Result
What is a Canara Bank FD Calculator?
Canara Bank Fixed Deposit Features
Plan Name | Features |
Regular Fixed Deposit Scheme |
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Kamadhenu Deposit Scheme |
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Canara Tax Saver Scheme |
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Ashraya Deposit Scheme |
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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?
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
Benefits of Using a Canara Bank FD Calculator
- 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
Canara Bank FD Calculator : FAQs
You can deposit a minimum amount of ₹1000 in the Canara Fixed Deposit account.
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.
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.