What is an FD?

FD or Fixed Deposit refers to locking money for a predetermined period at a fixed interest rate. These funds are deposited into a bank or a financial institution. At the end of the maturity period, the principal amount and interest are paid to the depositor.

Here’s a formula to calculate FD interest Amount?

M= P + (P x r x t/100)

In this formula, the variables stand for:

P = Principal amount deposited into the bank
R = Rate of interest
t = tenure in years

M = P + P {(1+ i/100) t-1}

In this formula, the variables stand for:

P = Principal amount invested in FD
R = interest rate per period
t = tenure in FD

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