Canara Bank RD Calculator

Canara Bank, one of the largest public sector bank owned by Indian Government offers a recurring deposit scheme that allows individuals to save and grow their money systematically. You can easily check the maturity amount as per the tenure chosen by using a Canara Bank RD calculator. This RD Calculator is a powerful tool designed to assist you in planning and managing your recurring deposits with ease and accuracy.

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7.7 Crore

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Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

Canara Bank RD Calculator

Monthly Investment

₹500 ₹1L

Enter Monthly Investment

Rate of Interest (Yearly)

1% 10%

Rate of Interest (Yearly)

Time Period

1 Year 10 Years

Enter Time Period

Total Investment

Interest Earned

Maturity Amount

The rate of interest may differ from bank to bank and decided by the bank only. But what if you can calculate Recurring deposit ROI on your own? Yes, it is possible with the help of RD Calculator

Read on to know more about the usage and benefits of the Canara Bank RD Calculator in detail.

What is a Canara Bank RD Calculator?

The Canara Bank RD calculator is an online tool that helps individuals calculate the maturity amount and interest earned on their recurring deposits in Canara Bank. By considering key variables such as the monthly deposit amount, tenure, and interest rate, this calculator provides accurate projections of the final payout.

You are required to enter the following details while calculating maturity amount from Canara Bank RD:

Deposit amount
Tenure
Applicable interest rate

With this user-friendly tool, customers can estimate the following information on their Canara Bank RD Scheme:

Total amount invested
Maturity amount
Interest earned

Canara Bank Recurring Deposit Interest Formula

Canara bank Recurring Deposits can be calculated with the help of the Canara Bank RD Calculator and the RD Formula.

An investor can compute the maturity value manually with the help of the below-mentioned formula:

M =R X [(1 + i) X (n – 1)] / 1 - (1 + i) (-1 / 3)

Here,

R = Monthly deposited amount
n = The tenure
i = Rate of Interest divided by 4
M = Maturity value

Illustration of Canara Bank RD Interest Calculation:

If you deposit monthly RD instalment= Rs. 1,000
Period of RD= 10 years
Rate of Interest= 10%

Maturity amount calculation:

M =R X [(1 + i) X n – 1] / 1 - (1 + i) (-1 / 3)

Maturity amount = 1,000 X [(1 + 10) X 40 – 1] / 1 – (1 + 10) (-1 / 3)
Maturity amount= Rs. 2,06,552

Canara Bank RD Interest Rates 2023

The latestRD interest ratesoffered by Canara Bank in 2023 are listed in the table below:

Tenure	Interest Rates for Regular Public (in % p.a.)	Interest Rates for Senior Citizens (in % p.a.)
180 - 269 days	6.25	6.75
270 days - < 1 year	6.50	7.00
1 year only	7.00	7.50
444 Days Scheme	7.25	7.75
>1 year - <2 years	6.90	7.40
2 years - <3 years	6.85	7.35
3 years - <5 years	6.80	7.30
5 years - 10 years	6.70	7.20

Maximize your investments with our SIP Calculator.

How Does the Canara Bank RD Calculator Work?

To use the Canara Bank RD calculator effectively, you need to enter the following details:

Monthly Deposit Amount: The fixed sum of money you plan to deposit each month into the RD account.
Tenure: The duration for which you intend to hold the RD, typically ranging from a few months to a maximum of 10 years.
Interest Rate: It is the Canara bank RD interest rate that may vary from time to time.

Once you enter these inputs, the calculator performs the necessary calculations to determine the maturity amount and interest earned over the RD tenure.

Benefits of Canara Bank RD Calculator

Using the Canara Bank RD Calculator offers several benefits, some of which are as follows:

The RD calculator provides accurate calculations based on the inputs provided, ensuring transparency in financial planning.
RD calculator eliminates the need for manual measures, saving you time and ensuring accuracy.
The calculator helps you set realistic savings goals by projecting the maturity amount at the end of the tenure.
By altering the deposit amount, tenure, or interest rates, you can compare different scenarios and make informed decisions.
The flexibility in this plan enables you to customize your RD plan according to your financial goals and preferences
The calculator assists you in planning your finances effectively by forecasting your future returns and helping you manage your expenses accordingly.
It allows you to track the growth of your investment over time.
The Canara Bank RD Calculator is easily accessible online.

How to Use Canara RD Calculator?

Follow the below-mentioned simple steps to use the Canara Bank RD interest rate 2023 Calculator:

Step 1: Open the Policybazaar’s Canara RD Calculator.

Step 2: Enter the deposit amount you wish to invest monthly.

Step 3: Enter the tenure or duration for which you intend to continue the recurring deposit.

Step 4: Input the current interest rate provided by Canara Bank for Recurring Deposit schemes.

Step 5: Click on the "Calculate".

Step 6: The calculator will automatically display the following results:

Maturity amount
Principal amount

Interest earned

What are the Tips to Use the Canara Bank RD Calculator?

Adjust different deposit amounts, tenure, or interest rates to see how it affects the maturity amount
This method allows you to explore various options and choose the most suitable RD plan

FAQ's

What is the RD rate of Canara Bank?

The updated Canara Bank RD interest rates in 2023 are as follows:

Tenure	Interest Rates for Regular Public (in % p.a.)
180 - 269 days	6.25%
270 days - < 1 year	6.50%
1 year only	7.00%
444 Days Scheme	7.25%
>1 year - <2 years	6.90%
2 years - <3 years	6.85%
3 years - <5 years	6.80%
5 years - 10 years	6.70%

How do you calculate RD on a calculator?
Follow the below-mentioned step to calculate RD (Recurring Deposit) using RD calculator:
- Determine the following details of your RD investment:
- Monthly deposit amount
- Tenure/ Duration of the RD (in months)
- The annual interest rate offered by the bank for RDs
- Insert the data mentioned above in the Policybazaar RD Calculator
- The calculator will give you the following results:
- Total amount invested in RD
- Maturity amount
- Interest earned
How is RD maturity calculated?
RD maturity is calculated using the following formula:
Maturity Amount = P * [(1 + r)^n - 1] / (1 - (1 + r)^(-1/3))

Where:
- P= Monthly deposit amount
- R= Interest rate per month
(If the annual interest rate is given, divide it by 12 to get the monthly rate)
- N= Number of months in the RD tenure

Which RD is best?

The most popular RD schemes offering the highest interest rates are as follows:

Bank Name	General RD Interest Rates (in % p.a.)	Senior Citizen Interest Rates (in % p.a.)
SBI RD Interest Rates	6.50% – 7.00%	7.00% – 7.50%
ICICI RD Interest Rates	4.75% – 7.10%	5.25% – 7.60%
HDFC RD Interest Rates	4.50% – 7.10%	5.00% – 7.60%
Axis Bank RD Interest Rates	5.75% - 7.20%	6.00% – 7.95%
Canara Bank	6.25% – 7.25%	6.75% –7.75%

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†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

Past 10 Years' annualised returns as on 01-01-2025

^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.

*All savings are provided by the insurer as per the IRDAI approved insurance plan.

Tax benefit is subject to changes in tax laws. Standard T&C Apply
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^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

#The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CARG 8%; ₹50,45,591 @ CAGR 4%

¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.

**Returns are based on past 10 years’ fund performance data (Fund Data Source: Value Research).