Navi Calculator Canara Bank FD Calculator 2023
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There are two ways to calculate the Canara Bank FD Interest and maturity amount
Below is the formula for the simple interest calculation method:
Simple Interest = (P * R * T)/100
Here, P is Principal, i.e. the investment amount, R is the Rate of interest (%), and T is the tenure of investment
Here is an example to illustrate the calculation using this method. Suppose the investment amount is ₹50,000 for a duration of 5 years at an interest rate of 6% per annum.
P = ₹50,000, R = 6% and T = 5 years.
Simple Interest = (50,000* 6 * 5) /100 = ₹15,000
Maturity Amount = Principal + Simple Interest = ₹50,000 + ₹15,000
Thus, the amount you get at the maturity of your Canara Bank FD is ₹65,000
Below is the formula for the compound interest calculation method:
A = P (1+r/n) ^ (n * t)
Here, A is the amount at maturity, P is the investment amount, r is the applicable rate of interest and n is the number of times compounding occurs in a year and t is the duration of the investment.
The following example illustrates the calculation using this method:
Suppose the amount invested is ₹50,000 for 10 years at an interest rate of 5% p.a. compounded half-yearly
P = ₹50,000, R = 5%, N = 2 and T = 10 years
A = 50,000 (1+ 0.05/2) ^ (2*10)
Maturity Amount = ₹81,930
Interest amount = ₹81,930 – ₹50,000 = ₹31,930
Thus, your Canara Bank FD will yield ₹81,930 at the time of maturity.
The idea behind the Canara Bank fixed deposit calculator is to offer quick and precise results. You just need to enter the requisite details, i.e. the amount you wish to invest, tenure of investment, and rate of interest or type of deposit, to know the maturity amount and interest you will earn.
An easy comparison of FD returns based on varying interest rates and durations of investment allows for better investment planning. The Canara Bank FD interest and maturity calculator is a great way to quickly ascertain what works best for you.
You need not pay anything to use the online FD interest rate and maturity amount calculator. You only need to enter the exact values to get accurate results.
Jan 1
Fixed deposits are popular saving instruments that allow you to earn interest for depositing an amount for a fixed period.
Jan 22
A fixed deposit (FD) is a type of savings scheme that provides higher interest rates compared to a bank savings account.
Feb 18
Tax-saver FDs are fixed deposits that offer tax deductions through Section 80C of the Income Tax Act.
Jan 1
Fixed deposits are popular saving instruments that allow you to earn interest for depositing an amount for a fixed period.
Jan 22
A fixed deposit (FD) is a type of savings scheme that provides higher interest rates compared to a bank savings account.
Feb 18
Tax-saver FDs are fixed deposits that offer tax deductions through Section 80C of the Income Tax Act.
The Canara Bank FD interest rate varies between 4% and 8%. This includes the rates applicable to senior citizens. The duration of investment will determine the interest rate and maturity amount. Below are some highlights of the Canara Bank FD.
Canara Bank fixed deposit interest and maturity amount can be calculated using the ways below:
Below is the formula for Canara Bank FD calculation using the simple interest method:
Simple Interest = (P * R * T)/100
Here,
P is the amount invested, R is the rate of interest (%), and T is the duration of investment
Here is an example of the calculation. Suppose you have invested ₹2,00,000 for a tenure of 10 years at a 6% per annum interest rate. Then using the formula, the interest earned would be as follows
Simple Interest = (2,00,000 * 6 * 10) /100 = ₹1,20,000
Maturity Amount = Principal+ Simple Interest = ₹2,00,000 + ₹1,20,000
Thus, the FD will yield ₹3,20,000 upon maturity
Below is the formula for calculation using the compound interest method.
A = P (1+r/n) ^ (n * t)
Here, A is the amount upon maturity, P is the investment amount, r is the interest rate, t is the tenure of investment, and n is the number of times compounding is done.
Suppose you have invested ₹2,00,000 for 10 years at an interest rate of 5% p.a. compounded semi-annually
Thus,
P = ₹2,00,000, R = 5%, N = 2 and T = 10 years
A = 2,00,000 (1+0.05/2) ^ (2*10)
Maturity Amount = ₹3,27,723
Interest amount = ₹3,27,723 – ₹2,00,000 = ₹1,27,723
Below are the important factors that affect the maturity amount calculation:
The FD calculator in Canara Bank is a great way to determine your FD returns quickly and accurately.