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Finance & LoansdepositsIndia only

Senior Citizen FD Calculator

Senior citizen fixed deposit with the rate premium and the 80TTB deduction. The premium is typically half a percentage point, and 80TTB exempts the first fifty thousand of interest income.

Also called: senior citizen fixed deposit, sec 80ttb calculator.

₹
%
%
Interest
%
Maturity value
₹14,49,948

₹14,49,948 at 7.5%, which is ₹35,170 more than an ordinary deposit would pay. Interest of ₹4,49,948 is taxable, though ₹50,000 of it is deductible under 80TTB.

Rate with the premium
7.5%
Total interest
₹4,49,948
Extra from the senior premium
₹35,170
Monthly payout
₹6,250
Deductible under 80TTB
₹50,000
Interest after tax
₹4,09,958
How this is calculated
Method and background

This is what the calculation gives for the numbers you entered. It is an estimate, not advice, and it knows nothing about your situation beyond those numbers. Rules for India change on a published schedule; the effective date is shown on every rule-based tool.

How this is calculated

Banks pay senior citizens a premium of usually 0.25 to 0.75 percentage points above the ordinary rate. On top of that, section 80TTB allows a deduction of up to fifty thousand rupees a year of interest income from deposits for those aged sixty and above, which is separate from and larger than the 80TTA deduction available to everyone else. The monthly payout option suits those living on the interest and pays slightly less in total than reinvesting.

the senior premium adds to the rate before compounding
p
Senior premium

Worked examples

Each of these is asserted on every build. If a change to the engine ever moved one of these answers, the build would fail before the page could print it.

ten lakh for five years

Amount deposited
₹10,00,000
Ordinary rate
7%
Senior citizen premium
0.5%
Tenure
5
Interest
Reinvested
Tax slab
20%

Maturity value₹14,49,948

10,00,000 x 7.5% / 12

Open this example

no premium matches an ordinary deposit

Amount deposited
₹10,00,000
Ordinary rate
7%
Senior citizen premium
0%
Tenure
5
Interest
Reinvested
Tax slab
20%

Maturity value₹14,14,778

boundary

Open this example

Method and limits

What it assumes

  • Quarterly compounding on the cumulative option.

What it deliberately does not model

  • The 80TTB deduction applies across all deposit interest, not per deposit.
  • It is available only under the old tax regime.

Formula version 1.0.0 · definition 1.0.0 · India · Report a problem with this calculator

Frequently asked questions

What is 80TTB?
A deduction of up to fifty thousand rupees a year on deposit interest for those aged sixty and above. It replaces the smaller 80TTA deduction and covers fixed deposits, not just savings accounts.