A Complete Guide on How to Use Canara Bank FD Calculator

Canara Bank FD Calculator

Fixed Deposits are one of the most trusted investment instruments which allow you to earn a guaranteed return on the deposited amount. Canara Bank is one such public sector bank where you can open a fixed deposit conveniently and earn lucrative returns. You can use the Canara Bank FD calculator to get an idea of the estimated interest payout, invested amount, and total value that can be accrued at the time of maturity.
You can determine the deposit that will prove advantageous at maturity depending on the prevailing interest rate for a particular term. This way, you can easily plan your finances and make the most of the investment option.

Result

What is a Canara Bank FD Calculator?

Canara Bank Fixed Deposit calculator is an effective financial tool that enables you to gauge the amount of interest you will earn on the hard-earned money deposited in the FD account for a specific tenure. By using the tool, you can compare the different FD plans of Canara Bank and determine which one will help you meet your financial goals.

Estimating the FD earnings in advance has become feasible with the availability of an online FD calculator. It helps you make an informed financial decision.

Canara Bank Fixed Deposit Features

Plan Name	Features
Regular Fixed Deposit Scheme	The interest rate here can range between 3.25% and 6.5%. You will be able to nominate beneficiaries. You are even allowed to open joint accounts. The tenure of the Canara Fixed Deposit ranges between 7 days to 10 years. The bank extends facilities like the automatic renewal of the deposit. Canara Bank deposits up to ₹5 lakhs under the Deposit Insurance Scheme. Fixed deposits that mature in 111, 222, 333, 444, and 555 days will be offered a special interest rate.
Kamadhenu Deposit Scheme	It is a safe and flexible deposit choice. The interest rate ranges between 5.50% to 7.25%. You get a tenure of 5 months to 10 years. You can obtain a loan principle of around 90% of the deposit value. Nomination facility is also available. The minimum limit that can be deposited is ₹1000.
Canara Tax Saver Scheme	It is a term deposit scheme and is ideal for professionals, salaried individuals, and businessmen. A tenure of 5 years is extended. Loans cannot be obtained under this account. A nomination facility is available (except for the account that is on behalf of minors).
Ashraya Deposit Scheme	A minimum amount of ₹1000 has to be deposited. There is no cap on the maximum limit. Interest rate ranges between 2.90% to 5.85%. The tenure ranges between 15 days to 10 years or 120 months. There is two account type under this deposit scheme: single and joint. A loan amount of around 90% of the deposited amount can be withdrawn.

How to Use a Canara Bank FD Calculator?

It is very easy to access the Canara Bank FD interest calculator. Here are the steps that will help you access the Canara Bank FD calculator:

Step 1: Go to the official website of the Canara Bank and head to the fixed deposit calculator page.

Step 2: Now enter the interest rate, deposit amount, deposit type, and tenure. You can also use the slider to adjust the numbers.

Step 3: Now click on calculate to see the result instantly on the screen.

As you will change the variables, you will see the result changing in an instant.

How is Canara Bank FD Interest Calculated?

The Canara Bank interest is computed by multiplying the interest rate per annum, principal amount, and tenure (in years). The interest rate can be computed in- Simple fixed deposit interest and compound fixed interest.

Simple Fixed deposit interest

The formula that is used in this method is –Simple Interest = (P * R * T)/ 100

Here P is the amount that you have deposited
R is the interest rate per annum
T is the tenure

Compound Fixed Deposit Interest

The formula that is used to compute the maturity amount on the Canara Bank 666 days FD calculator is –A = P (1+r/n)^nt

Here, A is the maturity amount
P is the invested amount
r is the interest rate
n is the number of times the interest is compounded
t is the tenure of the deposit

You can easily avoid complex calculations with the online Canara FD calculator and effortlessly determine the interest earned on the deposited amount.

Benefits of Using a Canara Bank FD Calculator

The Canara Bank FD calculator bestows investors with the following benefits.

Manual FD, maturity amount calculation, is complex and susceptible to errors. You can end up devoting a lot of time to calculating the FD interest manually. However, with the Canara FD calculator, you will get error-free results in no time. You can get the complete calculation done with just one click. It helps save a lot of time.
You can achieve a sense of security by calculating the interest amount and overall maturity amount in advance. Fixed deposit is an ideal investment option for risk-averse investors. With this calculator, you will get a clear picture of the amount you should deposit in order to get the desired returns.
Using the calculator, you can easily compare varied tenure and interest rates various financial institutions offer on the deposited amount.
Having an in-depth idea of the FD returns is integral to financial planning. It will aid financial decisions in life. You can back your financial planning with minimal effort in entering the variables.
The FD calculator allows you to perform an infinite number of calculations. You can try different permutations and combinations of the variable and settle for the option that best suits your financial requirements. You do not have to pay any amount to access the calculator as well. It comes free of cost. Most importantly, the calculator does not demand your personal or financial credentials.Hence, it is extremely secure.

Key Takeaway

TheCanara Bank FD calculator helps you with simplified investment calculations. Besides saving time and effort, it helps you to assess any sort of risk. In addition, it has become easy to find out varied investment scopes and diversify the portfolio.

Canara Bank FD Calculator : FAQs

What is the minimum amount that can be deposited in the Canara Bank Fixed Deposit account?

You can deposit a minimum amount of ₹1000 in the Canara Fixed Deposit account.

What is the difference between cumulative and non-cumulative fixed deposits?

In cumulative FD, the interest amount is compounded annually and is paid to the investor at maturity. On the other hand, in non-cumulative fixed deposits, the interest pay-out is done monthly, half-yearly, quarterly, or annually.

Do we get any tax benefits on FD?

Yes, you get to reap tax benefits on fixed deposits. If the total interest goes above ₹10,000 in a financial year, 10% TDS is deducted from the returns earned from the FD.