Canara Bank RD Calculator
What is Canara Bank RD Calculator?
Canara Bank RD Calculator is an online tool that you can use to estimate the interest earned by investing in a recurring deposit. The maturity amount for RD is the sum total of all investments, plus the interest earned during the investment period. Also, RD interest gets compounded on a quarterly basis. Therefore, this calculator automatically computes the maturity amount and wealth gained from the monthly RD investments.
Canara Bank RD Calculator Requirement
The calculator works on the following inputs:
- Monthly deposit amount: You intend to deposit the monthly investment amount in an RD account.
- Interest rate: The income from RD investments. Canara Bank determines the RD interest rates.
- RD term: The tenure of the recurring deposit investment in years.
Canara Bank RD Maturity Value Calculation
With the given inputs, the RD Calculator determines the following values:
- Total investment: Sum of all monthly deposits in the RD.
- Wealth Gained: The interest income on RD investments.
- Total Corpus created: You can expect the maturity value from your Canara Bank RD investment.
How to use the Canara Bank RD Calculator?
You can use the Canara Bank RD calculator online for free. To use this calculator, you must visit the Scripbox website. Then enter the monthly investment amount, investment tenure and Canara Bank RD interest rate. Finally, the calculator will compute the maturity amount at the end of the tenure.
The following example helps in understanding the Canara RD Calculator better.
Ms Tanya plans to invest INR 10,000 per month in a recurring deposit scheme for seven years. The current Canara bank RD rate is 5.25%.
Total Investment: INR 8,40,000
Wealth Gained: INR 1,74,169
Total Corpus Created: INR 10,14,169
Therefore, Ms Shruti’s potential return for Canara Bank RD is INR 10,14,169, and the interest income will be INR 1,74,169
Explore other RD Calculators