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Canara Bank RD Calculator

Monthly Investment

Interest rate

%

1%

15%

Duration

Yrs

1 Yr

30 Yrs

The future value of investment will be

Invested Amount

0

Estimated Return

0

With Zero Brokerage on Equity Delivery

What Is the Canara Bank RD Calculator?

The online Canara Bank RD calculator is a useful tool that helps individuals calculate the returns on their Recurring Deposit (RD) investments with Canara Bank. 

RDs are a popular savings scheme offered by financial institutions that allow you to save a fixed amount of money at regular intervals while also earning interest on your savings. 

The deposited monthly amounts are then locked in for a specific period, known as the tenure, which can vary from a few months to several years. Whether planning for a short-term goal or looking for a disciplined way to save money, this calculator can provide accurate estimates of your RD earnings.

With the Canara Bank RD calculator, you can plan your finances around the money you are likely to earn as maturity value and assess the suitability of your RD investment to your portfolio by calculating the interest earned. This tool calculates the maturity amount and interest earned on your Recurring Deposit investments.

How Does an Canara Bank RD Calculator Work?

An RD calculator uses a simple formula to determine the maturity amount and interest earned on an RD investment. By inputting the principal amount, tenure, and interest rate into the calculator, you can obtain information such as the monthly deposit, total deposit, interest earned, and maturity amount.

Using the Canara Bank online RD calculator is a convenient and efficient way to plan your RD investments. It helps you make well-informed decisions by accurately calculating an RD investment's maturity amount and interest potential. Using the tool, you can customise your investment strategy to maximise returns. Take advantage of this valuable tool on Angel One and embark on your journey toward financial stability and growth.

What is the Canara Bank RD Calculator Formula?

The Canara Bank RD calculator formula requires principal, interest rate, compounding frequency, and tenure as inputs to calculate maturity amount and interest. Its formula is:

M = R[(1+i)^n-1]/(1-(1+i)^(-1/3) )

Where,

M is the maturity value,

R is the monthly deposit amount,

i is the rate of interest/400

n is the number of quarters

The Angel One online tool conducts these calculations with minimal input from your end.

How To Use the Canara Bank RD Calculator Online?

Using the Canara Bank RD calculator online is as convenient as just heading to the Angel One website and following the simple steps below:

  1. Input the monthly amount that you are willing to invest in the RD.
  2. Use the slider to choose the RD's duration (in years).
  3. Using the slider, choose the interest rate applicable to the recurring deposit.

The calculator will instantly show the estimated interest and maturity amount. You can choose the values of different variables to see how they impact your RD investment.

Let’s understand the above steps with an example. Suppose you want to invest Rs. 5,000 monthly in an RD for 5 years at 6.25% p.a. Here’s how to determine the interest earned and final maturity value using the Canara Bank online RD calculator:

  • Enter Rs. 5,000 in the monthly amount field.
  • Key in the interest rate as 6.25% p.a.
  • Enter 5 years as the tenure.

The RD calculator will show you the interest and maturity amount immediately. In this case, the interest earned will be Rs. 53,091. The final maturity value will be Rs. 3,53,091.

Benefits of Using the Canara Bank RD Calculator

  1. Financial Planning: The Canara Bank RD calculator gives you accurate projections of your investments. You can then use this information to set realistic savings goals and make long-term financial decisions.
  2. Eliminates calculation errors: Manual calculations can be error-prone. Since reliable information is quintessential for making financial decisions, using the online Canara Bank RD calculator can be helpful. It eliminates the chances of human errors, thereby ensuring precise and accurate results.
  3. Saves time: The Canara Bank RD calculator generates results instantly, saving you the time and effort of making multiple calculations.
  4. Allows comparison of options: You can easily vary the monthly instalment, tenure, and interest rate to see how they affect the final maturity amount and interest earned. This flexibility empowers you to find the optimal combination that aligns with your financial goals.
  5. Free to use: The online Canara Bank RD calculator is a freely accessible tool available on the Angel One website. You can use it as many times as you like without incurring any charges.

Factors Influencing Canara Bank RD Earnings

  • Monthly Installment: The periodic monthly amount you invest in your Canara Bank RD directly relates to the final maturity value. The higher the installments, the higher the future value of your investments.
  • Tenure: The duration you hold the canara bank RD directly affects the interest earned. Longer tenures allow for more compounding, resulting in greater returns.
  • Interest Rate: Higher interest rates mean greater returns. It's important to select the right Canara bank RD scheme, as interest rates can differ even for the same time period and similar investment amounts.
  • Compounding Frequency: The frequency at which the interest is compounded determines final maturity amount. More frequent compounding means a higher growth rate.

FAQs

What is the Canara Bank RD calculator?

The Canara Bank RD calculator is an online tool that helps you calculate the maturity and interest earned on your recurring deposit with the bank.

How to use the Canara Bank RD calculator online?

To use the online Canara Bank RD calculator, visit the Angel One website. Next, input variables like the deposit, tenure, and interest rate. The calculator will quickly show the interest and maturity amount you can earn after the tenure.

Is the Canara Bank RD calculator free to use?

Yes. The Angel One Canara Bank RD calculator is completely free. You can access it without any restrictions any number of times.

How much can be the minimum tenure of your bank recurring deposit?

The minimum period varies depending on the bank. Canara Bank RD ranges from a minimum of 6 months to a maximum of 120 months.

What is the interest rate on Canara Bank RD?

The interest rate on RDs may vary based on the deposit amount and tenure. For Canara Bank Bank, they range from 5.50% to 7.25%.

Which is better, FD or RD?

Choosing between an FD and RD depends on your preferences and financial goals. FDs offer higher interest rates and a lump sum investment, while RDs provide regular savings with lower interest rates. Consider your investment horizon, liquidity needs, and risk tolerance to determine your best choice.

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Enjoy Zero Brokerage on Equity Delivery

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