Canara Bank FD Calculator

The Canara Bank Fixed Deposit (FD) calculator helps you calculate the maturity amount for your deposit based on the prevailing interest rate for a particular tenure. The calculator is easy to use and will help you compare different tenures with different rates from different banks. This makes it easy for you to decide which bank and tenure gives you the highest maturity amount for your fixed deposit.

FD is a type of investment in which an individual invests a lumpsum amount for a specific period with a bank. The amount deposited in the FD earns interest at a fixed rate, which is set at the time of the account opening.

The FD calculator calculates the interest and maturity amount for both cumulative and non-cumulative FDs. In a cumulative FD, the interest earned is reinvested in the FD account. The principal amount and the interest earned get paid out at the end of the tenure. In a non-cumulative FD, the interest earned gets paid to the investor on a monthly, quarterly, half-yearly, or annual basis.

How Does The Canara Bank FD Calculator Work?

The formula to calculate the interest for non-cumulative FD is as follows:

Where,

M is the Maturity amount
P is the Principal amount that you deposit
r is the rate of interest per annum
t is the tenure in years

The formula to calculate the interest for cumulative FD is as follows:

Where,

M is the Maturity amount
P is the Principal amount that you deposit
r is the rate of interest per annum
n is the number of times the amount is compounded
t is the tenure in years

Example:

Ms Sam is planning to deposit ₹8 lakhs in a fixed deposit scheme. The scheme is offering an interest rate of 8% per annum. She is planning to choose a tenure of 7 years for her FD. She wishes to receive her payout every quarter.

Let’s calculate her interest amount and payout using the below formula.
M = P + (P x t x r / 100)
M = 8,00,000 + (8,00,000 x 7 x 8 / 100))
M = 8,00,000 + (8,00,000 x 7 x 0.08)
M = ₹12,48,000

Interest = 12,48,000 - 8,00,000
Interest = ₹4,48,000
Interest payable every three months = 4,48,000 / 28 = ₹16,000

If Ms Sam deposit ₹8 lakhs in an FD that earns her an interest of 8% per annum for 7 years, she will earn a maturity amount of ₹12.48 lakhs. Since she opted for quarterly payouts, she will receive a payout of ₹16,000 every quarter and the principal amount of ₹8 lakhs at the end of the investment tenure.

Let’s see how much Ms Sam will earn if she chooses to keep her investment until the end of her investment tenure. Here, we have to use the compound interest formula.

M = P (1 + r/n) ^ (n x t)
M = 8,00,000 (1 + 8/100) ^ (1 x 7)
M = ₹13,92,819

If Ms Sam chooses to keep her investment until maturity instead of receiving quarterly payouts, she will receive a maturity amount of ₹13,92,819.

How To Use The Canara Bank FD Calculator?

To calculate the maturity amount for your FD, all you have to do is input the following data:

• Deposit amount
• Deposit interest rate
• Deposit tenure

After the data is entered, the calculator will show you the maturity amount instantly.

Benefits Of Using The Canara Bank FD Calculator

There are several advantages to using Canara Bank’s FD interest calculator.

• The fixed deposit calculator makes accurate calculations of maturity amount, helping you decide the best tenure to choose for your deposit.
• The calculator can help you compare interest rates from different bank to choose the best bank for your deposit.
• The calculator helps save your time by doing the calculations much faster.