When it comes to safe and steady investing, fixed deposits (FD) remain a popular choice. They are predictable and free from market fuss. For many, reaching the Rs 1 crore mark is a long-term goal, and an FD seems like the reliable route to get there. So, if you have got Rs 5 lakh to start with, how long will it actually take for that amount to turn into Rs 1 crore? Let us find out.Wealth Builders: Five Best Alternatives To Fixed Deposits for Indian InvestorsCurrent FD Interest Rates In IndiaSmall finance banks are offering rates of 8% to 9% pa, with some up to around 9.1 % for senior citizens on 5-year FDs.Larger banks like SBI are offering up to about 7.5 %‑8%, while SBI recently cut short‑term FD rates to around 6 %.Some newer offers reach around 6.75-6.9%.Realistic effective FD rates today typically fall between 7% and 9% per annum, compounded quarterly.How Long Will Rs 5 Lakh Take To Turn To Rs 1 Crore?We use the compound interest formula -A = P × (1 + r/n)^(n×t)where:P = Rs 5 lakh (initial principal)r = annual interest rate (decimal)n = compounding frequency (usually 4 for quarterly)t = time in yearsA = final amount (Rs 1 crore in this case)By this calculation, if you invest Rs 5 lakh in a fixed deposit with quarterly compounding, at an interest rate of 9% per annum, it will take roughly 30 years to grow to Rs 1 crore.At 8%, the time stretches to around 32 years.And if the rate is 7%, you will need to wait about 34 to 35 years.So depending on the rate, you are looking at a time range of 30 to 35 years for your Rs 5 lakh to turn into Rs 1 crore.Things To Know Before You Choose An FDHere are a few key points to remember before locking in your money in a fixed deposit.FD interest is typically compounded quarterly, not annually, which slightly boosts returns over time. Interest earned on FDs is taxable. If it crosses Rs 10,000 in a year (Rs 40,000 for senior citizens), banks deduct TDS (Tax Deducted at Source), which reduces your overall earnings. So, while the advertised rate might sound attractive, the post-tax return is usually lower than what you expect.On the brighter side, senior citizens often get an additional 0.5% interest from many banks, which can make a noticeable difference over the long term.Another thing to consider is deposit insurance. Only Rs 5 lakh per bank is insured by the DICGC (Deposit Insurance and Credit Guarantee Corporation). This means if you are investing more than Rs 5 lakh, it is safer to spread it across multiple banks to reduce risk. Fixed Deposit Interest Rates: Top Banks Offering Highest Returns On FDs In May. Read more on Personal Finance by NDTV Profit.