ICICI Bank Fixed Deposit (FD) Interest Calculator

Fixed deposit is a low-risk investment option where people can invest their additional savings and earn attractive returns. All banks in India, including ICICI Bank, offers various fixed deposits schemes to its customers. The Bank calculates interest on fixed deposits annually, semi-annually, quarterly as well as monthly. Besides, senior citizens can earn a higher rate of interest on ICICI Bank FD as opposed to the general public.

How Can ICICI Bank Fixed Deposit Calculator Help?

The ICICI Bank offers a wide range of short-term as well as long-term fixed deposit schemes with assured returns. A depositor should invest in an FD scheme that coincides with the purpose of the investment and mirrors his/ her maturity goals. The ICICI Bank FD rates vary as per the chosen investment tenure or maturity period. The Bank offers fixed deposit for an investment tenure of at least 7 days to a maximum of 10 years. Take a look at the ways through which an ICICI FD Calculator can be helpful for a depositor:

• Calculate Maturity Amount - An ICICI fixed deposit calculator helps a person to calculate the earnings that he/ she will generate on investing in an FD with the Bank. Thus, it helps them to select the FD scheme that will offer maximum returns.
• Decide FD Investment Tenure - This tool can be used to determine the FD tenure which will help a depositor to earn the maximum returns for the investment amount.
• More Accurate - The calculations done by an ICICI FD interest calculator are more accurate than doing manual calculations. Thus, you can determine the maturity amount without any errors using this calculator.
• Plan Future Investment Goals - It helps a person to plan his/ her future investments by estimating the maturity amount for different types of fixed deposit schemes. He/ she can invest in an FD scheme that will help you achieve your investment goals.
• Saves Time - An FD calculator by ICICI Bank is quite efficient and helps to save a lot of time as the person does not need to visit the nearest Bank branch to know the estimated maturity amount.

Dive deeper into your finances with the SIP Calculator.

How Does an ICICI Bank FD Calculator Work?

An ICICI FD calculator determines the maturity amount for a fixed deposit scheme with the help of the following formula:

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

In this formula,

‘A’ stands for FD maturity amount that you will generate at the end of the investment tenure,

‘P’ stands for the amount invested in an ICICI Bank FD scheme,

‘r’ stands for the applicable FD interest rate,

‘n’ stands for the number of times the interest is calculated on an FD within a year

‘t’ stands for FD investment tenure

Thus, the value of ‘n’ is ‘1’ if the interest is calculated once a year, ‘2’ if calculated twice of year, ‘4’ if calculated once every quarter and ‘12’ if calculated once every month.

Let’s understand with the help of an example: Suppose a person decides to invest Rs 5 lakh in an ICICI Bank fixed deposit scheme for 5 years that offers an interest rate of 8% calculated half-yearly.

In this case, P = Rs 5,00,000, r =8%, n = 2 and t = 5.

On applying the formula, it comes to A = 5,00,000 (1+8/2)^2*5 and thus, the maturity amount will equal to Rs 7.4 lakh at the end of 5 years.

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Simple Interest vs. Compound Interest

ICICI Bank calculates interest on fixed deposit by two methods - simple interest and compound interest. The following table represents the differences between simple interest and compound interest:

How to Use PolicyBazaar ICICI Bank Fixed Deposit Calculator? 

Anyone can easily use an ICICI FD calculator to determine the maturity amount for a fixed deposit on policybazaar.com. Follow the steps given below to use an ICICI FD interest calculator:

• Visit the website of policybazaar.com
• Go to ICICI Bank FD Calculator page
• You will find a form asking you to enter the investment amount
• Fill in your preferred FD investment tenure and the applicable ICICI Bank FD rate of interest
• Select if you are a senior citizen
• Submit all the details and click on ‘Calculate’
• The maturity amount for the fixed deposit will be displayed

Advantages of Using ICICI Bank Fixed Deposit Calculator

Take a look at the advantages of using an ICICI FD calculator:

• It allows a person to determine the maturity amount that will be generated if he/she starts an FD in ICICI Bank.
• It enables a person to compare various fixed deposit schemes within as well as outside ICICI Bank and select the most beneficial scheme.
• It is ideal for people who seek wealth creation by earning additional benefits on their savings.
• It helps people to plan their investments to build their financial portfolio.
• It can be used by anyone easily and at any time of the day.
• It is an online FD calculator tool, which is available free of cost.