Canara Bank FD Calculator

Canara Bank FD Calculator helps them plan their investments and tailor them to their needs in a matter of minutes. The FD calculator by Canara Bank is the handy online tool used by their vast national and international clientele.
Being one of the premier public sector banks, Canara Bank offers a range of varied Fixed Deposit products for their domestic and NRI customer base.

Read more
Best Investment Options
  • Save upto ₹46,800 in tax under Sec 80C

  • Inbuilt Life Cover

  • Tax Free Returns Unlike FD

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Get Guaranteed returns along with life cover
invest in 100% Guaranteed Return Plans Tax benefits under sec 80C & No Tax on returns*
+91
View Plans
Please wait. We Are Processing..
Plans available only for people of Indian origin By clicking on "View Plans", you agree to our Privacy Policy and Terms of Use #For a 55 year on investment of 20Lacs #Discount offered by insurance company Tax benefit is subject to changes in tax laws
Get Updates on WhatsApp

How Does the Calculator Work?

The Canara Bank FD Calculator is a simple tool that seeks essential inputs like the type of deposit, the investment amount, type of customer, and the tenure to display the outcome accurately. There is no bar on the number of times the calculator is used with different permutations and combinations to arrive at a suitable product. The best part is that the calculator populates the applicable rate of interest for the customer type, amount, and tenure combination. The investor thus learns the applicable interest rates offered by the bank.   

It is essential to know that applicable interest is dependent on the deposit tenure. As a thumb rule, shorter periods attract lower interest rates and longer periods higher. Further, the amount is factored in for the applicable rate. If the customer is a senior citizen, he or she is entitled to a higher preferential interest rate. Manual calculations with such varied features will be not only tedious but also error-prone. The Canara Bank FD Calculator is the ideal solution for the desired outcome. 

Simple Interest vs. Compound Interest:

Having understood the functional aspects of the Canara Bank FD Calculator, it is necessary to understand the interest nuances. The applicable interest rate is reviewed periodically and is subject to revision. However, the revision applies to the Fixed Deposit only on renewal upon maturity, as it remains constant throughout the contracted tenure. It applies to simple and compound interest applied in the deposit product. However, what does simple interest and compound interest mean?

  • Simple Interest:The interest rate applies only to the invested principal throughout the tenure, implying that the interest amount is constant. The Canara Bank FD Calculator applies this principle in all deposits in the 7 to 180 days tenure category. The formula to calculate the accrued simple interest is described below:

I = PxNxR

     100

I =   The accrued simple interest.

P = The invested principal amount.

N = The deposit tenure.

R = The rate of interest.

  • Compound Interest: In non-technical language, compound interest is an element that earns interest over interest. The Canara Bank FD Calculator applies the interest on schemes with tenures above 180 days to benefit from quarterly compounding. The following example clarifies the statement. The invested sum earns periodic interest. While the next interest is accrued, the principal reckoned for the calculation is the original principal plus the accrued interest. Thus, the interest amount keeps on increasing depending on the compounding frequency. The Canara Bank’s Kamdhenu Deposit is a reinvestment scheme payable only on maturity, thus gaining the full benefit of compounding. The following formula calculates the compound interest:

A = P (1+R/N)^NT

A= Maturity amount.

P = Principal invested amount.

R = Applicable interest rate in decimal.

N = Compounding frequency per year.

T = Deposit tenure.

It is not out of place to check up the actual interest rates applied by the Canara Bank FD Interest Calculator to display the estimated maturity value based on the input values.

Domestic Deposit Interest Rates w.e.f. 08/02/2021 for  investment up to Rs 2 Crore

Tenure

Normal Customer

Senior Citizens

% rate PA

Annualized Return

% rate PA

Annualized Return

7 to 45 d

2.95

2.98

2.95

2.98

46 to 90 d

3.90

3.96

3.90

3.96

91 to 179 d

4.00

4.06

4.00

4.06

180 d to < 1 y

4.45

4.52

4.95

5.04

1 y to < 2 y

5.20

5.30

5.70

5.82

2 y to < 3 y

5.40

5.51

5.90

6.03

3 y to < 5 y

5.50

5.61

6.00

6.14

5 y to  10 y

5.50

5.61

6.00

6.14

Legend

D = days, Y = year

Annualized Rtn

Annualized return % PA is based on quarterly compounding.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Domestic Deposit Interest Rates w.e.f. 08/02/2021 for  investment from Rs 2 Crore and above up to Rs 10 Crore

Tenure

Normal Customer

Senior Citizens

% rate PA

Annualized Return

% rate PA

Annualized Return

7 to 45 d

3.05

3.09

NA

46 to 90 d

3.10

3.14

3.15

3.19

91 to 179 d

3.25

3.29

3.30

3.34

180 d to < 1 y

3.30

3.34

3.35

3.39

1 y to < 2 y

3.90

3.96

3.95

4.01

2 y to < 3 y

3.90

3.96

3.95

4.01

3 y to < 5 y

3.40

3.44

3.45

3.49

5 y to  10 y

3.40

3.44

Not Quoted

Legend

D = days, Y = year

Annualized return

Annualized return  % PA is based on quarterly compounding.

FD interest have fallen consistently over the last 5 years.
Invest in Plans that offer Guaranteed Returns for over 25 Years
Know More

NRI Deposit Interest Rates w.e.f. 08/02/2021

NRO Deposit interest Rate is the same as Domestic

Tenure

Up to Rs 2 Crore

Rs 2 Crore and above up to Rs 10 Crore

% rate PA

Annualized Return

% rate PA

Annualized Return

1 y only

5.20

5.30

3.90

3.96

1 y to < 2 y

5.20

5.30

3.90

3.96

2 y to < 3 y

5.40

5.51

3.90

3.96

3 y to < 5 y

5.50

5.61

3.40

3.44

5 y to  10 y

5.50

5.61

3.40

3.44

Legend

D = days, Y = year

Annualized Return

Annualized return % PA is based on quarterly compounding.

How to Use PolicyBazaar Canara Bank Fixed Deposit Calculator?

It has already been discussed that the Canara Bank FD Interest Calculator is offered free at the bank’s official portal. It is the same with the PolicyBazaar portal, where the investor can model the proposed investment in harmony with the financial planning needs, objectives, and goals. The digital platform is user-friendly, seeking only a few essential information inputs. The amount and the tenure are the critical factors apart from the deposit type and whether senior citizen or not.

On clicking the calculate button, the maturity value and interest rate are displayed for the investor matching the desired needs. It is not out of place to mention the Canara Bank FD Interest Calculator validates the inputs in the fields, which are conditional. For example, if there is a minimum amount bar, the calculator will not allow a lower amount.

Advantages of Using Canara Bank Fixed Deposit Calculator:

Every earning individual makes financial plans to secure one’s future and lead a comfortable life. Fixed Deposits provide the safest mode with guaranteed returns to build a corpus. The Canara Bank FD Calculator aids the planning in the following ways:

  • It is a quick and accurate tool to display the projected future value of investments.
  • It is a user-friendly digital tool readily available anywhere and anytime.
  • There is no bar on its use, and the service is free.
  • It helps the investor to avoid tedious and error-prone manual calculations.

FAQs:

Written By: PolicyBazaar - Updated: 14 October 2021

Investment plans articles

Recent Articles
Popular Articles
Importance of Investment Plan to Build a Secured Future

18 Oct 2021

In today’s times, people are always on a regular lookout for...
Smart Investing: Time To Rebalance Your Investment Portfolio

18 Oct 2021

Investment portfolio rebalancing means reconstructing your...
Where To Invest Your Money For High-Interest Returns?

18 Oct 2021

Every investor in India invests with a notion of availing...
How To Invest Money And Get Rich

18 Oct 2021

Investing is an important part of wealth creation that helps...
Best Investment Plans for Monthly Returns

18 Oct 2021

Every breadwinner of a family wants to secure his/her family's...
Best LIC Policies For Investment in 2021
When it comes to purchasing a life insurance plan, 'LIC policies' are the most popular choice for customers. LIC...
What is Investment and What is Its Purpose?
Different people possess different notions and understanding of “investment”. To start with, first of all...
Post Office Monthly Income Scheme (POMIS)
Are you looking for an investment avenue which is safe and secure, earns substantial returns with a short locking...
SBI Life Insurance Plans in India
SBI Life Insurance, a joint venture between State Bank of India (SBI) and BNP Paribas Assurance, provides...
Short Term Investments Options
Short-term investments can be described as temporary investments or marketable securities, which can be easily...
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL