Corporation Bank FD Calculator

Domestic Term Deposits less than Rs.2 Cr - General Public

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Corporation Bank Fixed Deposit

Corporation Bank fixed deposits come with highly attractive interest rates, flexible investment tenures and multiple features. As per Central Government decision, Corporation Bank was merged with Union Bank of India in April 2020. So, all FD schemes with Corporation Bank have now been shifted to Union Bank.

As a fixed deposit investor, it would be beneficial if you assess the FD returns beforehand. It will give you a clear idea of how much your fixed deposit will grow in a certain period. In this regard, you can use an online Corporation Bank FD calculator.

Let’s find out more.

Corporation Bank Fixed Deposit (FD) Calculator

After the merger, Union Bank fixed deposit rates act as Corporation Bank fixed deposit rates. The FD rates for general citizens range between 3.00% and 7.30%. For senior citizens, there is an additional 0.50% rate. These interest rates are only for the deposit amount of less than ₹2 crore. The interest is credited on a quarterly basis.

For tax-savings schemes, the rate of interest is 6.70% p.a. for general citizens. If you choose a higher tenure, the rate of interest would be subsequently higher. Considering the varying FD interest rates, it might be quite hectic and tedious to calculate the FD returns manually using formulas. Moreover, it can lead to errors. This is where an online Corporation Bank FD calculator comes in.

It is a completely automated tool that estimates the maturity and accrued interest amount within seconds. You will need to enter a few specific FD investment-related details such as investment tenure, deposit amount and Corporation Bank fixed deposit interest rate. This tool will do the rest.

How does the Corporation Bank FD Calculator Work?

Online FD calculators are designed with your user experience in mind. You can determine the FD returns in a hassle-free manner. Here are some of the easy steps with which you can assess interest return for Corporation Bank fixed deposit:

1. Enter the preferred investment amount in the “Total investment” box.
2. Next, you need to enter the investment tenure. You have two options. You can either enter the figure manually in “Number of years” box or drag the cursor and draw a purple line till the preferred investment tenure is reached.
3. Finally, provide the Corporation Bank fixed deposit rates.
4. The calculator will instantly show the maturity amount and accumulated interest on the right-hand side.

You can also alter the figures to compare the returns from different FD schemes with varying interest rates and tenure.

Depending on the type of FD you invest in, the calculation of accrued interest will vary. There are two types of FDs: simple and compound interest FD.

Simple interest calculation is usually applied for FDs that lesser than 1 year. The formula used to calculate simple interest is:

M= P + (PXRXT)/ 100

In this formula

M is the maturity amount

P is the FD investment amount

R rate is of interest

T is the FD investment tenure

For compound interest calculation, the formula used is as follows:

M = P (1 + r / n) ^ (n x t)

Here M is the maturity amount that you will receive on FD maturity

P is the amount you’d invest in the FD

r is the Corporation Bank fixed deposit rate

t is tenure of investment

n is the number of times the interest is compounded. In case of quarterly

Let’s take an example to have a clear understanding.

If you are investing ₹10,000 for an investment tenure of 5 years at an interest rate of 7% in an FD scheme which is compounded annually. The fixed deposit interest that you will receive:

P = ₹10,000

r = 7%

t = 5

n=1

So, A = 10,000 (1 + 7%/1) ^ 1×5

A = ₹14,148.

The interest earned is A – P which is (14,148-10,000) = ₹4,148

If you try to manually compute the FD interest return it might take up considerable time. Also, there can be chances of error. Instead of manual calculations, you can use the digital FD calculator tool.

Benefits of Online Corporation Bank FD Calculator

Using an online FD calculator instead of manual calculation to assess FD returns can be highly convenient given the following advantages that this tool has to offer:

• Accurate Results Every Time
  This online tool is automated. So, there are hardly any chances of errors that can come up in the calculation. Moreover, it is designed to offer the final output within seconds. So, when you use this tool, you get accurate results promptly each time.
• Free and Easily Accessible
  This online tool is completely free. You do not have to pay any fees or charges to use it. Moreover, it is easily accessible on different websites. All you need is a smart device and an internet connection and the tool can be used from anywhere.
• Helps in Investment Decisions
  The figures that you enter in an online Corporation Bank FD calculator can be altered easily. As an investor, you can change the inputs and compare the returns you’d get for different deposit amount, tenure and interest rates. This will allow you to make a suitable FD investment for a particular tenure that can align with your financial goals.

Before you invest in Corporation Bank fixed deposit, make sure to use the Upstox Corporation Bank FD calculator to assess the FD returns. This tool comes with an easy user interface and you can use it for free. Check the returns, choose the suitable FD scheme and tenure and start investing.