Canara Bank FD Rates
Canara Bank fixed deposits offer a safe avenue for customers to invest their savings and grow it over time. The current Canara Bank FD rates for general are 4.00% to 7.25% and the Canara Bank FD rate for senior citizens ranges from 4.00% to 7.75%. They also provide a flexible FD tenure range from 7 days to 10 years.
You can easily invest in a Canara Bank FD online by visiting the official website of Canara Bank.
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The table below shows the Canara Bank fixed deposit rates applicable for domestic deposits against various tenures for both general and senior citizens. These rates are for Canara Bank fixed deposits under Rs. 2 crores.
| Maturity Period | Interest Rate for General Citizens (p.a.) | Interest Rate for Senior Citizens (p.a.) |
|---|---|---|
| 7 Days to 45 Days | 4.00% | 4.00% |
| 46 Days to 90 Days | 5.25% | 5.25% |
| 91 Days to 179 Days | 5.50% | 5.50% |
| 180 Days to 269 Days | 6.15% | 6.65% |
| 270 Days to less than 1 Year | 6.25% | 6.75% |
| 1 Year Only | 6.85% | 7.35% |
| 444 Days | 7.25% | 7.75% |
| Above 1 Year to less than 2 Years | 6.85% | 7.35% |
| 2 Years & above to less than 3 Years | 6.85% | 7.35% |
| 3 Years & above to less than 5 Years | 6.80% | 7.30% |
| 5 Years & above to 10 Years | 6.70% | 7.20% |
*Note: Interest rates may change. Please visit the official Canara Bank website for the most recent updates.
What is Canara Bank 444 Days FD Interest Rate?
For a FD deposit period of 444 days, canara bank offers an interest rate of 7.25% for regular citizen and 7.75% for senior citizen.
However, the annualised interest yield for 444 days will be 7.45% for general public and 7.98% for senior citizens.
What is 1 lakh FD interest for 1 year in Canara Bank?
The interest earned for 1 Lakh FD for 1 year in Canara Bank will be ₹7129 & maturity amount will be ₹ 1,07,129/- The interest is calculated at 6.85% which is the present 1year FD rate for the general public.
Canara Bank FD Rates (Above 2 Crores)
The table below illustrates the Canara Bank fixed deposit (bulk deposits) interest rates of above 2 crores to less than 10 crores and their respective tenures.
| Maturity Period | Interest Rate (p.a.) with premature closure | Interest Rate (p.a.) without premature closure |
|---|---|---|
| 7 Days to 45 Days | 6.00% | NA |
| 46 Days to 90 Days | 6.25% | 6.30% |
| 91 days to 179 days | 7.20% | 7.25% |
| 180 Days to 269 Days | 7.40% | 7.45% |
| 270 Days to less than 1 Year | 7.40% | 7.45% |
| 1 year only | 7.40% | 7.45% |
| Above 1 year to less than 2 years | 6.80% | 6.85% |
| 2 years & above to less than 3 years | 6.25% | 6.30% |
| 3 years & above to less than 5 years | 5.00% | 5.05% |
| 5 years & above to 10 Years | 5.00% | 5.05% |
*Note: Interest rates are susceptible to change. To know the most recent updates, please visit the official Canara Bank website.
Canara Bank Tax Saver FD
Check out the interest rate for Canara Bank Tax Saver FDin the table below:
| FD Tenure | Interest Rate per annum |
|---|---|
| 5 years | 6.70% |
* The interest rates may change. Refer to Canara Bank’s official website for the latest information.
Canara Bank FNCR Deposit Interest Rates
Here is a table that illustrates the interest rates and tenures for the Canara Bank FNCR Deposits.
| Deposit Tenure | USD | CAD | AUD | EUR | GBP |
|---|---|---|---|---|---|
| 1 to < 2 Years | 5.50% | 4.50% | 3.75% | 2.50% | 4.75% |
| 2 to < 3 Years | 4.50% | 4.25% | 3.50% | 2.00% | 3.50% |
| 3 to < 4 Years | 4.00% | 3.85% | 3.00% | 1.50% | 3.00% |
| 4 to < 5 Years | 4.00% | 3.50% | 3.00% | 1.50% | 3.00% |
| 5 Years | 4.00% | 3.50% | 3.00% | 1.50% | 3.00% |
* The interest rates are subject to change. Please refer to Canara Bank’s official website for the latest information.
What’s your Canara Bank FD ROI?
The best way to understand the returns that you may earn by investing in a Canara Bank FD is by using an FD calculator. It will break down your maturity value into principal amount and interest earned instantly to give you a clear picture of your gains.
Use the Canara Bank FD Calculator to quickly calculate your ROI on Canara Bank FD.
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Features and Benefits of Canara Bank Fixed Deposit
Canara Bank FDs come with several features that benefit the investors in many ways. Listed below are some of the main features and benefits of the Canara Bank Fixed Deposit.
- Low Minimum Deposit: The scheme allows individuals to start with a minimum deposit of Rs.1,000 and there is no ceiling on the maximum amount.
- Flexible Tenure Options: Investors can choose a tenure ranging from 7 days to 10 years.
- Senior Citizen Benefit: Senior citizens enjoy an additional interest rate, enhancing their returns on fixed deposits.
- Nomination Facility: Canara Bank FD provides the option to add nominations, ensuring a smooth and hassle-free transfer of funds in case of unforeseen circumstances.
- Loan Facility: Account holders have the flexibility to avail up to 90% of the deposit amount as loans against their fixed deposits.
- Partial Withdrawal: Canara Bank FD allows partial withdrawal in units of Rs.1000/- keeping the rest of the deposit to earn the usual rate of interest.
- Premature Withdrawal: The bank allows for premature withdrawal, enabling investors to access funds in urgent situations. However, applicable penalty charges may be levied.
- Auto-Renewal Option: Canara Bank offers an auto-renewal facility, allowing investors to reinvest their maturity amount automatically.
- Joint Accounts: Investors can open joint accounts of up to 4 members.
Canara Bank FD Account Eligibility
Here are the eligibility requirements for opening a Canara fixed deposit account:
- Any Indian resident individual is eligible to open a Canara Bank FD.
- Joint FD accounts are allowed with a maximum of four individuals.
- Legal guardians can open FDs on behalf of minors.
- Hindu Undivided Family (HUF) can invest in Canara Bank Fixed Deposits.
- Partnership firms are eligible for Canara Bank FD.
- Corporations and companies can opt for Canara Bank FD.
- Various associations, trusts, and institutions can invest in Canara Bank FD.
Documents Required to Open Canara FD
To initiate a Canara Bank FD, you will need the following documents:
- Forms and Photographs: Submit the Canara Bank Fixed Deposit Form along with two passport-size photographs.
- PAN Card: A copy of PAN Card or Form 60 or 61 (if the customer does not have a PAN Card).
- KYC Documents: Provide any one of the following identification and address proof documents such as Aadhaar card, PAN Card, Driver’s License, Voter ID card, Utility Bills, etc
- Other Documents: Any other related documents as applicable to proprietorship concern, Partnership Firm, Company, HUF, etc.
Premature Closure of Canara Bank Fixed Deposit
Premature closure means withdrawing the deposit amount from your fixed deposit account before the maturity period is reached.
In case of premature withdrawal of Canara Bank Domestic/NRO term deposit of less than Rs. 2 Crore, accepted or renewed on or after 12.03.2019, a penalty of 1.00% will be charged.
However, this penalty is waived for Domestic/NRO CALLABLE term deposits of Rs. 2 Crore & above accepted or renewed on or after 12.03.2019.
Types of Canara Bank Fixed Deposits
Read through the list of different Canara Bank FD schemes offering special features to meet various financial needs.
Canara Bank Regular Fixed Deposit
- Canara Bank’s Regular Fixed Deposit is an accessible investment option with a minimum investment of Rs 1,000. The tenure can range from a minimum of 15 days to a maximum of 10 years.
- Interest payments occur at intervals chosen by the depositor—half-yearly, monthly (at discounted rates), quarterly, or annually.
- Senior citizens enjoy an extra 0.50% interest on deposits under Rs. 2 crores for tenures of 180 days or more, excluding NRE, NRO, and Capital Gains Deposit schemes.
- Nomination and loan facilities (up to 90% of the deposit amount) are available, making this FD a simple and versatile investment choice.
- The auto-renewal facility is also available.
Canara Bank Tax Saver Scheme
Canara Bank Tax Saver FD is a convenient and tax-efficient investment option for individuals looking to save on taxes while securing their financial future.
- It offers investment opportunities with a minimum amount of Rs.100 (in multiples of Rs.100) and a maximum limit of Rs. 1.5 lakh.
- The tenure is fixed at 5 years, and interest payouts can be chosen as monthly (discounted) or quarterly.
- Nomination facilities are available, except for accounts opened on behalf of a minor, a Company, a Firm, a HUF, an Association of Persons, or a Body of Individuals.
- The scheme provides the benefit of income tax deductions up to Rs. 1.5 lakh under Section 80C of the Income Tax Act, 1961.
Kamadhenu Deposit (Reinvestment Plan)
Canara Bank’s Kamadhenu Deposit is designed for depositors seeking the benefits of compounding. It’s a straightforward and advantageous choice for those looking to reinvest their interest and enjoy additional perks for senior citizens.
- The minimum deposit amount is ₹1,000 and a tenure ranging from 5 months to 10 years.
- The interest is compounded quarterly.
- Senior citizens enjoy an extra 0.50% p.a. interest rate,
- The depositors can avail loans for up to 90% of the deposit amount.
- The plan also offers the convenience of auto-renewal, ensuring a seamless and continuous investment experience.
Ashraya Deposit Scheme (for Senior Citizens)
Canara Bank’s Ashraya Deposit Scheme caters exclusively to individuals aged 60 and above.
- It provides a Cumulative Option with interest paid on maturity and a Non-Cumulative Option offering regular interest payments.
- The tenure spans from 15 days to 10 years, with a minimum deposit of Rs. 1000.
- Account holders can avail loans up to 90% of the deposit amount, and premature withdrawals are allowed, with a 1% penalty for deposits less than Rs. 2 crores.
- The scheme also offers an additional 0.50% Return on Investment for account holders, making it a favorable choice for senior citizens looking for flexible and rewarding investment options.
Auto-Renewal Facility on Canara Bank FD
The deposit will be renewed automatically from the date of maturity for a similar period at the interest rate prevailing on the date of maturity for the original period of deposit. (except for Canara Tax Saver Deposits, Capital Gains Accounts, Court Deposits, Non-KYC Complied Term Deposits).
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