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Canara Bank FD Calculator

Canara Bank Fixed Deposit Calculator 2020

Last Updated 21st Sep 2020

Canara Bank FDs have tenures ranging from 1 year to 1 year with maximum rate of interest of 5.50%. Interest rates for senior citizens are higher than the normal rates and ranges upto 6.00%.

Tenure Rates Maturity Amount for ₹ 1 Lakh
7 days to 14 days 3.00% to 3.00% ₹ 1,00,058 - ₹ 1,00,115
15 days to 30 days 3.00% to 3.00% ₹ 1,00,123 - ₹ 1,00,247
31 days to 45 days 3.00% to 3.00% ₹ 1,00,255 - ₹ 1,00,370
46 days to 60 days 4.00% to 4.00% ₹ 1,00,504 - ₹ 1,00,658
Canara Bank FD Maturity Calculator
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Canara Bank Fixed Deposit Calculator

Canara Bank fixed deposit calculator helps you to calculate maturity value of your deposited amount at the interest rate offered compounded at quarterly. The amount of fixed deposits, interest rates on FD, deposit tenure and compounding frequency of interest together determine the maturity amount of the FD at the end of the tenure.

  • Deposit amount – This is the initial amount deposited by a customer in Canara Bank. Bank may allow higher interest rate on larger deposits. Canara Bank offers deposit amount in the range of 1,000 to No Limit.
  • Rate of Interest - Interest rate is the rate charged by the bank on your fixed deposit. Canara Bank offers a higher rate of interest on fixed deposits of longer tenure and lower interest rate on deposits of less than a year. Highest interest rate offered by Canara Bank is 5.50% for deposit amount below Rs. 1 crore corresponding to a deposit tenure of 1 year to 1 year.
  • Period of deposit - Bank offers low interest rate for short tenure FDs and higher interest rate for long tenure FDs. Bank offers a rate of 3.00% for a 1 year FD and a rate of 5.50% for a 1 year FD.
  • Interest Compounding Frequency - This determines the frequency at which interest is compounded. Compounding frequency can be monthly, quarterly, half yearly or annual frequency.
  • TDS applicability and TDS rate
    • Illustration: Mr. A opens a FD account of ₹ 1,00,000 with a tenure of 7 days at an interest rate of 3.00%. In this case, the maturity amount at the end of 7 days will be ₹ 1,00,671 which includes the principal of ₹ 1,00,000 and interest of ₹ 671 is earned on the principal amount during the period. Similarly, you can calculate the interest and maturity amount for higher tenures by using FD calculators.

      Canara Bank calculates quarterly interest on its fixed deposits. You can also opt for tax saving scheme to save tax on fixed deposit.

Canara Bank Fixed Deposit Interest Calculator – Interest Payment Options

  • In a periodic interest payout option, Canara Bank would transfer the interest earned at each interval (say, quarterly) to your bank account. The interest would remain the same across the life of the deposit. On maturity, unless the deposit is renewed, would transfer the principal amount to your bank account.
  • In case you opt for a Canara Bank cumulative deposit, on maturity you would get a credit for the principal and interest earned net of TDS.
  • Calculate the FD maturity amount using the FD calculator.

FD Maturity Calculator

The interest earned on a fixed deposit in Canara Bank depends on the deposit amount, interest applicable, deposit tenure and the type of interest calculation frequency. Interest on Canara Bank FD can be calculated monthly, quarterly, half-yearly and annually. The interest rates for senior citizens are higher than normal rates of Canara Bank FD.

Suppose if you make an investment of ₹ 1,00,000 in Canara Bank FD for a 5-year tenure at an interest rate of % for depositors below 60 years and % for senior citizens. The maturity amount for this deposit amount is ₹ 1,00,000 and the total interest earned is ₹ 0 for below 60 years age citizens. However, the interest earned for senior citizens is ₹ 0 which is higher. The maturity schedule of Canara Bank FD for 5 years is explained below in the table –

Maturity Schedule for ₹ 1,00,000 FD at % for Citizens below 60 years and at % for Senior Citizens for 5 years

Year Citizens below 60 Years of Age Senior Citizens above 60 Years
Interest Earned Closing Balance Interest Earned Closing Balance
2020 ₹ 0 ₹ 1,00,000 ₹ 0 ₹ 1,00,000
2021 ₹ 0 ₹ 1,00,000 ₹ 0 ₹ 1,00,000
2022 ₹ 0 ₹ 1,00,000 ₹ 0 ₹ 1,00,000
2023 ₹ 0 ₹ 1,00,000 ₹ 0 ₹ 1,00,000
2024 ₹ 0 ₹ 1,00,000 ₹ 0 ₹ 1,00,000
2025 ₹ 0 ₹ 1,00,000 ₹ 0 ₹ 1,00,000

Canara Bank FD Calculator Formula

Along with online FD Calculator, you can use the formula to do the mathematical calculation of the maturity amount and interest earned on Canara Bank FD.

A = P (1 + r/n) ^ n*t
In the above formula –

  • A - Amount received on maturity
  • P – Deposit amount
  • r - Annual interest rate
  • n - Number of times the interest is compounded
  • t is Investment tenure

FAQs

What is the highest interest earned on Canara Bank fixed deposit?

You can earn a maximum interest of 5.50% on Canara Bank fixed deposit.

How is Canara Bank FD interest calculated?

The formula to calculate interest on Canara Bank FD is
A = P(1+r/n)^nt
Here: A = Maturity amount
P = Invested amount
r = Interest rate as decimal
n = number of times interest is compunded
t = tenure of deposit
However, you can use online FD calculator to estimate the value of interest earned on the deposited amount.

How many years FD will double in Canara Bank?

The growth of Canara Bank FD depends on the rate of interest and tenure. There is a method called Rule 72, which computes the number of years it will take to double one’s amount invested in Canara Bank FD. Now to apply the rule, one needs the rate of interest we get on FD. Let’s say the interest offered on FD is 7.35%. Now applying the rule, just divide the number 72 by the rate of interest. So 72/7.35 = 9.80. So it will take a little more than 14 years for one’s investment to get doubled in Canara Bank.

What are the minimum and maximum amounts that I can invest in an Canara Bank FD?

The minimum investment limit in Canara Bank Fixed deposit account is ₹ 1,000 and there is no maximum investment limit on FD.


Canara Bank News - Sep 2020
  • 2020-01-21 : Canara Bank revised its FD rates
    With effect from 17 January 2020, Canara Bank revised the fixed deposits rate. Fd rate for 7 to 45 days is 4.50%, for 46 to 90 days it is 5%, and 91 to 179 days it is 5.50%. Further, the fixed deposit rate for short tenors of 180 to 365 days it is 5.90%. FD rates for the long tenor of one year stands at 6.30%. In addition to this, fixed deposit rates for one year to 3 years is 6% and three years to 10 years it is 6.25%.
  • 2019-09-05 : Revised FD rates for Canara Bank
    Canara Bank has revised its FD rates on deposits less than Rs 2 crores. For a tenure of 7-45 days, the revised rate is 5 percent; for 46-269 days it is 6 percent; for 270 -364 days it is 6.20 percent. For one year it is 6.50 percent, and for 1-3 years it is 6 percent. The rate of interest on the tenure of 3-10 years is charged between 6.25 percent. Senior citizens are provided with additional 50 basis points.
  • 2019-08-14 : Canara Bank revises interest rate on FD for select maturities
    Canara Bank has revised interest rates on deposits less than Rs. 2 crores. For term deposits with maturity period 7-45 days, Canara Bank has slashed the interest rate from 5.75% to 5%. For FDs with maturity period 46-269 days, the bank has kept the rate unchanged at 6%. Term deposits maturing in 270 days to less than 1 year will also fetch the same interest rate as earlier, i.e., 6.20%. The bank had earlier revised its interest rates on 4 July. The new rates are effective from 9 August 2019.
  • 2019-06-20 : Canara Bank to raise up to Rs. 12,000 crore in FY20
    In a bid to augment its business growth, Canara Bank is aiming to raise capital of up to Rs. 12,000 through a mix of equity and bonds during the current fiscal. The bank has approved the raising capital of up to Rs. 6,000 through the Qualified Institutional Placements (QIP) and the remaining funds through the issue of Basel-III compliant boonds. Inn addition, the lender is also aiming to achieve a significant growth across its loans and deposits including fixed deposits.
  • 2018-08-06 : Canara Bank revises FD rates
    Canara Bank has increased its interest rate on retail fixed deposits or FDs below Rs. 1 crore, for all maturity period. The Interest rate on Canara Bank FD with a maturity of One year is increased to 6.70%, which was 6.50% earlier. Five years to ten years will fetch an interest rate of 6.20%, which was 6.00% earlier. The new rates are effective from August 4, 2018.
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