Canara Bank FD Calculator
Canara Bank Fixed Deposit Calculator 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 |
| 61 days to 90 days | 4.00% to 4.00% | ₹ 1,00,668 - ₹ 1,00,986 |
| 91 days to 120 days | 4.05% to 4.05% | ₹ 1,01,010 - ₹ 1,01,334 |
| 121 days to 179 days | 4.05% to 4.05% | ₹ 1,01,345 - ₹ 1,01,996 |
| 180 days to 269 days | 4.50% to 5.00% | ₹ 1,02,231 - ₹ 1,03,730 |
| 1 year | 5.50% to 6.00% | ₹ 1,05,614 - ₹ 1,06,136 |
| 1 year 1 day to 1 year 364 days | 5.35% to 5.85% | ₹ 1,05,473 - ₹ 1,12,299 |
| 3 years to 10 years | 5.30% to 5.80% | ₹ 1,17,111 - ₹ 1,77,862 |
| 2 years to 2 years 364 days | 5.35% to 5.85% | ₹ 1,11,215 - ₹ 1,19,014 |
| 270 days to 364 days | 4.50% to 5.00% | ₹ 1,03,366 - ₹ 1,05,080 |
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.
Canara Bank Fixed Deposit Interest Calculator – Interest Payment Options
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 –
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.
- 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.