Canara Bank FD Calculator 2023

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.