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.
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
Rate of Interest (Yearly)
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?
I = (PxNxR)/100
I = The accrued simple interest.
P = The invested principal amount.
N = The deposit tenure.
R = The rate of 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.
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:
Fixed Deposit Calculators
A1. The calculator is a versatile online tool that assesses every deposit type like reinvestment, recurring, monthly payout, quarterly payout, and tax saver schemes.
A2. The projected interest accrual during a financial year is taxable under the Income Tax Act, 1961, subject to certain conditions. The user can assess the liability in advance to plan savings.
A3. The TDS rate applied on the annual interest income is 10% where the PAN is furnished; else, the rate is 20%
A4. The applied interest is discounted if the investor chooses a scheme with a monthly payout.
A5. The annualized return rate is best checked at the bank’s official portal, where it is readily available.
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