How Many Years FD Will Double In Canara Bank?

Which bank is best for fixed deposit in 2020?

Best Fixed Deposit Rates & Promotions in SG, Nov 2020BankInterest Rate (Per Annum)TenorICBC0.75%12 monthsUOB0.55%10 monthsOCBC0.50%12 monthsStandard Chartered0.30%6 months3 more rows.

Is Canara Bank safe for fixed deposit?

Yes, Canara Bank is safe for fixed deposits. The principal and interest amount of fixed deposits are insured for up to Rs. 1 lakh under the Deposit Insurance and Credit Guarantee Corporation (DICGC) as mandated by the Reserve Bank of India.

What is the interest rate of FD in Canara Bank?

Canara Bank FD RateTenureGeneral Public FD RateSenior Citizens FD Rate7 – 45 days3.00%3.00%46 – 90 days4.00%4.00%91 – 179 days4.05%4.05%180 days to less than 1 yr4.50%5.00%3 more rows

Is LIC better than FD?

Comparing between FD and Life Insurance Plan Thinking of short and long term investments, FDs are better. Life insurance plan are suitable only as long term investment options. The minimum period of investment in a life insurance plan is about 10 years. The minimum amount that you can deposit in a FD plan is Rs.

Can I double my money in 5 years?

To get your money doubled in five years, the CAGR needed will be nearly 15 per cent (more preciously 14.87 per cent). However, there is no guaranteed-return product that offers such a high rate of return and the only possible way to achieve this is by taking risk.

Which bank is safest for FD?

Bank NameInterest rate (%) compounded qtrlyWhat Rs 10,000 will grow intoDCB Bank6.9514113.06Indusind Bank6.7513974.99AU Small Finance Bank6.5013804.20RBL Bank6.5013804.201 more row•5 days ago

What is the interest of 1 lakh in Canara Bank?

Canara Bank Fixed Deposit Calculator 2020TenureRatesMaturity Amount for ₹ 1 Lakh91 days to 120 days4.00% to 4.00%₹ 1,00,997 – ₹ 1,01,317121 days to 179 days4.00% to 4.00%₹ 1,01,328 – ₹ 1,01,971180 days to 364 days4.45% to 4.95%₹ 1,02,206 – ₹ 1,05,0281 year5.25% to 5.75%₹ 1,05,354 – ₹ 1,05,8756 more rows•5 days ago

What is the FD rate in post office?

Post Office FD Interest RatesTenureFD Interest Rates for General CitizensFD Interest Rates for Senior Citizens7 days to 1 year5.50%5.50%1 year 1 day to 2 years5.50%5.50%2 years 1 day to 3 years5.50%5.50%3 years 1 day to 5 years6.70%6.70%Oct 7, 2020

Is Canara Bank better than SBI?

Canara Bank is the fourth largest bank in the country in terms of asset size after SBI, ICICI Bank and PNB. The bank had 5% share of the total non-food credit and 4.8% share of the total deposits in the banking sector in FY10.

How many years FD will double?

To know the time duration in which your FD amount will get doubled, you have to divide 72 with the highest rate. For example, if the highest rate on FD is 6.95%, then the number of years in which your FD will get doubled is 72/6.95= 10.36. Thus, it will take 10 years for your FD to get doubled.

Can I do FD for 1 month?

A fixed deposit is a financial instrument available at any bank, where an individual can save a part or all of his savings. You can deposit the amount with a bank/lender for 1 month to 10 years. This can earn you a fixed sum as interest monthly/quarterly/annually.

Which bank has the highest FD rate?

Best FD RatesBank Rakyat: 2.40% 12 months / 2.30% 9 months / 2.20% 6 months.Affin Bank: 2.25% 12 months / 2.38% 9 months / 2.36% 6 months (min 10k; until Nov 30, 2020)CIMB: 2.25% 12 months / 2.20% 6 months / 2.10% 3 months (eFD; until Jan 20, 2021)More items…