# Canara Bank FD Calculator

Total Investment

Interest rate

%

1%

15%

Select Duration

Yrs

1 Yr

30 Yrs

The future value of investment will be

0

Invested Amount

Estimated Return

With Zero Brokerage on Equity Delivery

## What Is the Canara Bank FD Calculator?

One of the most secure investment options for a retail investor is a Fixed Deposit (FD), which offers higher returns than regular savings accounts. These are fixed-return investments, and the maturity amount doesn’t get impacted by the changes in the market. Because of the fixed nature of the investment, you can predict the returns even before you invest. An online FD calculator makes it possible for anyone to compare options before making a purchase. One such online tool using which you can determine the returns on a Canara Bank fixed deposit is the online Canara Bank FD calculator.

The maturity amount and interest on an FD can be determined easily and conveniently using the online calculator. It aids in making informed financial decisions and budgeting. You can use the Canara Bank FD calculator anytime for free on Angel One.

## How Does an Canara Bank FD Calculator Work?

An FD calculator is a simple financial tool developed for investors to help them calculate the maturity amount in advance. The calculator works based on the compound interest formula. It uses variables like the principal amount, tenure, and the bank's interest rate to estimate the interest and maturity proceeds. All you have to do is enter the variables in the calculator. And the online Canara Bank FD calculator will instantly calculate the interest and maturity amount.

## What is the Canara Bank FD Calculator Formula?

A fixed deposit is a financial product where the principal amount grows at a fixed rate of interest. The amount is invested for a fixed tenure and compounds periodically. The principal, holding period, and compounding frequency will affect the maturity amount of an FD. Hence, in the FD calculation formula, the primary three variables are the principal, percentage of interest, and tenure.

Here is the Canara Bank FD calculator formula:

Maturity amount = p (1 + r/n)^nt

Where,

p = principal amount

r = rate of interest

n = frequency of compounding

t = tenure

Anyone can use the online Canara Bank FD calculator. It is a simple tool that helps you calculate the exact return on your FD investment accurately and without manual effort. Follow the steps mentioned below to use the online tool:

• Enter the principal amount that you want to invest.
• Select the expected rate of interest on the FD.
• Choose the tenure for which you want to park your fund.

Here is an example to help you understand the working of the calculator better:

Suppose you want to invest Rs. 1,00,000 in an FD for 3 years at an interest rate of 7.1%. Here is how to use the Canara Bank FD calculator on Angel One’s website:

• Enter the principal amount, i.e. Rs. 1 lakh
• Enter the expected interest rate of 7.1%
• Choose the tenure or duration as 3 years

You will get the following results:

• The future value of the investment, that is, the maturity amount, would be Rs. 1,23,508
• The estimated return would be Rs. 23,508

## Benefits of Using an Canara Bank FD Calculator

FD is a widely used traditional investment product for generating fixed returns with principal protection. Online FD calculators have simplified the FD return calculation process by eliminating the scope of error in calculation. These are the most prominent benefits of using an online FD calculator:

1. Online calculators calculate the returns accurately and quickly without human effort, allowing you to have clarity on your returns even before you spend your money. Using an online calculator eliminates the chance of error.
2. Comparing returns on different FD products allows you to make an informed choice - select the highest return-generating FD to maximise income.
3. Online calculators like Canara Bank online FD calculators save time and make the calculation process speedy. FD calculation using the compounding interest formula is tricky and time-consuming, which makes it difficult to do manually. On the other hand, these are simple tools designed to simplify the complex mathematical formula of FD calculation.
4. Using FD calculators helps with financial planning and budgeting. With the help of these tools, you can spread your investable money efficiently to match long and short-term financial goals.
5. These tools are free and accessible to everyone over the internet. One can use these tools as often as required without paying any charge.

## Types of Canara Bank FD Schemes

1. Tenure: The interest rate is often directly related to the FD's duration. Most banks will offer higher returns if you choose a longer investment period. Moreover, it will allow your money to compound, resulting in higher returns.
2. Principal amount: Although the principal amount doesn’t influence the interest rate, it impacts your return on maturity. Your returns will increase the more you invest. In some cases, the bank may offer a special rate of interest if your investment amount exceeds a predetermined threshold.

Interest rate: In the case of FD, the rate of interest remains fixed during the tenure of the investment. Hence, the higher the interest rate, the higher your earnings. So it makes sense to look for banks and financial institutions that offer higher interest rates to boost your income. You should also make sure to check the financial institution's credit rating to confirm the safety of the principal.

Factors Influencing Canara Bank FD Earnings
1. Tenure: The interest rate is often directly related to the FD's duration. Most banks will offer higher returns if you choose a longer investment period. Moreover, it will allow your money to compound, resulting in higher returns.
2. Principal amount: Although the principal amount doesn’t influence the interest rate, it impacts your return on maturity. Your returns will increase the more you invest. In some cases, the bank may offer a special rate of interest if your investment amount exceeds a predetermined threshold.
3. Interest rate: In the case of FD, the rate of interest remains fixed during the tenure of the investment. Hence, the higher the interest rate, the higher your earnings. So it makes sense to look for banks and financial institutions that offer higher interest rates to boost your income. You should also make sure to check the financial institution's credit rating to confirm the safety of the principal.
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## Canara Bank FD Calculator FAQs

### What is the Canara Bank FD calculator?

The Canara Bank FD calculator is an online tool used for calculating the expected returns on your FD. These are free tools available to anyone. The online Canara Bank FD calculator uses the compounding interest formula, where the variables are the deposits, interest rate, and tenure.

### How to use the Canara Bank FD calculator online?

You can find the Canara Bank FD calculator page on Angel One. It is a simple tool and allows user input for the deposit amount, interest rate, and tenure to calculate the final amount. The flexible application lets you adjust the values according to your requirements.

### Is the Canara Bank calculator free to use?

You should enter the following details in the FD calculator -

• Principal amount
• Expected interest rate
• Tenure

The FD maturity amount will automatically appear based on a compound interest formula.

### Can we get monthly interest on a fixed deposit?

It might depend on the particular FD product you have selected. If the bank allows monthly interest payments, they will be credited or compounded on a monthly basis.

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