CA Srikant Agarwal

CA Srikant AgarwalUnder the Income Tax provisions we are required to pay tax on interest amount of Fixed deposits with Banks and other financial institutions.

For knowing the interest accrued for a period (say a financial year) on FDs (Fixed Deposits) most of the people rely on the interest certificate issued by the banks or on 26AS statement available from Income Tax site, which is generally available at the end of year and many a times is not readily available for many reasons like banks has not submitted interest details in their TDS return, many follow up with the bank is required for obtaining interest certificate and all.

Online interest calculators are available but none of them provide interest on financial year wise. They generally provide interest for the whole period of investment or interest break up for the different years which does not coincide with financial year (or previous year) applicable for the purpose of Income Tax return filing.

In this utility function we have incorporated features of calculating interest on Financial Year wise which will help the users to determine the amount of interest and to prepare their financial statements accordingly.

It may be noted that maturity amount and Interest amount calculated by using this utility may be insignificantly different from actual maturity amount and interest given by banks and financial institutions because of rounding off error.

Hope users will find this utility very user friendly.

Download Financial year wise Interest Calculator on FDs (Fixed Deposits)

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Category : Finance (3070)
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  • Bharat Patel

    Pl enlighten with the procedure/step to derive the result. We could fill the data in upper table which has shown the result of maturity amount but doesn’t reflect the interest amount of financial year. Please guide us.

  • Ankur Shah

    Year-wise figure of interest is not showing. Kindly update the same.

  • Pratikkumar Shah

    It’s not working

  • P N Rao

    The file is not working for if we change the month or date or year of deposit or maturity. May be the macros got locked. May please update, it is a useful tool for many as assumed by author for non updation of records by Banks CA P N Rao

  • Ramachandran Venkataraman

    does it work if the date of deposit is not at the end of the year but somewhere between.

    • Srikant Agarwal

      Date of deposit and maturity can be any date. It does not necessarily be end of year

  • Ramachandran Venkataraman

    yes it works if the deposit date is in between. thanks very useful. Mr P.N.Rao I do not think there is any macros. This is xlsx file so simple excel file with formulas. Mr. Agarwal please confirm

  • Ramakant Tiwari

    FILE IS NOT WORKING. ALSO HAVE YOU INCORPORATED THE TDS FACTOR IN COMPOUNDING?

    • Srikant Agarwal

      May be if you are changing the format of date through control panel to MM/DD/YYYY format then it should work.

  • Ankur Shah

    Still not able to use this calculator. Just change date to 12 (from inserted date of 31), result would show error. Also see the error as attached. Kindly update the file.

  • Rahul Chopra

    This utility is very helpful but once we enter the dates in the respective columns, the output shows error. (As image attached by ankur shah). Kindly update the file or provide with the possible solution.

  • Rohit S

    I tried using your calculator to get FD interest by FY, but the excel does not calculate any interest. I have included the screen shot below.

    Appreciate if you could tell me how to use this calculator. Thanks for your help. Rohit

  • Not working, perhaps you haven’t entered any formula, thats why its not working. Because once we click on a cell the formula should reflect on the formula bar, but there is nothing. Update it or explain the formula.