Canara Bank RD (Recurring Deposit) Calculator

Do you still find traditional deposits alluring in this day of shortcuts, where many find investments in equities and cryptocurrencies more profitable? If yes, you are a proponent of the adage “old is gold.” Even though there are several investing and savings possibilities, most consider RDs to be the best investment option for securing a fortune. A significant chunk of 60% of the total gross savings in India comes from the household sector alone. Additionally, a sizable portion of more than 50% of the funds is kept in bank deposits.

When you can make significant returns from your money, there is no reason to keep it ideal. One of the central Indian banks, Canara, allows people to open RD accounts in light of investors’ preference for recurring deposits. Put your money in Canara RD for higher returns with the least hassle. Don’t limit yourself to investments; the Canara Bank RD Calculator allows you to examine potential future returns based on the amount invested.

We will give you all the information you require regarding the Canara RD Calculator, including how to use it to calculate results, why utilising this online RD calculator is advantageous, and how its interest rates compare to those of other banks.

What is a Canara Bank RD Calculator?

The Canara bank RD Calculator is a financial calculator that helps depositors compute maturity returns on the invested amount. When individuals look forward to planning long-term financial objectives, they can pin their hopes on the Canara RD calculator to make more informed decisions. This advanced tool comes in handy to decode what amount you should invest and for how long to secure the expected returns. You can compute relevant results by being acquainted with the Canara Bank RD rates. Urban Money’s RD calculator has a user-friendly interface and allows users to determine investment results by inputting the required values.

How to Use a Canara Bank Recurring Deposit Calculator?

The Canara Bank Recurring Deposit Calculator has been finely designed to provide uninterrupted computation. You can be an expert in computing values through the RD calculator. All you have to do is move the toggle bar from left to right to set the values, and the calculator will compute the values in a fraction of a second.

You can use this handy calculator with utmost ease. Here’s how to compute values through Urban Money’s RD Calculator:

• Visit the RD calculator and choose the investment amount, tenure and interest rate. 
• To set the values, you will have to move the toggle to the left for lower amounts and the right for higher values.
• Once you set all three values, i.e. investment amount, time, and interest rate, the computed values will be presented on the right side of the calculator.
• The result contains the invested amount and estimated returns.

Having these figures beforehand caters to figuring out whether the decided deposit amount will be adequate to meet the financial objectives. You have the option to check returns for multiple case scenarios. The comparison will help you decide on the amount you must invest. 

Benefits of Using a Canara Bank Recurring Deposit Calculator?

Recurring deposits fall in the category of continuous investment, and tracking returns is daunting. The returns on recurring deposits depend upon several factors, making computation difficult and time-consuming. That’s where Canara Bank Recurring Deposit Calculator comes into the picture.

The Canara RD calculator gives the user a perfect way to rope from this challenging catch. Now accessing the return and having a clear idea about the investment amount to secure significant returns have become more accessible than ever.

Apart from this, the Canara RD calculator offers the below-depicted benefits to investors:

• It helps to plan future finances with better clarity.
• Depositors get a definite figure to set aside to meet their financial goals.
• User-friendly and offers round-the-clock accessibility.
• Eliminates time-consuming manual calculations as the results are provided at lightning-fast speed. 
• There is no scope for errors, and it offers accurate results per the input.
• Free of cost and can be used countless times.
• Also beneficial for existing investors while making investment decisions.
• Provides users with a clear idea about what they can expect in returns upon maturity.

How to Calculate Interest and Maturity Amounts on a Canara Bank RD?

Both work on a single formula, whether you compute values manually or via the RD calculator. The following formula is used to calculate interest and maturity on a Canara Bank RD: 

M =R[(1+i)n – 1]/1-(1+i)(-1/3)

In this equation,

• M represents the Canara RD Maturity Value
• R denotes the deposit amount
• n is the RD investment tenure
• i is the Canara RD interest rate / 400.

If you decide to compute values manually, you might end up with inaccurate results. At the same time, the manual calculation can be time-consuming. Thus it is recommended to use Urban Money’s RD Calculator to make computation hassle-free.

Canara Bank Recurring Deposit Interest Rates 2022 

The following table depicts Canara bank’s recurring deposit interest rates for 2022 and investment tenure.

Investment Tenure	RD Interest Rates (Regular Citizens/ Per Annum)	RD Interest Rates (Senior Citizens/ Per Annum)
180 – 269 Days	5.5%	6%
270 to less than a Year	5.5%	6%
One year	6.25%	6.75%
More than One Year – Up to Two Years	6.25%	6.75%
666-Days	7.00%	7.50%
More than Two Years Up to Three Years	6.25%	6.75%
Three Years – Less than Five years	6.50%	7.00%
Five Years – Ten Years	6.50%	7.00%

Comparison of RD Interest Rates Offered by Other Banks

The RD interest rates can vary from bank to bank. Thus, always put forward an informed approach when investing in recurring deposits. Compare RD interest rates offered by various banks to crack the best possible deal in terms of interest rates.

To make it easy for you to compare, we have curated a list of RD interest rates offered by various banks:

RD Interest Rates Per Annum
Bank Name	RD Interest Rates (Regular Customers)	RD Interest Rates (Senior Citizens)
Utkarsh Small Finance Bank Recurring Deposit	8%	8.5%
Fincare Small Finance Bank Recurring Deposit	7.5%	7.5%
Suryoday Small Finance Bank Recurring Deposit	7.5%	8%
Jana Small Finance Bank Recurring Deposit	7.5%	8%
Ujjivan Small Finance Bank Recurring Deposit	6.5%	7%
Equitas Small Finance Bank Recurring Deposit	7.15%	7.75%
IndusInd First Bank Recurring Deposit	7%	7.5%
Yes Bank Recurring Deposit	7%	7.5%
HDFC Bank Recurring Deposit	5.5%	6%
Axis Bank Recurring Deposit	5.5%	6%
SBI Bank Recurring Deposit	5.4%	5.9%