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Canara Bank FD Calculator

Canara Bank Fixed Deposit Calculator 2022

Last Updated 17th Jan 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
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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.

  • Deposit amount – This is the initial amount deposited by a customer in Canara Bank. Banks may allow a higher interest rate on larger deposits. Canara Bank offers a deposit amount in the range of Rs. 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 5.25% 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 2.90% for a 3 years FD and a rate of 5.25% 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 - A TDS of 10% of interest amount is applicable if you earn more than Rs 40,000 in a year from FD, which is called FD income. If you do not submit the PAN Card to the bank then TDS rate will be 20% of interest amount.
    • Illustration: Mr. A opens a FD account of ₹ 1,00,000 with a tenure of 7 days at an interest rate of 2.90%. 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 a tax saving scheme to save tax on fixed deposit.

How to Use MyLoanCare FD Calculator

Here is a simple procedure to use MyLoanCare FD calculator:-

  • Go to the FD Calculator.
  • Fill the fields like Deposit Amount, Rate of Interest, Period of Deposit (In years or months), Interest compound frequency.
  • Click Calculate.
  • Result will be shown, which will consist of total maturity amount and total interest earned

Canara Bank Fixed Deposit Interest Rate Calculator – Interest Payment Options

  • Non Cumulative- 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.
  • Cumulative- 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.

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 –

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

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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).

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Canara Bank News - Jan 2022
  • 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%.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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