Canara Bank FD Calculator
The Canara Bank FD Calculator is an essential tool for investors looking to estimate the interest and maturity value of their Fixed Deposit with Canara Bank. By inputting a few basic details such as the deposit amount, tenure, and interest rate, you can quickly and easily calculate the returns on your investment.
What is a Canara Bank Fixed Deposit?
A Canara Bank Fixed Deposit (FD) is a secure and low-risk investment where you deposit a lump sum amount with the bank for a specific period at a fixed interest rate. At the end of the tenure, the bank returns the principal amount along with the interest earned. Canara Bank offers attractive interest rates and flexible tenures, making it a popular choice for investors looking for stability and consistent returns.
How the Canara Bank FD Calculator Works
Using the Canara Bank FD Calculator is simple and straightforward. You just need to enter the following details:
- Deposit Amount (Minimum ₹1,000)
- Interest Rate (Canara Bank offers competitive rates depending on the tenure)
- Tenure (ranging from 7 days to 10 years)
- Compounding Frequency (Quarterly or Monthly)
After entering these details, the calculator will instantly provide the maturity value and the interest earned on your Fixed Deposit investment.
Canara Bank FD Interest Rates (As of 2025)
Canara Bank offers attractive interest rates on Fixed Deposits, ranging from 6.50% to 7.25% per annum for general customers. Senior citizens receive an additional interest rate of 0.50% per annum on their FD investments. The interest rate may vary based on the tenure, with longer durations generally offering higher returns.
Example Calculation
For example, if you invest ₹1,00,000 in a Fixed Deposit for 3 years at an interest rate of 7.00% per annum, compounded quarterly:
- Principal Amount: ₹1,00,000
- Interest Earned: ₹23,100 (approx.)
- Maturity Amount: ₹1,23,100 (approx.)
Types of Canara Bank Fixed Deposits
- Canara Bank Regular FD: Standard FD with fixed interest rates and flexible tenures.
- Canara Bank Tax Saving FD: A 5-year lock-in FD that offers tax benefits under Section 80C of the Income Tax Act.
- Canara Bank Senior Citizen FD: Special FD offering higher interest rates for senior citizens.
- Canara Bank Monthly Income Scheme: Provides monthly income payouts while keeping the principal amount safe.
Benefits of Using the Canara Bank FD Calculator
- Provides an accurate calculation of your FD maturity value
- Helps you plan your financial goals effectively
- Shows the total interest earned over the investment period
- Offers a fast and easy way to calculate FD returns without manual calculations
- Enables you to compare different FD options based on interest rates and tenure
Taxation on Canara Bank FD
The interest earned on Fixed Deposits with Canara Bank is taxable. If the interest earned exceeds ₹40,000 in a financial year (₹50,000 for senior citizens), Tax Deducted at Source (TDS) is applicable. However, if your total income falls below the taxable limit, you can submit Form 15G or 15H to avoid TDS deduction.
How to Open a Canara Bank FD
- Visit your nearest Canara Bank branch or use Canara Bank’s online banking platform.
- Choose the FD amount, tenure, and interest payout option.
- Submit the necessary KYC documents (for new customers).
- Make the payment via cheque, demand draft, or online transfer.
- Receive your FD receipt and monitor your investment using Canara Bank’s online services.
Conclusion
The Canara Bank FD Calculator is an essential tool for anyone considering investing in Fixed Deposits with Canara Bank. The calculator allows you to easily estimate the maturity value and interest earned on your investment, helping you make informed decisions. Canara Bank offers competitive interest rates, a variety of FD products, and flexible tenures, making it an ideal choice for investors looking for safety and predictable returns.
Visit Canara Bank’s official website to explore FD options, check current interest rates, and use their FD calculator to get accurate results for your investment planning.