Canara Bank FD Calculator
Canara Bank Fixed Deposit Calculator 2022
Canara Bank FDs have tenures ranging from 3 years to 10 years with maximum rate of interest of 5.25%. Interest rates for senior citizens are higher than the normal rates and ranges upto 5.75%.
| Tenure | Interest Rate for General Public | Interest Rate for Senior Citizens | Max Maturity Amount per Lakh |
|---|---|---|---|
| 7 days to 45 days | 2.90% | 2.90% | ₹ 1,00,056 - ₹ 1,00,358 |
| 46 days to 60 days | 3.90% | 3.90% | ₹ 1,00,492 - ₹ 1,00,641 |
| 61 days to 90 days | 3.90% | 3.90% | ₹ 1,00,652 - ₹ 1,00,962 |
| 91 days to 120 days | 3.95% | 3.95% | ₹ 1,00,985 - ₹ 1,01,301 |
| 121 days to 179 days | 4.00% | 4.00% | ₹ 1,01,328 - ₹ 1,01,971 |
| 180 days to 364 days | 4.40% | 4.90% | ₹ 1,02,181 - ₹ 1,04,977 |
| 1 year | 5.00% | 5.50% | ₹ 1,05,095 - ₹ 1,05,614 |
| 1 year 1 day to 1 year 364 days | 5.00% | 5.50% | ₹ 1,05,109 - ₹ 1,11,527 |
| 3 years to 10 years | 5.25% | 5.75% | ₹ 1,16,938 - ₹ 1,76,987 |
| 2 years to 2 years 364 days | 5.10% | 5.60% | ₹ 1,10,667 - ₹ 1,18,137 |
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Canara Bank Fixed Deposit Calculator
Canara Bank fixed deposit calculator helps you calculate maturity value of your deposited amount at the interest rate which is compounded 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.
How to Use MyLoanCare FD Calculator
Here is a simple procedure to use MyLoanCare FD calculator:-
Canara Bank Fixed Deposit Interest Rate Calculator – Interest Payment Options
How is Canara Bank FD Rate Calculated?
Canara Bank calculates fd interest in two ways, one is cumulative and non-cumulative as discussed above. It is a decision made by you whether you want interest payout at the end of the tenure or monthly, quarterly, half-yearly or yearly. To earn more money you can go for a cumulative method because interest earned throughout the tenure is added to the principal amount and is compounded then. However, if you are looking for monthly income or so then you can go for non-cumulative.
Canara Bank FD Maturity Calculation for 5 Year
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.
Let’s understand how much interest you will earn if you invest ₹ 1,00,000 in Canara Bank FD for a 5-year tenure at an interest rate of 5.25% for depositors below 60 years and 5.75% for senior citizens.The maturity schedule of Canara Bank FD for 5 years is explained below in the table –
Maturity Schedule for ₹ 1,00,000 FD at 5.25% for Citizens below 60 years and at 5.75% 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 | |||
| 2022 | ₹ 5,354 | ₹ 1,05,354 | ₹ 5,875 | ₹ 1,05,875 | ||
| 2023 | ₹ 5,641 | ₹ 1,10,995 | ₹ 6,220 | ₹ 1,12,095 | ||
| 2024 | ₹ 5,943 | ₹ 1,16,938 | ₹ 6,586 | ₹ 1,18,681 | ||
| 2025 | ₹ 6,261 | ₹ 1,23,199 | ₹ 6,973 | ₹ 1,25,654 | ||
| 2026 | ₹ 6,596 | ₹ 1,29,795 | ₹ 7,382 | ₹ 1,33,036 | ||
Canara Bank FD Calculator Formula
Along with an 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 –
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FAQs
✅What is the highest interest earned on Canara Bank fixed deposit?
You can earn a maximum interest of 5.25% on Canara Bank fixed deposits.
✅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.You can also use Canara Bank fd calculator to calculate the maturity amount. Now to apply the rule, one needs the rate of interest we get on FD. Let’s say the interest offered on FD is 7.05%. Now applying the rule, just divide the number 72 by the rate of interest. So 72/7.05 = 10.21. 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.
✅Can I withdraw my premature FD from Canara Bank?
Yes, you can withdraw your premature FD amount if you want money before the tenure ends. However, you might have to pay a penalty fee ranging from 1% for deposits less than Rs. 1 crore of FD amount for premature withdrawal.
✅How can I calculate Canara Bank premature FD amount?
To calculate premature FD amount you can use Canara Bank bank fd calculator. All you have to put is the value of the invested amount, tenure, interest rate and premature penalty rate (if any).
- 2022-01-17 : Canara Bank Revises Fixed Deposit Rates
Canara Bank has revised FD rates for specific tenures for deposits less than Rs. 2 Crores. The bank has kept the rates the same for most of the tenures. However, it has decreased rates for tenure greater than one year. - 2021-08-25 : Canara Bank revises fixed deposit rate
Canara Bank has revised fixed deposit interest rate on different tenures for deposits of less than Rs 2 crore. The bank is offering an interest rate of 2.90% on 7 days to 14 days tenure, 5.10% for 1 years tenure. For Canara Unique “1111 Days” they are offering rate of 5.35%. - 2021-07-15 : Syndicate Bank merged with Canara Bank - IFSC and SWIFT code changed
After the merger of Syndicate and Canara Bank, the IFSC codes for erstwhile Syndicate Bank customers will be changed from July 1 this year. Existing Syndicate Bank customers will have to use their new IFSC codes for online transactions through NEFT, RTGS or IMPS routes. - 2021-02-16 : Fixed deposits rates for Canara Bank revised
Canara Bank revised its FD rates with effect from 9 February 2021. New rates for 7-45 days is 2.95%, the rate for 46-90 days is 3.90%, and for 91-179 days the rate is 4%. In addition to this for 180-360 days the rate is 4.45%, for 1 year it is 5.25%. Further, the applicable rate for 1 -2 years is 5.20%, for 2-3 years the rate is 5.40% and stands at 5.50% for 3 - 10 years. - 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%.
