Canara Bank RD Calculator
The Canara Bank RD Calculator is a simple yet powerful tool to estimate the maturity amount and total interest earned on your Recurring Deposit with Canara Bank. With flexible tenures and attractive interest rates, Canara Bank RDs are ideal for disciplined monthly savings.
What is a Canara Bank Recurring Deposit?
A Recurring Deposit (RD) with Canara Bank allows you to invest a fixed sum monthly over a period ranging from 6 months to 10 years. Your monthly deposits earn compounded interest, making it a suitable plan for salaried individuals and small investors looking for secure returns.
How Does Canara Bank RD Calculator Work?
The calculator requires three inputs:
- Monthly Investment Amount
- Tenure of RD (in months)
- Applicable Interest Rate
It provides the following results:
- Total Investment
- Total Interest Earned
- Maturity Amount
Benefits of Using Canara Bank RD Calculator
- Quick maturity and interest estimation
- Accurate, real-time calculations using compound interest formulas
- Helpful for planning financial goals and savings
- No manual math needed
Canara Bank RD Interest Rates
Canara Bank offers competitive RD interest rates ranging from 6.00% to 7.50% per annum depending on the tenure and customer profile. Senior citizens enjoy an extra 0.50% interest rate on all durations.
Example Calculation
If you deposit ₹3,000 monthly for 3 years at an interest rate of 7.0%:
- Total Deposit: ₹1,08,000
- Interest Earned: ₹12,200 (approx.)
- Maturity Amount: ₹1,20,200 (approx.)
Key Features of Canara Bank RD
- Flexible tenure: 6 months to 10 years
- Minimum deposit: ₹50 and multiples thereof
- Quarterly compound interest
- Premature withdrawal allowed with nominal penalty
- Loan/overdraft facility against RD
Tax Implications
Interest earned on RD is taxable. TDS is applicable if interest exceeds ₹40,000 (₹50,000 for senior citizens) in a financial year.
How to Open a Canara Bank RD Account
- Visit the nearest Canara Bank branch or use online banking
- Select ‘Recurring Deposit’ under deposit schemes
- Enter the desired monthly deposit and tenure
- Submit your application and start investing
Conclusion
The Canara Bank RD Calculator is an essential tool for individuals planning long-term or short-term savings. Whether you’re saving for a goal or building a financial buffer, use this calculator to plan smarter and invest with confidence.
Visit Canara Bank to open an RD account today and grow your savings securely.