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Canara Bank FD Calculator

Canara Bank Fixed Deposit Calculator 2021

Last Updated 29th Dec 2020

Canara Bank FDs have tenures ranging from 3 years to 10 years 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 45 days 2.95% to 2.95% ₹ 1,00,057 - ₹ 1,00,364
46 days to 60 days 3.90% to 3.90% ₹ 1,00,492 - ₹ 1,00,641
61 days to 90 days 3.90% to 3.90% ₹ 1,00,652 - ₹ 1,00,962
91 days to 120 days 4.00% to 4.00% ₹ 1,00,997 - ₹ 1,01,317
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 3 years to 10 years.
  • 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 2.95% for a 3 years FD and a rate of 5.50% for a 10 years 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 2.95%. 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 5.50% for depositors below 60 years and 6.00% for senior citizens. The maturity amount for this deposit amount is ₹ 1,31,407 and the total interest earned is ₹ 31,407 for below 60 years age citizens. However, the interest earned for senior citizens is ₹ 34,686 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 5.50% for Citizens below 60 years and at 6.00% 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
2021 ₹ 5,614 ₹ 1,05,614 ₹ 6,136 ₹ 1,06,136
2022 ₹ 5,930 ₹ 1,11,544 ₹ 6,513 ₹ 1,12,649
2023 ₹ 6,263 ₹ 1,17,807 ₹ 6,913 ₹ 1,19,562
2024 ₹ 6,614 ₹ 1,24,421 ₹ 7,337 ₹ 1,26,899
2025 ₹ 6,986 ₹ 1,31,407 ₹ 7,787 ₹ 1,34,686

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

Other Investment Calculators

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 6.95%. Now applying the rule, just divide the number 72 by the rate of interest. So 72/6.95 = 10.36. 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.

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Canara Bank News - Jan 2021
  • 2020-12-29 : Revised fixed deposits rates for Canara Bank
    Canara Bank revised its FD rates with effect from 29 December 2020. New rates for 7-35 days is 2.40%, for 36-45 days it is 2.80%, the rate for 45-180 days is 2.55%, and for 181-270 days the rate is 2.60%. In addition to this for 271 -540 days the applicable rate is 2.75%, from 541 to 731 days the rate is 3%, and for 732-1825 days, the rate is 3.50%.
  • 2020-10-07 : Canara Bank changed its FD rates for October month
    Canara Bank revised the fixed deposits rate with effect from 1 October 2020. Fd rate for 7 to 45 days is 3%, for 46 to 90 days it is 4%, and 91 to 179 days it is 4.05%. Further, the fixed deposit rate for short tenors of 180 to 364 days it is 4.50%. FD rates for the long tenor of one year stands at 5.30%. In addition to this, fixed deposit rates for one year to 2 years is 5.25% and for three years to 10 years, it is 5.35%.
  • 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.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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