Canara Bank FD Calculator
Canara Bank FD Calculator is an online tool that helps in estimating the returns from an FD investment. The calculator estimates the maturity value and also the wealth gained from Canara Bank FD investment. Canara Bank FD calculator is easy to use and is available for free. In this article, we have covered the Canara Bank FD calculator and its interest calculation in detail.
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Canara Bank Fixed Deposit Features
Canara Bank offers a variety of fixed deposits with high interest rates and minimum risk. Following are some of the key features of Canara bank fixed deposit account:
- Tenure: Canara Bank fixed deposit tenure ranges from seven days to ten years.
- Minimum Deposit Amount: The minimum amount to open a Canara Bank FD account is INR 1,000.
- Maximum Amount: No limit on the maximum deposit amount.
- Fixed Deposit rates: Canara bank offers special fixed deposits interest rates for deposits maturing in 111, 222, 333, 444 and 555 days.
- Safety: The Deposit Insurance Scheme ensures the Canara Bank deposits up to INR 5,00,000.
- Loan against FD: Canara Bank provides depositors with a facility to avail a loan against their FDs. In other words, without breaking FD deposits, one can meet their financial obligations.
- Nomination Facility: Canara Bank depositors can nominate beneficiaries.
- Auto-Renewal: Canara bank offers an auto-renewal facility of the deposit account.
- Convenience: Depositors can open and manage Canara bank FD schemes at their convenience. In other words, one can open the deposit scheme either online or by visiting the nearest bank branch.
Types of Canara bank fixed deposits
Following are the two types of Canara Bank fixed deposit schemes:
- Regular Fixed Deposit Scheme
- Tax Saver Deposit Scheme
- Kamadhenu Deposit Scheme (Reinvestment plan)
- Ashraya Deposit Scheme (Senior Citizens)
What is a Canara Bank FD Calculator?
Canara Bank FD calculator is a tool that helps in estimating the potential returns from an FD investment. It calculates the maturity amount as well as the interest earned on the Canara Bank FD. It is available online, and one has to enter the following details in the Canara Bank FD calculator:
- Investment amount: It is the amount the investor wants to invest in Canara Bank FD.
- Interest rate: It is the rate of interest on Canara Bank FD.
- FD period: The investment horizon of the investor. In other words, how many years the investor wants to stay invested.
- Compounded: It is the interest compounding frequency. Canara Bank FDs are compounded quarterly.
Canara FD calculator gives the following outputs for the inputs.
- Total investment: It is the amount the investor put in the FD.
- Wealth gained: It is the interest that the investors earn from Canara Bank FD.
- Total corpus created: It is the sum total of the investment and interest.
The following are the benefits of using an FD calculator:
- Simple and easy to use: Canara Bank fixed a deposit calculator is a simple tool. Also, it is user friendly, and one can easily use it to estimate the returns from Canara Bank fixed deposit investment.
- Saves time: Canara Bank fixed deposit calculator performs complex calculations within seconds and also saves investor time.
- Accurate results: Canara Bank FD calculator results are quite accurate with a zero chance of error. However, the calculator only estimates and doesn’t guarantee returns.
- Comparison: Investors can compare the results of multiple FDs and choose the one that best suits their goals.
- Future planning: Investors can make informed decisions about their financial future based on the results of the calculator. Also, it will help them in planning their investment goals.
- Free to use: Canara Bank fixed deposit calculator is a free tool and is available online. Furthermore, investors can use it multiple times to calculate the potential returns from FD investment.
How does a Canara Bank FD Calculator work?
The Canara Bank FD calculator is available online, and also one can use it for free. The calculator helps in computing the maturity value of the investment. One has to enter the following details, such as investment amount and interest rate. Also, the calculator uses the future value formula to determine the maturity value of the FD investment. Let's understand how the Canara Bank FD calculator works with an example.
Mr Kiran wants to invest INR 3,00,000 in a Fixed Deposit scheme for a period of ten years. The Canara bank FD interest rate is 5.30%. The maturity value using the Canara FD calculator for the investment is as follows:
Following are the calculator inputs:
- Investment amount: INR 3,00,000
- Interest Rate: 5.30%
- FD period: 10 years
- Compounded: Yearly
With the above inputs, it computes the following:
- Total Investment: INR 3,00,000
- Wealth Gained: INR 2,02,811
- Total Corpus Created: INR: 5,02,811
The investment of INR 3,00,000 made today at 5.30% interest per annum would be INR 5,02,811 in seven years. The interest income (wealth gained) for Mr Kiran will be INR 2,02,811.
Formula to calculate fixed deposit maturity value
The FD calculator uses the future value formula to calculate the maturity value of a fixed deposit.
A = P (1 + r/n) ^ n*t
A – Maturity Amount
P – Investment amount
r - Interest rate
n – it is no. of times the interest gets compounded
t - Investment tenure
How is FD interest calculated?
Let’s understand FD interest calculation with the help of an example.
Mr Karthik wants to invest an amount of INR 1,00,000 in Canara Bank FD for a tenure of 3 years. The interest is compounded yearly, and the interest rate is 5.5%
To calculate Canara Bank FD interest amount and maturity value, one can use the FD formula.
A = 100000* (1+5.5%/1)^(1*3)
A = INR 1,21,477
The maturity amount for Mr Karthik is INR 1,21,477
Also, the interest earned is INR 21,477
Canara Bank FD interest rates
The following table shows Canara Bank fixed deposit interest rates for regular citizens and senior citizens for different tenures.
|Tenure||FD Interest Rates||Senior Citizen FD Interest Rates|
|7 days to 14 days||3.00%||3.00%|
|15 days to 30 days||3.00%||3.00%|
|31 days to 45 days||3.00%||3.00%|
|46 days to 60 days||4.00%||4.00%|
|61 days to 90 days||4.00%||4.00%|
|91 days to 120 days||4.05%||4.05%|
|121 days to 179 days||4.05%||4.05%|
|180 days to 269 days||4.50%||5.00%|
|270 days to 364 days||4.50%||5.00%|
|1 year 1 day to 1 year 364 days||5.35%||5.85%|
|2 years to 2 years 364 days||5.35%||5.85%|
|3 years to 10 years||5.30%||5.80%|
Note: Canara Bank Fixed Deposit interest rates are revised periodically
What are the documents required to open a Fixed Deposit account in Canara Bank?
Following are the documents required to open an FD account in Canara Bank are:
- 2 passport size photos
- FD application form
- Pan Card or Form No. 60 or 61
- Proof of identity as per KYC norms (Driving License, PAN Card, Voter ID Card, Aadhar Card, Passport)
- A proof residence as per KYC norms (Utility bills, Voter ID Card, Aadhar Card, Passport, Driving License)
- Senior Citizen ID Card (for senior citizens)
Also, only eligible investors can invest in Canara Bank FD. Following is the eligibility criteria for investing in Canara Bank FD is:
- Individuals – Resident, NRI, and guardian on behalf of a minor
- A joint FD with not more than four investors
- Association or any other institution
Fixed deposit investments are traditional go-to investments in India. They are mainly popular in India due to guaranteed returns. But they lack liquidity. Instead, investors can choose to invest in debt mutual funds. They give better returns than FDs and are also highly liquid.
Frequently Asked Questions
What is the highest Canara Bank FD rate?
The highest Canara Bank FD interest rate is 5.30% for a regular investor for the tenure of 3-10 years. Also, for the same tenure, the senior citizen FD interest rate is 5.80%.Also, returns from Canara Bank fixed deposits can be calculated using Canara Bank FD calculators. One can use Scripbox's Canara Bank fixed deposit calculator to calculate an FD investment's maturity amount.
How are FDs taxed?
The interest income that one earns on their Canara Bank term deposit investment is taxable. Also, the tax rate depends on the depositor’s income tax slab rates. Furthermore, the bank cuts a TDS charge of 10% for interest income is more than INR 40,0000. It is INR 50,000, for senior citizens. Also, the 10% rate is applicable only if the deposit holder submits their PAN card details. Else, the TDS rate on the interest is 20%.To determine whether the interest income is more or less than the TDS threshold, one can use multiple bank FD calculators available online. Furthermore, to estimate the tax liability, an individual can use Scripbox's Income Tax Calculator.
Does Canara Bank provide Loan against FD?
Canara Bank offers loan and overdraft facility against term deposit investment. Investors can get up to 90% against the deposit amount. The interest rate on Canara Bank FD loan is 5.5%-7.4%. It will give a loan against Canara Bank FD only. Also, the tenure of the loan is limited to the tenure of the FD. Moreover, investors cannot get a loan on tax-saving FDs.Loans such as home loan (loan against property), business loan, education loan, etc., can be taken against Canara Bank FD. Furthermore, investors can use a loan EMI calculator to calculate their loan EMI. Scripbox’s loan EMI calculator works as a home loan EMI calculator. It also works as a personal loan EMI calculator and car loan EMI calculator. The investor can also use the EMI calculator in multiple scenarios. They can do so by changing the car loan, personal loan, and home loan interest rate.
Is there a Premature withdrawal facility available with Canara Bank?
Canara Bank FDs offer premature withdrawal facility on their FDs. However, they charge a penalty on the same. Also, the penalty for premature withdrawal is 1% on the contracted interest rate. Furthermore, Canara Bank will not charge a penalty if the investment is withdrawn with seven days of investment.
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