Canara Bank Fixed Deposit (FD) Interest Calculator

How Does the FD Calculator Work?

The Canara Bank FD Calculator is a simple tool that seeks essential inputs like the type of deposit, the investment amount, type of customer, and the tenure to display the outcome accurately. There is no bar on the number of times the FD calculator is used with different permutations and combinations to arrive at a suitable product. The best part is that the calculator populates the applicable rate of interest for the customer type, amount, and tenure combination. The investor thus learns the applicable interest rates offered by the bank.   

It is essential to know that applicable interest is dependent on the deposit tenure. As a thumb rule, shorter periods attract lower interest rates and longer periods higher. Further, the amount is factored in for the applicable rate. If the customer is a senior citizen, he or she is entitled to a higher preferential interest rate. Manual calculations with such varied features will be not only tedious but also error-prone. The Canara Bank FD Calculator is the ideal solution for the desired outcome. 

Simple Interest vs. Compound Interest:

Having understood the functional aspects of the Canara Bank FD Calculator, it is necessary to understand the interest nuances. The applicable interest rate is reviewed periodically and is subject to revision. However, the revision applies to the Fixed Deposit only on renewal upon maturity, as it remains constant throughout the contracted tenure. It applies to simple and compound interest applied in the deposit product. However, what does simple interest and compound interest mean?

Simple Interest:The interest rate applies only to the invested principal throughout the tenure, implying that the interest amount is constant. The Canara Bank FD Calculator applies this principle in all deposits in the 7 to 180 days tenure category. The formula to calculate the accrued simple interest is described below:

I = (PxNxR)/100

I =   The accrued simple interest.

P = The invested principal amount.

N = The deposit tenure.

R = The rate of interest.

Bank FD Interest Rates

Bank FD Calculator

NRI-NRE FD Rates

Allahabad Bank FD Interest Rates

Andhra Bank FD Interest Rates

Assam Gramin Vikash Bank FD Interest Rates

AU Small Finance Bank FD Interest Rates

Axis Bank FD Rates

Bajaj Finance FD Interest Rates

Bandhan Bank FD Interest Rates

Bangiya Gramin Vikash Bank FD Interest Rates

Bank of Baroda FD Interest Rates

Bank of Ceylon FD Interest Rates

Bank of India FD Interest Rates

Bank of Maharashtra FD Interest Rates

Baroda Gujarat Gramin Bank FD Interest Rates

Canara Bank FD Interest Rates

Capital Small Finance Bank FD Interest Rates

Central Bank of India FD Interest Rates

Citibank FD Interest Rates

City Union Bank FD Interest Rates

Corporation Bank FD Interest Rates

Dakshin Bihar Gramin Bank FD Interest Rates

DBS Bank FD Interest Rates

Dena Bank FD Interest Rates

Dhanlaxmi Bank FD Interest Rates

Equitas Small Finance Bank FD Interest Rates

ESAF Small Finance Bank FD Interest Rates

HDFC Bank FD Interest Rates

HSBC FD Interest Rates

ICICI Bank FD Interest Rates

IDBI Bank FD Interest Rates

IDFC First Bank FD Interest Rates

Indian Bank FD Interest Rates

Indian Overseas Bank FD Interest Rates

IndusInd Bank FD Interest Rates

Jana Small Finance Bank FD Interest Rates

Karnataka Bank FD Interest Rates

Kerala Gramin Bank FD Interest Rates

Kotak Mahindra Bank FD Interest Rates

Lakshmi Vilas Bank FD Interest Rates

Muthoot Capital

Nainital Bank FD Interest Rates

Odisha Gramya Bank FD Interest Rates

Paschim Banga Gramin Bank FD Interest Rates

Paytm Payments Bank FD Interest Rates

PNB FD Interest Rates

Prathama UP Gramin Bank FD Interest Rates

RBL Bank FD Rates

Saurashtra Gramin Bank FD Interest Rates

SBI FD Interest Rates

Shriram Finance FD Interest Rates

State Bank of Hyderabad FD Interest Rates

State Bank of Mysore FD Interest Rates

State Bank of Travancore FD Interest Rates

Syndicate Bank FD Interest Rates

Tamil Nadu Grama Bank FD Interest Rates

Telangana Grameena Bank FD Interest Rates

Tripura Gramin Bank FD Interest Rates

UCO Bank FD Interest Rates

Ujjivan Small Finance Bank FD Interest Rates

Union Bank of India FD Interest Rates

Uttar Bihar Gramin Bank FD Interest Rates

Uttarakhand Gramin Bank FD Interest Rates

Vijaya Bank FD Interest Rates

Yes Bank FD Interest Rates

Expand

Allahabad Bank FD Calculator

Andhra Bank FD Calculator

AU Bank FD Calculator

Axis Bank FD Calculator

Bajaj Finance FD Calculator

Bandhan Bank FD Calculator

Bank of Baroda FD Calculator

Bank of India FD Calculator

Bank of Maharashtra FD Calculator

Central Bank FD Calculator

Corporation Bank FD Calculator

Equitas Small Finance Bank FD Calculator

HDFC Bank FD Calculator

ICICI Bank FD Calculator

IDBI Bank FD Calculator

IDFC Bank FD Calculator

Indian Bank FD Calculator

Indian Overseas Bank FD Calculator

IndusInd Bank FD Calculator

Karnataka Bank FD Calculator

Karur Vysya Bank FD Calculator

Kotak Bank FD Calculator

Mahindra Finance FD Calculator

OBC Bank FD Calculator

Odisha Gramya Bank FD Calculator

PNB Bank FD Calculator

SBI FD Calculator

Shriram Finance FD Calculator

Syndicate Bank FD Calculator

Tripura Gramin Bank FD Calculator

UCO Bank FD Calculator

Union Bank FD Calculator

Yes Bank FD Calculator

Expand

HDFC NRE FD Rates

Maybank Malaysia FD Rates

SBI NRI FD Rates

Axis NRI FD Rates

Maybank Singapore FD Rates

Yes Bank NRI FD Rates

Compound Interest: In non-technical language, compound interest is an element that earns interest over interest. The Canara Bank FD Calculator applies the interest on schemes with tenures above 180 days to benefit from quarterly compounding. The following example clarifies the statement. The invested sum earns periodic interest. While the next interest is accrued, the principal reckoned for the calculation is the original principal plus the accrued interest. Thus, the interest amount keeps on increasing depending on the compounding frequency. The Canara Bank’s Kamdhenu Deposit is a reinvestment scheme payable only on maturity, thus gaining the full benefit of compounding. The following formula calculates the compound interest:

A = P (1+R/N)^NT

A= Maturity amount.

P = Principal invested amount.

R = Applicable interest rate in decimal.

N = Compounding frequency per year.

T = Deposit tenure.

It is not out of place to check up the actual interest rates applied by the Canara Bank FD Interest Calculator to display the estimated maturity value based on the input values.

FD interest have fallen consistently over the last 5 years.

Invest in Plans that offer Guaranteed Returns for over 25 Years

Know More

How to Use PolicyBazaar Canara Bank Fixed Deposit Calculator?

It has already been discussed that the Canara Bank FD Interest Calculator is offered free at the bank’s official portal. It is the same with the PolicyBazaar portal, where the investor can model the proposed investment in harmony with the financial planning needs, objectives, and goals. The digital platform is user-friendly, seeking only a few essential information inputs. The amount and the tenure are the critical factors apart from the deposit type and whether senior citizen or not.

On clicking the calculate button, the maturity value and interest rate are displayed for the investor matching the desired needs. It is not out of place to mention the Canara Bank FD Interest Calculator validates the inputs in the fields, which are conditional. For example, if there is a minimum amount bar, the calculator will not allow a lower amount.

Advantages of Using Canara Bank Fixed Deposit Calculator:

Every earning individual makes financial plans to secure one’s future and lead a comfortable life. Fixed Deposits provide the safest mode with guaranteed returns to build a corpus. The Canara Bank FD Calculator aids the planning in the following ways:

• It is a quick and accurate tool to display the projected future value of investments.
• It is a user-friendly digital tool readily available anywhere and anytime.
• There is no bar on its use, and the service is free.
• It helps the investor to avoid tedious and error-prone manual calculations.