Canara Bank FD Calculator helps you estimate how much interest you will earn on your hard-earned money parked in the FD account. Founded in 1906 by Ammembal Subba Rao Pai, Canara Bank is one of the largest public sector banks and is owned by the Government of India. It offers competitive interest rates of up to 5.50% on its fixed deposits.
The rates differ with the tenure chosen; shorter tenure provides less rates and vice versa. The highest rate of interest provided up to a year is 5.50% and there is a slight difference in the rates up to tenure of 5 years. If observed meticulously, the rates of interest are quite identical over a five-year period.
Canara Bank FD Rates 2021
(Last updated – 5th Mar 2021)
|Tenure||FD Rates for General citizens||
Senior Citizen FD Rates
|7 days – 45 days||2.95%||2.95%|
|46 days – 60 days||3.90%||3.90%|
|61 days – 90 days||3.90%||3.90%|
|91 days – 120 days||4.00%||4.00%|
|121 days – 179 days||4.00%||4.00%|
|180 days – 364 days||4.45%||4.95%|
|1 year 1 day – 1 year 364 days||5.20%||5.70%|
|2 years – 2 years 364 days||5.40%||5.90%|
|3 years – 10 years||5.50%||6.00%|
Read more about Canara Bank FD Rates, Eligibility and Tax.
How to use the Canara Bank Fixed Deposit Calculator?
Calculating the maturity value of your fixed deposit using the Canara Bank FD calculator 2020 takes hardly a minute. Just fill all the respective fields, i.e. all the details pertaining to your FD account such as monthly investment amount, tenure, and rate and it will calculate the maturity value within a fraction of seconds.
How is Canara Bank FD interest Calculated?
The interest is calculated by multiplying the principal amount, the rate of interest per annum, and the tenure in years.
The formula to calculate the maturity amount on Canara Bank FD is
A = P(1+r/n)^nt
- A = Maturity amount
- P = Invested amount
- r = Interest rate as a decimal
- n = number of times interest is compounded
- t = tenure of the deposit
However, you can avoid the intricate calculations by using the online Canara FD calculator to estimate the value of interest earned on the deposited amount.
Benefits of using FD Calculator of Canara Bank
- Easy to use and hassle-free calculation process
- Helps immensely in choosing the right tenure by computing results in seconds
- Can use multiple time by just changing the values
Canara Bank FD Calculator – FAQs
Ques. What is the highest FD rate offered by Canara Bank on Fixed Deposit?
Ans. One can earn a maximum of 5.50% rate on Canara Bank fixed deposit.
Ques. What is the minimum deposit amount for the Canara Bank FD account?
Ans. The deposit amount starts from Rs. 1000.
Ques. What is meant by cumulative FD and traditional FD?
Ans. In cumulative FD, the interest amount calculated each month is added with the principal amount balance to calculate the interest for the upcoming month. This means that each month’s interest amount grows as it becomes part of the invested sum next month. On the other hand, in the case of traditional FD, the interest for each month is calculated on the originally invested sum and is paid monthly as well.