FD Premature Withdrawal Penalty and Renewal Calculator for Cumulative Deposits

Get the FD Premature Withdrawal Penalty and Renewal Calculator which will help you in calculating the penalty imposed by banks during premature withdrawal or pre-closure of your Fixed Deposits. This calculator will further recommend the overall profit or loss when you are trying to switch from your old Fixed Deposit to a new one.

A number of people including bank staff and financial advisors are using this calculator and have saved Lakhs !!!

All the inputs are fully customizable. Once you have downloaded it, you can use the same forever and for any number of calculations. If you are looking for increasing the returns on your Recurring Deposits, then there is a separate calculator for the same.

So, if you are planning to pre-close (close ahead of maturity) your ongoing Fixed Deposit and instead planning to create a new one at higher rate of interest, this FD Premature Withdrawal Penalty and Renewal Calculator will give you the precise information you need to be able to take a decision.

If you are planning to open a Special Rate Fixed Deposit like 444 Days, 500 Days, 700 Days etc. then read this thread on whether or not you should open it.

Watch the video seen by 2 Lakh+ people.

What our readers have to say about this Calculator

How this FD Calculator works?

This calculator has 3 sections for adding Inputs:

1. Original – This is where you add information about the original FD
2. Pre-Closure – Enter the details about pre-closure in this section.
3. Revised – Enter the details about the new (replacement) FD that you want to create.

Only add the values in the Cells with Orange Color with the help of description written in front of them. All other cells will be non-editable.

Once you enter all the required information, you will be able to see the entire analysis along with the potential Benefit or Loss that may occur to you. It’s extremely important to understand that this is only a tool for guidance and actual benefit, or loss can only be confirmed by the respective financial institution.

How to get the FD Premature Withdrawal Penalty Calculator

To be convinced how this Calculator can help you save money, you can watch this video where I have shown the LIVE closure of a Fixed Deposit with HDFC Bank and instead opened a new one Live demonstrating the savings I earned.

The calculator comes in 2 Options and 3 variations:

You can get the Calculator (Excel Sheet format as well as Online versions) from the links below or from EPM Shop. You can use the Coupon Codes to further lower the price.

If you face any issues after payment, email to [email protected] or [email protected]

Why this Calculator?

Whenever India’s central bank – RBI increases Repo Rate, the cost of borrowing money from RBI increases for the banks. Since banks need to have the money to be able to lend it, they in turn have to increase the rates for deposits. Thus, it becomes a great time for people who are looking for depositing their money in Fixed Deposits.

But what would happen if you already had an existing Fixed Deposit for a 5-year duration at let’s say 5.5% rate of interest and the Interest rate now being offered by the banks gets increased to 7.0%? (Assuming it is a cumulative deposit. If you have a deposit giving quarterly or monthly interest, then read this article instead.)

• Will it make sense to break or pre-close your old fixed deposit and instead open a new one? OR
• Should you continue with your previous fixed deposit and not worry about change in interest rate? OR
• How much should the interest rate change by that should prompt you to convert your Old FD into a New one?

Guess, this is a question we all come across quite often during the times when Fixed Deposit (Term Deposit) interest rates are on a rise. When I faced a similar dilemma, I thought of doing some calculations which resulted in creation of this Fixed Deposit Premature Withdrawal Penalty and Renewal Calculator.

If you are planning to open a Special Rate Fixed Deposit like 444 Days, 500 Days, 700 Days etc. then read this thread on whether or not you should open it.

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How Can FD Premature Withdrawal Penalty and Renewal Calculator Help?

Using this Calculator, you can find out the Profit (or Loss) that will occur in cases where you decide to pre-close your existing FD and instead choose to open a new one. It will also be able to tell you the amount of Interest you would have received in original case along with a comparison with the renewal after pre-mature withdrawing your Fixed deposit.

This calculator works well in cases where the duration of the current Fixed Deposit is minimum of 6 months and where the compounding frequency is quarterly. Also, the current calculator only addresses cases where the Maturity payout is Principal + Interest. If in your current Fixed Deposit, you have Interest payouts as Monthly, Quarterly, Semi-Annually or Annually, then the current version of calculator will not work for you. Use another calculator which has been listed here instead for the same.

Who should use this calculator?

Many a times we feel that closing an old Fixed Deposit (FD) as a lower interest rate to open a new FD at higher interest rate will give us a benefit. However, that is not entirely true because you miss to calculate the penal interest and also not take into account the time that has been spent in your old fixed deposit. So, anyone who is planning to pre-close their fixed deposit to open a new one at a higher interest rate should first use this calculator.

You may be surprised that 99% of the bank staff or bank software can not do this calculation as well and for that reason this is also being used by bank staff as well. I have over 18+ experience of working in Bank’s IT department and so I understand the Banking as well as Technology very well to be able to come up with this calculator.

There are also many other interesting calculators also that you can use for your everyday financial needs. Also do you know that you can avoid paying penalty on your old Fixed Deposit when closing it for renewal by following some steps (Even Bank Staff don’t know this).

Please note: – This calculator works well only in Microsoft Excel application. If you are using this calculator by opening it in any other application, some of the features may not work as expected.