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

Other Banks FD Calculators:
1. Fixed Deposit (FD) Calculator
2. SBI FD Calculator
3. HDFC Bank FD Calculator
4. Axis Bank FD Calculator
5. ICICI Bank FD Calculator
6. Punjab Bank FD Calculator
7. Kotak Bank FD Calculator