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MONTHS
%
Total interest
Deposit amount
Maturiity amount

## Features of Canara Bank Fixed Deposit

• The tenure for Canara Bank Fixed Deposit (FD) ranges between seven days and 10 years.
• The bank offers special interest rates for fixed deposits that mature in 444 days.
• As per the norms of the Deposit Insurance Scheme, Canara Bank deposits up to Rs 5 lakh.
• An investor can nominate beneficiaries.
• The bank offers a facility to provide a loan against your fixed deposit.

## How to use the Canara Bank Fixed Deposit Calculator?

It is quite easy to calculate the maturity value of your Fixed Deposit (FD) using the Canara Bank FD calculator 2024. By keying in the information in all the respective fields, i.e., all the details related to your FD account, such as investment amount, tenure, and rate, it will calculate the maturity value within a few seconds.

## How is Canara Bank FD interest Calculated?

The interest on Canara Bank FD is calculated by multiplying the principal amount, FD rate of interest per annum, and the tenure.

The formula to calculate the maturity amount is as follows: A = P(1+r/n)^n x t

In which:

A = Maturity amount

P = Invested amount

r = Interest rate as a decimal

n = Number of times interest is compounded

t = Tenure of the deposit

### Example:

An investor invests Rs 1,00,000 for a period of 5 years at an interest rate of 6.7% per annum.
Here,

Principal amount of investment = Rs 1,00,000

Interest rate = 6.7% p.a

Number of times interest is compounded = 4 (once every 3 months)

Number of years of investment = 5 years

A = 1,00,000 (1+0.067/4) ^ (4 x 5)
A = Rs 1,39,407
Interest amount = Rs 1,39,407– Rs 1,00,000 = Rs 39,407

## Benefits of using FD Calculator of Canara Bank

Free of cost: Canara Bank FD Calculator is free of cost and can be used as per convenience for comparing and analysing returns for different combinations of FD tenure, interest rates and principal amount.

Time-saving: The Canara Bank FD Calculator is automated, making the calculation process easier and saving time, negating the possibility of human errors. Manually calculating the maturity value is laborious, time-consuming and raises the chances of errors.

Find your returns in advance: An investor can use the Canara Bank FD Calculator to find an estimate of their FD earnings even before opening the FD account. This aids them in making an informed financial decision directly depending on their liquidity requirements and cash flows.

## Canara Bank FD Interest Rates 2024 for Less than Rs 2 crore

Note: Rates as of November 16, 2023

What is the interest of 1 lakh FD in Canara Bank?

Canara Bank offers an interest rate of up to 6.80% on three-year FD. The sum of Rs 1 lakh invested in FD in Canara Bank will grow to Rs 1.22 lakh in three years.

What is the FD rate in Canara Bank 2024?

The interest rates for fixed deposits of up to Rs 1 crore for a tenure of six months to three years is anywhere between 6.15% and 6.85%.

Is Canara Bank safe for FD?

Yes, an investment in Canara Bank FD is quite safe and secure. The interest on Canara Bank FD is fixed and guaranteed. The interest rates remain uninfluenced by the market volatility. This makes FD investment one of the most secure investment options. Also,  from the beginning of the investment, an investor is aware of the maturity amount and interest earnings.

Besides, the Deposit Insurance and Credit Guarantee Corporation(DICGC)  insures every fixed deposit up to Rs 5 lakh in Canara Bank. Therefore, any default in repayment of the maturity value will be duly covered by the DICGC.

What is the highest FD rate offered by Canara Bank on Fixed Deposit?

Canara Bank is offering the highest interest rate of 7.25% to general citizens on a tenure of 444 days.

What is the maximum deposit amount for the Canara Bank FD account?

There is no limit on the maximum deposit amount for the Canara Bank FD account.

What is the minimum amount I can deposit in a Canara Bank fixed deposit account?

The minimum amount that you can deposit starts from Rs 1,000 onwards.

What is the highest interest rate of fixed deposits by Canara Bank?

You can get a 7.25% interest rate on a fixed deposit of 444 days tenure with Canara Bank.

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