function calculateAxisFD() {
// Get Input Values
var principal = parseFloat(document.getElementById('depositAmount').value);
var rate = parseFloat(document.getElementById('interestRate').value);
var years = parseFloat(document.getElementById('tenureYears').value) || 0;
var months = parseFloat(document.getElementById('tenureMonths').value) || 0;
var days = parseFloat(document.getElementById('tenureDays').value) || 0;
var frequency = parseInt(document.getElementById('compoundingFreq').value);
// Validation
if (isNaN(principal) || principal <= 0) {
alert("Please enter a valid deposit amount.");
return;
}
if (isNaN(rate) || rate <= 0) {
alert("Please enter a valid interest rate.");
return;
}
if (years === 0 && months === 0 && days === 0) {
alert("Please enter a valid tenure.");
return;
}
// Calculate Total Time in Years
var timeInYears = years + (months / 12) + (days / 365);
var maturityAmount = 0;
var interestEarned = 0;
// Calculation Logic
if (frequency === 0) {
// Simple Interest Calculation (for Standard Payout schemes)
// Formula: P * R * T / 100
var simpleInterest = (principal * rate * timeInYears) / 100;
maturityAmount = principal + simpleInterest;
interestEarned = simpleInterest;
} else {
// Compound Interest Calculation (Cumulative)
// Formula: A = P * (1 + r/n)^(n*t)
var r = rate / 100;
var n = frequency; // Compounding frequency
// Exact logic: exponent is n * t
var power = n * timeInYears;
maturityAmount = principal * Math.pow((1 + (r / n)), power);
interestEarned = maturityAmount – principal;
}
// Rounding
maturityAmount = Math.round(maturityAmount);
interestEarned = Math.round(interestEarned);
// Display Results with Indian Currency Formatting
document.getElementById('displayPrincipal').innerText = "₹ " + principal.toLocaleString('en-IN');
document.getElementById('displayInterest').innerText = "₹ " + interestEarned.toLocaleString('en-IN');
document.getElementById('displayMaturity').innerText = "₹ " + maturityAmount.toLocaleString('en-IN');
// Show Result Area
document.getElementById('resultsArea').style.display = 'block';
}
Understanding Axis Bank Senior Citizen FD Rates
Fixed Deposits (FDs) remain one of the most trusted investment avenues for senior citizens in India. Axis Bank provides specialized FD schemes for individuals above the age of 60, offering preferential interest rates that help retirees maximize their savings with minimal risk. This calculator is designed to help you estimate your returns based on current Axis Bank offerings and your investment tenure.
Why Choose Axis Bank Senior Citizen FDs?
Senior citizens generally receive an additional interest rate benefit over the standard rates offered to the general public. Axis Bank typically offers an interest rate hike of 0.50% to 0.75% p.a. for senior citizens, depending on the tenure selected.
Higher Returns: Enhanced interest rates ensure your retirement corpus beats inflation better than a savings account.
Flexible Tenure: Choose from a wide range of tenures, from 7 days up to 10 years.
Safety: FDs are low-risk investments, ensuring capital protection.
Compounding Power: With the quarterly compounding option (standard for cumulative FDs), your interest earns interest, accelerating wealth growth.
How the Calculator Works
The Axis Bank Senior Citizen FD Rates Calculator uses the standard financial formulas for Simple and Compound Interest used by Indian banks.
1. Cumulative FD (Reinvestment Plan)
In this plan, the interest is compounded quarterly and paid at maturity. This creates a snowball effect on your savings.
Formula:A = P x (1 + r/4)^(4n)
A: Maturity Amount
P: Principal Deposit
r: Annual Interest Rate (decimal)
n: Number of years
2. Non-Cumulative FD (Interest Payout)
If you choose a monthly or quarterly payout option to supplement your income, the calculation typically follows a Simple Interest logic for the payout period, as the interest is not reinvested.
Current Interest Rate Trends (Indicative)
While rates fluctuate based on RBI repo rates, here is a general expectation for Senior Citizens compared to regular citizens:
Tenure Bucket
General Public Rate (Approx)
Senior Citizen Rate (Approx)
7 days to 29 days
3.00%
3.50%
1 year to < 15 months
6.70%
7.20%
15 months to < 2 years
7.10%
7.60% – 7.85%
5 years to 10 years
7.00%
7.50% – 7.75%
Note: These rates are for illustrative purposes. Please verify the latest rates directly from the official Axis Bank website or branch before investing.
Tax Implications (TDS) for Senior Citizens
It is crucial to remember that FD interest is taxable. However, senior citizens enjoy a higher exemption limit on interest income.
Under Section 80TTB, senior citizens can claim a deduction of up to ₹ 50,000 on interest income from deposits (including FDs).
TDS (Tax Deducted at Source) is deducted by the bank if the interest income exceeds ₹ 50,000 in a financial year for senior citizens.
To avoid TDS if your total income is below the taxable limit, you can submit Form 15H to the bank at the beginning of the financial year.
How to Maximize Your FD Returns
To get the most out of your Axis Bank FD, consider the "FD Laddering" strategy. Instead of locking all your funds in one deposit for 5 years, divide the amount into multiple FDs with different maturities (e.g., 1 year, 2 years, 3 years). This ensures liquidity and allows you to take advantage of potentially higher interest rates when you reinvest the maturing deposits.