# Canara Bank FD Calculator 2023

Fixed deposits are among the most popular ways of saving money and earning interest. Calculating the amount manually can, however, be tedious and complex. You can now calculate your Canara Bank FD maturity and interest amount using the Canara Bank FD calculator and eliminate the possibility of errors in the calculation.

Total Investment

Rate of Interest (P.a)

%

Time Period (Years)

Invested Amount

0

Est. Returns

Total Value

## How to Use Canara Bank Fixed Deposit Calculator?

The Canara Bank FD calculator makes it easy to plan your inve stments by offering an easy way to calculate returns. You can calculate FD returns using 3 simple steps below:
After selecting the data, the Canara Bank FD calculator will yield the estimated maturity amount.

## Canara Bank FD Interest and Maturity Amount Calculation Formula

There are two ways to calculate the Canara Bank FD Interest and maturity amount

1. Simple interest method
2. Compound interest method

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.

## Benefits of Using Canara Bank Fixed Deposit Interest Calculator

There are several advantages of using the Canara Bank fixed deposit interest and maturity calculator. They are below:

### Instant and Accurate results

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.

### Helps in Planning your Investments

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.

### Free of Cost

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.

Canara Bank FD interest rates vary between 4% and 8% for domestic depositors investing up to Rs 5 crore. The interest applicable and the maturity amount depend on the type of interest and compounding frequency. There are two calculation methods – simple interest and compound interest. The Canara Bank FD calculator is a quick and convenient way to calculate returns on your Canara Bank FD.
If the Canara Bank website does not list the Fixed Deposit returns calculator upfront, you can use our equally accurate and quick calculator to determine your maturity value and interest earned free of cost!
You can withdraw your investment before maturity, but your return will be subject to a penalty, and the interest you earn may be impacted.
Yes, Canara Bank offers higher FD interest rates to senior citizens.
You can either look up the interest rate and calculate returns manually using the simple interest or compound interest method or use the Canara Bank FD calculator for quick and accurate results.
Disclaimer : Navi does not guarantee accuracy, completeness, or correct sequence of any of the details provided therein and therefore no reliance should be placed by the user for any purpose whatsoever on the information contained/data generated herein or on its completeness/accuracy. The use of any information set out is entirely at the User’s own risk.

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### What is Canara Bank Fixed Deposit Interest Rate in 2023?

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.

• Interest Rate: 4% to 8%
• Tenure: 7 days to 10 years
• Minimum Deposit: ₹1,000
• Maximum Deposit: No ceiling
• Lock-in Period: 15 days (7 days for single deposit of Rs 5 lakh)

### Ways to Calculate Canara Bank Fixed Deposit Interest and Maturity Amount

Canara Bank fixed deposit interest and maturity amount can be calculated using the ways below:

1. Simple interest calculation
2. Compound interest calculation

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

• Accurate results : The Canara FD calculator is the perfect way to eliminate errors that may occur in manual calculations. It requires minimal input to yield quick results.
• Hassle-free calculation : With an easy interface, the FD return calculation is as easy and quick. Just at a click, you can have your estimated maturity amount and interest details.
• Easy investment planning : By calculating different tenures and applicable rates, you can determine which returns are more conducive to your financial goals and choose to invest accordingly.

### Factors that Can Affect Canara Bank Fixed Deposit Maturity Amount Calculation

Below are the important factors that affect the maturity amount calculation:

• Rate of interest : The maturity amount is directly proportional to the rate of interest. Thus, a higher interest rate will yield a higher maturity amount.
• Investment duration : Interest rates vary according to the tenure of investment and thus affect the maturity amount and interest on investment.
• Principal invested : The final amount at the time of deposit maturity will be based on the amount invested. Thus, it is important to invest according to investment goals.

The FD calculator in Canara Bank is a great way to determine your FD returns quickly and accurately. 