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Canara Bank FD Calculator

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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.
canara bank fd calculator

What is a Canara Bank FD Calculator?

The Canara Bank FD calculator is an online tool that estimates the maturity and interest amount for an Fixed Deposit investment. It helps you in estimating the results in advance so that you make a well-onformed investment decision. The calculator needs the investment amount, tenure, rate of interest and compounding frequency as an input. You can easily adjust any of the inputs and get the results.

The calculator provides only an estimation of the wealth to be gained and maturity value. It does not intent to assure any returns. 

How to use a Canara Bank FD Calculator?

The Canara Bank FD calculator uses the input provided by you, processes it and provides the output. The input details are investment amount, interest rate, compounding frequency, tenure and payout period. It provides the wealth gained and maturity amount as an output. You can use Canara Bank FD calculator with 2 different approaches i.e. investment amount and  target amount. 

Investment Amount Approach

With the investment amount approach you can easily estimate the wealth gained and maturity. This method is useful if you already have the return on investment when you already have an investment amount in hand. 

You need to follow the following steps to use this approach:

  1. Firstly, enter the investment amount 
  2. Secondly, provide the investment duration in years or months of investment. To enter an investment duration such as 2.5 years enter the total number of months i.e. 30 months.
  3. Thirdly, provide the FD rate of interest.
  4. Lastly, select the compounding period i.e. monthly, quarterly, half-yearly, or yearly. 

Target Amount Approach

The target amount approach is helpful if you have a target maturity amount in mind. The calculator does a back calculation based on the target amount. It provides the initial investment amount you need to invest today to earn the target maturity amount. This way you can ensure that you have correctly invested and avoid any shortcomings in your returns. 

You need to follow the following steps to use this approach:

  1. Enter the FD target maturity amount
  2. Provide the investment duration in years or months. 
  3. Enter the FD interest rate
  4. Select the compounding period i.e. monthly, quarterly, half-yearly, or yearly. The compounding period is the payout tenure of the fixed deposit. The interest earned on FD depends on the compounding period. Hence, provide this detail carefully.

Benefits of Using a Canara Bank FD Calculator

  1. Different banks provide fixed deposits at different interest rates. To ensure a higher return on investment you must compare the matrutity value under different Fds provided by different banks. Scripbox provides Bank FD calculators through which you can easily estimate the returns and make a well-calculated investment decision. You can learn about the FD interest rates of different banks by visiting out blog. 
  2. Before investing it is crucial to know the returns and maturity amount in advance. This way you can make sure whether the investment option fulfils your investment goal or not. The FD calculator helps you in knowing the future values in advance.
  3. You can use the calculator using 2 approaches. The target amount approach is very useful if you know the amount you will need in the future. The calculator estimates the value of investment you need to make today to earn the target maturity amount in the future. 
  4. The tabular representation of the results help you in analyzing on a yearly basis. The tabular representation provides the opening balance, interest and closing balance at the year end. You can easily make out the difference between simple interest and compound interest on the same FD due to difference in tenure. 
  5. Scripbox provides different types of calculator for different investment alternatives to fixed deposits like PPF, ELSS, etc. You can use these calculators and compare the results. This way you can ensure you earn the highest returns with the best-suited investment option as per your needs. 

How is Canara Bank FD Interest Calculated?

The estimation of the interest and maturity amount depends on a number of factors. Such important factors are interest rate, tenure, periodic payout, compounding frequency, and investment amount.  The Canara Bank FD interest is calculated using 2 methods i.e. simple interest and compound interest. 

Simple interest on Canara Bank FD

Simple interest is the interest earned on the investment amount for a given period of time at a predetermined interest rate. The simple interest is calculated on the tenure of the fixed deposit. Moreover, if the tenure is less than 181 days the simple interest is applicable on Canara Bank FD.

Simple Interest Formula- (P * R * T)/ 100

Where,

P = Principal amount of investment

R = Rate of FD Interest (%)

T = Tenure of investment 

Let us understand the calculation with the help of an example

Mr. Amar invested Rs 600,000 in Canara Bank fixed deposit on 1st January 2021 for a maturity tenure of 90 days for a rate of interest of 12% per annum. 

Here, 

P (the investment amount) = Rs 600,000

R (rate of interest) = 12% per annum

T (tenure) = 90 days 

Maturity Date = 31st March 2021

Simple interest = (P * R * T)/ 100

                         = (Rs 600,000 * 12 * 90 days) / 100 * 365 days

                         = Rs 17,753

Maturity amount on FD = Principal Investment Amount + Interest Earned

                                      = Rs 6,00,000 + Rs 17,753

                                      = Rs 6,17,753

Compound Interest on Canara Bank FD

Compound interest is the interest earned on the principal amount invested and the interest earned. The interest rate is raised to the number of periods (years) for which the interest will be compounded and multiplied to the principal amount invested. Because of the power of compounding the tenure of investment and frequency of compounding is the most important factor. The interest earned in the previous period is added to the opening balance. This way the higher the frequency and tenure higher the interest will be on FD. 

It is very evident that an FD with a higher frequency with no payout during the tenure will earn higher interest than FD with a frequent payout FD. If the tenure is more than 181 days on Canara Bank FD then compound interest will be applicable. It is better to invest for a period of more than 181 days to earn compound interest rather than simple interest. 

Compound Interest Formula

A = P (1+r/n) ^ (n * t)

A = Maturity Amount

P = Principal amount invested

r = Rate of Interest (in decimals)

n = number of compounding in a year

t = number of years

Example

Mr. Anil invests Rs 6,00,000 for a period of 1 year at a rate of interest of 12% per annum compounded quarterly. 

Here,

Principal amount = Rs 6,00,000

Interest Rate = 12% per annum compounded half-yearly

Number of compounding in a year = 4 (once every 3 months)

Number of years of investment is 1 year

Total compounding = 4  * 1 year = 4 compounding

A = 6,00,000 (1+0.12/4) ^ (4*1)

A = Rs 6,75,305

Interest amount = Rs 6,75,305 – Rs 6,00,000 = Rs 75,305

Frequently Asked Question

Is FD safe in Canara Bank?

Yes, FD investment in Canara Bank is safe. The rate of interest is predetermined and does not change during the tenure of the FD. The interest rate remind the same irrespective of the market fluctuation and inflation. Further, the Deposit Insurance and Credit Guarantee Corporation insures a fixed deposit of up to Rs 5 lakhs. Hence, in case there is any default in the payment of the maturity the DICGC will cover the losses, if any. 

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.

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. 

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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