deposited, maturity, interest and tax.
The formulas, so you can check them
FD maturity = amount × (1 + rate ÷ 100 ÷ n)^(n × years), where n is how many times a year interest is compounded. With ₹1,00,000 at 7% for 5 years compounded quarterly, that is ₹1,41,478. Quarterly compounding is also why a 7% FD actually yields about 7.19% a year.
RD maturity uses the formula banks use for quarterly compounding on monthly deposits: monthly deposit × [(1 + i)^q − 1] ÷ [1 − (1 + i)^(−1/3)], with i the quarterly rate (annual rate ÷ 400) and q the number of quarters. ₹5,000 a month at 6.7% for 5 years comes to ₹3,56,829.
Tax and TDS, in one paragraph
FD and RD interest is added to your income and taxed at your slab. Banks deduct 10% TDS (with PAN) once a year's interest from that bank crosses ₹50,000, or ₹1,00,000 for senior citizens. TDS is part of your tax, not extra: in a higher slab you pay the rest when you file. If your total income is below the taxable limit, submit Form 121 (which replaced Forms 15G and 15H from April 2026) so the bank doesn't cut it.
Prefer it online? FD calculatorRD calculatorRead: tax on fixed deposit interestFrequently asked questions
- How do I calculate FD maturity in Excel?
- Use =P*(1+r/100/n)^(n*t): P is the amount, r the annual rate, n the compounding periods a year (4 for quarterly) and t the years. The free sheet on this page has it set up, with tax and inflation added.
- Is FD interest compounded quarterly in India?
- Most banks compound FD interest quarterly for cumulative deposits. That is why the effective yield is a little higher than the quoted rate.
- How is RD maturity calculated in Excel?
- With quarterly compounding on monthly deposits: =P*((1+r/400)^(q)-1)/(1-(1+r/400)^(-1/3)), where P is the monthly deposit, r the annual rate and q the number of quarters. The RD tab in the sheet does it for you.
- Is TDS deducted on FD interest?
- Yes, 10% with PAN, once a year's interest from one bank crosses ₹50,000 (₹1,00,000 for senior citizens). It counts towards your tax; submit Form 121 if your income is below the taxable limit.