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Canara Bank RD Calculator

Canara Bank is the 4th largest Public Sector Undertaking (PSU) Bank in India. It has a host of products on offer for its customers. If you want to save money under a recurring deposit scheme in this bank, you can choose from a number of tenure and deposit amount options. The bank allows you to invest as little as Rs.50 per month for a tenure of 6 months to 10 year.

To make the best out of the deposit, you can use the Canara Bank RD calculator to find out the optimum amount and tenure of your investment so that you can reach the goal amount at the end of the tenure.

Why should I use the Canara Bank RD Calculator?

There are a number of benefits of using the Canara Bank Recurring Deposit Calculator. Some of them are as follows:

  • Easy accessibility across different kinds of devices
  • Calculations will be error-free
  • Easy to use and a free of cost tool
  • Get instant results and compare with other products

How to use the Canara Bank RD Calculator?

There are a number of online RD calculators which are available. You can use the Canara Bank RD Calculator by following the steps mentioned below:

Step 1: Open the calculator on the website. You can access the calculator from your smartphone, PC, tablet, etc.

Step 2: In general, the calculators will have 3 different components – Monthly Deposit Amount, Rate of Interest, and Tenure of Deposit.

Step 3: You can type the information mentioned above as per your requirement in the fields provided on the calculator. Alternatively, you can use the sliders to adjust the values.

Step 4: Once you have entered all the necessary information, click on the ‘Calculate’ button.

Step 5: After that, the calculator will display the Maturity Amount on the basis of the information that you have provided.

Calculation of Compound Interest on Canara Bank Recurring Deposit

The interest on Canara Bank RD is calculated on the basis of compound interest. The formula mentioned below can be used to manually calculate the maturity amount of your Canara Bank Recurring Deposit.

M = R [ (1+i) n – 1]/1 - (1+i) (-1/3)

Wherein,

  • M = Maturity amount
  • R = Monthly deposits to be paid
  • n= Tenure during which the deposit is to be made
  • i= Rate of interest

Canara Bank Recurring Deposit Interest Rates for General Public

Period of Investment for Recurring Deposit Interest Rate (per annum)
180 days to less than 1 year 4.50%
1 year or 12 months 5.40%
More than 1 year to less than 2 years 5.35%
2 years and more to less than 3 years 5.35%
3 years and more to less than 5 years 5.30%
5 years and more to 10 years 5.30%

The rates of interest mentioned above are applicable for deposits of less than Rs.2 crore (w.e.f. 10 August 2020).

Canara Bank Recurring Deposit Interest Rates for Senior Citizens

Period of Investment for Recurring Deposit Interest Rate (per annum)
180 days to less than 1 year 5.00%
1 year or 12 months 5.90%
More than 1 year to less than 2 years 5.85%
2 years and more to less than 3 years 5.85%
3 years and more to less than 5 years 5.80%
5 years and more to 10 years 5.80%

The rates of interest mentioned above are applicable for deposits of less than Rs.2 crore (w.e.f. 10 August 2020).

Canara Bank RD Calculator FAQs

  1. Who are eligible to open a recurring deposit with Canara Bank?

    A: The following individuals are eligible to open an RD account with Canara Bank – HUF, minor (to be handled by a guardian), joint account, individual, a company, a trust, an association, or an institution.

  2. Can I avail a loan using my Canara Bank RD account?

    A: Yes, you can avail a loan facility using your Canara Bank RD account.

  3. What is the maximum loan quantum that I can avail through my Canara Bank RD account?

    A: You can avail up to 90% of the deposit amount which is available in the RD account as a loan through your Canara Bank RD account.

  4. Can I select a nominee for my Canara Bank RD account?

    A: Yes, you can avail the nomination facility and select a nominee for your Canara Bank RD account.

  5. Do I have to pay any charges in case of a premature closure of my Canara Bank RD Account?

    A: Yes, you will be required to pay a penalty of 1% in case of a premature closure of your Canara Bank RD account. In addition to that, the interest earned on the RD account will be 1% below the actual applicable interest rate.

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