Canara Bank Recurring Deposit Calculator

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:

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

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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.

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Calculation of Compound Interest on Canara Bank Recurring Deposit (RD)

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,

1. M = Maturity amount
2. R = Monthly deposits to be paid

1. n= Tenure during which the deposit is to be made
2. i= Rate of interest

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Canara Bank Recurring Deposit Interest Rates in 2025 for General Public

Period of Investment for Recurring Deposit	Interest Rate (per annum)
180 days to 269 days	5.75%
270 days to less than 1 year	6.00%
1 year or 12 months	6.50%
444 days	6.60%
More than 1 year to less than 3 years	6.50%
3 years and more to less than 5 years	6.50%
5 years and more to 10 years	6.50%

Note: These interest rates are applicable from 9 June 2025. 

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Canara Bank Recurring Deposit Interest Rates for Senior Citizens

Period of Investment for Recurring Deposit	Interest Rate (per annum)
180 days to 269 days	6.25%
270 Days to less than 1 year	6.50%
1 year or 12 months	7.00%
444 days	7.10%
More than 1 year to less than 3 years	7.00%
3 years and more to less than 5 years	7.00%
5 years and more to 10 years	7.00%

Note: The rates of interest mentioned above are applicable for deposits of less than Rs.3 crore (w.e.f. 9 June 2025). 

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FAQs on Canara Bank Recurring Deposit Calculator

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

  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.

• What is the deposit period for RD accounts?

  The deposit period for RD accounts ranges from a minimum of six months to a maximum of 120 months, with available options at quarterly intervals, such as 12 months, 15 months, 18 months, and so on. 

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

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

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

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

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

  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.

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

  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.

• Will I be charged a fee to use Canara Bank RD calculator?

  No, you will not be charged any fee to use the Canara Bank RD calculator. It is available for use free of cost. 

• Can the Canara Bank RD Calculator assist me in planning my savings goals?

  Yes, the Canara Bank calculator is designed to help you plan your savings goals by providing an estimated maturity value of the RD over the selected tenure. 

• Who can open an RD account with Canara Bank?

  Any individual who is an Indian resident or belongs to the Hindu Undivided Families (HUF) can open an RD account with Canara Bank. 

• Can I avail myself of the nomination facility with the Canara Bank RD?

  Yes, you can avail yourself of the nomination facility with the Canara Bank RD. 

• Can I avail myself of a loan facility against the Canara Bank recurring deposit?

  Yes, you can avail yourself of a loan facility against the Canara Bank recurring deposit. You can borrow up to 90% of the RD amount. 

• Can NRIs open a Canara Bank RD account?

  Yes, subject to certain terms and conditions Non-Resident Indians (NRIs) can open an RD account with Canara Bank. 

• What documents are required to open a Canara Bank RD account?

  To open a Canara Bank RD account, depositors need to provide valid ID proof, address proof, a PAN card, and a passport-sized photograph. NRIs must also submit a valid visa and overseas address proof.