Canara Bank FD Calculator

Canara Bank FD Calculator helps you estimate how much interest you will earn on your hard-earned money parked in the FD account. Founded in 1906 by Ammembal Subba Rao Pai, Canara Bank is one of the largest public sector banks and is owned by the Government of India. It offers competitive interest rates of up to 5.50% on its fixed deposits. 

The rates differ with the tenure chosen; shorter tenure provides less rates and vice versa. The highest rate of interest provided up to a year is 5.50% and there is a slight difference in the rates up to tenure of 5 years. If observed meticulously, the rates of interest are quite identical over a five-year period.

Read more about Canara Bank FD Rates

How to use the Canara Bank Fixed Deposit Calculator?

Calculating the maturity value of your fixed deposit using the Canara Bank FD calculator 2023 takes hardly a minute. Just fill all the respective fields, i.e. all the details pertaining to your FD account such as monthly investment amount, tenure, and rate and it will calculate the maturity value within a fraction of seconds.

How is Canara Bank FD interest Calculated?

The interest is calculated by multiplying the principal amount, the rate of interest per annum, and the tenure in years.

The formula to calculate the maturity amount on Canara Bank FD is

A = P(1+r/n)^nt

Here:

• A = Maturity amount
• P = Invested amount
• r = Interest rate as a decimal
• n = number of times interest is compounded
• t = tenure of the deposit

However, you can avoid the intricate calculations by using the online Canara FD calculator to estimate the value of interest earned on the deposited amount.

Benefits of using FD Calculator of Canara Bank

• Easy to use and hassle-free calculation process
• Helps immensely in choosing the right tenure by computing results in seconds
• Can use multiple time by just changing the values