Calculates FD Maturity Amount and Interest Earned on the basis of Principal , bank interest rate and Tenure , which could be given in days month and years.
Note : For banks in India , Compounding is done Quarterly for Fixed Deposit.
Salient Features :
Tax is deducted by Bank on FD's , if interest earned exceeds Rs 10,000. This is called Tax deducted at source
and is currently fixed at 10% on interest earned.