Canara Bank FD Rates

Tenure Interest Rates for Regular Deposit Interest Rates for Senior Citizen
7 days to 14 days 5.75% 6.25%
15 days to 30 days 5.75% 6.25%
31 days to 45 days 5.75% 6.25%
46 days to 60 days 6.25% 6.75%
61 days to 90 days 6.25% 6.75%
91 days to 120 days 6.25% 6.75%
121 days to 179 days 6.25% 6.75%
180 days to 269 days 6.35% 6.85%
270 days to 364 days 6.40% 6.90%
1 year 6.70% 7.20%
1 year 1 day to 1 year 364 days 7.00% 7.50%
2 years to 2 years 364 days 6.70% 7.20%
3 years to 10 years 6.20% 6.70%

Canara Bank Fixed Deposit Calculator

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Investment Amount Minimum - Rs.1000 Maximum- No Maximum Limit
Tenure Minimum - 7 daysMaximum- 10 Years
No Penalty on Pre-mature Withdrawals Domestic or NRO deposits are authorised to withdrawal before the maturity tenure with no penalty interest for deposit above Rs. 1 cr
FDs for NRIs NRI can open an FD account with Canara Bank under its NRI, NRO, NRE, FCNR accounts

Canara Bank FD Interest Rates

Canara Bank FD rates offer decent interest of interests to its investors for fixed deposits Interest rates. The section of Article throws light on the rate of interest on FD in Canara bank.

Up to a year, the highest rate of interest is 6.90 %, yet for above annually, it’s 6.90 % and a little less than 6.90 % in a few cases. If carefully examined, the rates of interest are identical for over a five-year period.

The rates are even short in any cases as they grow the highest period of ten years, this is due to the evaluation of FD rates of interest in which would diminish in just a few years.

So, the bank fixes the range of positive degenerating relations and establishes the rates of interests a little lower than a fallback contract in the cases of long-term investments lying between 5 and ten years. What the rates of interest for savings account in Canara Bank is 4% same as other Banks of India.

Key Features of Canara Bank Fixed Deposits

  1. Competitive interest rates on all the fixed deposits
  2. Canara bank fixed deposits start from Rs. 1000 with no upper limit
  3. Loan facility up to 90 percent of the FD amount is also available
  4. Your spouse or any other family member can be nominated to get the maturity amount
  5. NRO, FCNR and NRE deposit facility is available
  6. Both online and offline FD option available

Canara Bank Fixed Deposit Rates

It is advisable to reconfirm the FD Rates from the bank before making any decision on basis of data provided below.

For Domestic Deposits - Less than Rs. 1cr (As on Jun 30, 2017)

MATURITY PERIOD DEPOSIT AMOUNT INTEREST RATE (% p.a.)
General Senior Citizen
7 days to 14 days Less than Rs. 1cr 4.2 4.7
15 days to 30 days Less than Rs. 1cr 4.2 4.7
31 days to 45 days Less than Rs. 1cr 4.5 5
46 days to 60 days Less than Rs. 1cr 4.75 5.25
61 days to 90 days Less than Rs. 1cr 4.75 5.25
91 days to 120 days Less than Rs. 1cr 5.5 6
121 days to 179 days Less than Rs. 1cr 5.75 6.25
180 days to 269 days Less than Rs. 1cr 6.35 6.85
270 days to less than 1 year Less than Rs. 1cr 6.35 6.85
1 year Less than Rs. 1cr 6.75 7.25
1 year and above to less than 2 years Less than Rs. 1cr 6.65 7.15
2 years and above to less than 3 years Less than Rs. 1cr 6.65 7.15
3 years and above to less than 5 years Less than Rs. 1cr 6.65 7.15
5 years and above to less than 8 years Less than Rs. 1cr 6.25 6.75
8 years and above to 10 years Less than Rs. 1cr 6.25 6.75


For Domestic Deposits - Rs. 1 cr and above (As on Jul 19, 2017)

MATURITY PERIOD DEPOSIT AMOUNT INTEREST RATE (% p.a.)
General Senior Citizen
7 days to 14 days Rs. 1 cr and above 4 N.A
15 days to 30 days Rs. 1 cr and above 4 N.A
31 days to 45 days Rs. 1 cr and above 4 N.A
46 days to 60 days Rs. 1 cr and above 4.25 4.3
61 days to 90 days Rs. 1 cr and above 4.25 4.3
91 days to 120 days Rs. 1 cr and above 4.25 4.3
121 days to 179 days Rs. 1 cr and above 4.75 4.8
180 days to 269 days Rs. 1 cr and above 4.75 4.8
270 days to less than 1 year Rs. 1 cr and above 4.75 4.8
1 year and above to less than 2 years Rs. 1 cr and above 4.9 4.95
2 years and above to less than 3 years Rs. 1 cr and above 4.9 4.95
3 years and above to less than 5 years Rs. 1 cr and above 4.9 4.95
5 years and above to less than 8 years Rs. 1 cr and above 4.9 N.A
8 years and above to 10 years Rs. 1 cr and above 4.9 N.A


Tax Saver FD (Max Deposit - 1 LPA)

MATURITY PERIOD DEPOSIT AMOUNT INTEREST RATE (% p.a.)
General Senior Citizen
Canara Tax Saver Scheme - 5 years Upto Rs. 1 lakh 6.25 6.75


Tax Implications

  1. The amount invested in Fixed Deposit with a tenure of 5 years with Canara Bank is eligible for tax deduction under IT section 80C, whereas the interest earned on the investment is taxable.
  2. The applicable tax will be deducted at source, i.e. Canara Bank, in case the annual interest earned crosses Rs. 10,000.

 

For NRO Fixed Deposit - Less than Rs. 1cr (As on Jun 30, 2017)

MATURITY PERIOD DEPOSIT AMOUNT INTEREST RATE (% p.a.)
7 days to 14 days Less than Rs. 1cr 4.2
15 days to 30 days Less than Rs. 1cr 4.2
31 days to 45 days Less than Rs. 1cr 4.5
46 days to 60 days Less than Rs. 1cr 4.75
61 days to 90 days Less than Rs. 1cr 4.75
91 days to 120 days Less than Rs. 1cr 5.5
121 days to 179 days Less than Rs. 1cr 5.75
180 days to 269 days Less than Rs. 1cr 6.35
270 days to less than 1 year Less than Rs. 1cr 6.35
1 year Less than Rs. 1cr 6.75
1 year and above to less than 2 years Less than Rs. 1cr 6.65
2 years and above to less than 3 years Less than Rs. 1cr 6.65
3 years and above to less than 5 years Less than Rs. 1cr 6.65
5 years and above to less than 8 years Less than Rs. 1cr 6.25
8 years and above to 10 years Less than Rs. 1cr 6.25


For NRO Fixed Deposit - Rs. 1 cr and above (As on Jul 19, 2017)

MATURITY PERIOD DEPOSIT AMOUNT INTEREST RATE (% p.a.)
7 days to 14 days Rs. 1 cr and above 4
15 days to 30 days Rs. 1 cr and above 4
31 days to 45 days Rs. 1 cr and above 4
46 days to 60 days Rs. 1 cr and above 4.25
61 days to 90 days Rs. 1 cr and above 4.25
91 days to 120 days Rs. 1 cr and above 4.25
121 days to 179 days Rs. 1 cr and above 4.75
180 days to 269 days Rs. 1 cr and above 4.75
270 days to less than 1 year Rs. 1 cr and above 4.75
1 year and above to less than 2 years Rs. 1 cr and above 4.9
2 years and above to less than 3 years Rs. 1 cr and above 4.9
3 years and above to less than 5 years Rs. 1 cr and above 4.9
5 years and above to less than 8 years Rs. 1 cr and above 4.9
8 years and above to 10 years Rs. 1 cr and above 4.9


For NRE Fixed Deposit - Less than Rs. 1cr (As on Jun 30, 2017)

MATURITY PERIOD DEPOSIT AMOUNT INTEREST RATE (% p.a.)
1 year Less than Rs. 1cr 6.75
1 year and above to less than 2 years Less than Rs. 1cr 6.65
2 year and above to less than 3 years Less than Rs. 1cr 6.65
3 year and above to less than 5 years Less than Rs. 1cr 6.65
5 year and above to to less than 8 years Less than Rs. 1cr 6.25
8 year and above to 10 years Less than Rs. 1cr 6.25


For NRE Fixed Deposit - Rs. 1 cr and above (As on Jul 12, 2017)

MATURITY PERIOD DEPOSIT AMOUNT INTEREST RATE (% p.a.)
1 year and above to less than 2 years Rs. 1 cr and above 4.9
1 year Rs. 1 cr and above 5.85
2 year and above to less than 3 years Rs. 1 cr and above 4.9
3 year and above to less than 5 years Rs. 1 cr and above 4.9
5 year and above to to less than 8 years Rs. 1 cr and above 4.9
8 year and above to 10 years Rs. 1 cr and above 4.9

Eligibility Criteria for Canara Bank FDs

The following individuals and groups are eligible to open a Canara bank Fixed deposit account-

  1. Partnership firms
  2. Individual/Joint Account
  3. Minors
  4. Trusts
  5. Joint Hindu families
  6. Limited companies
  7. Municipalities
  8. Partnership firms
  9. Educational Institutions
  10. Associations
  11. Societies

Canara Bank FD Rates Calculator

By using a Canara Bank FD calculator online, you can easily calculate the maturity value of your fixed deposits.

The fd calculator monthly interest determines the maturity amount at the end of the term by taking into consideration the tenure of fixed deposits, Canara bank FD rates, the amount deposited and compounding frequency of interest on deposits

Premature Withdrawal of Canara Bank Fixed Deposits

In case you opt for a premature closure of your fixed deposits, then you the rate of interest applicable be 1% lesser than the original rate.  However, the penalty on premature closure can be changed by the bank.

Loan against Canara Bank Fixed Deposits

Canara Bank provides loan up to 90% against its fixed deposits. You will not get a loan against an FD in another bank.

The rate of interest on loan against fixed deposits is offered at the rate of 6.75 to 8 percent.

The tenure of the loan is restricted up to the tenure of the FD.

Documents Required to Open a Canara Bank FD Account

1. Address Proof

  1. Bank Statements( with Cheque)
  2. Passport
  3. Telephone/ Electricity Bill
  4. A Post office issued ID card or certificate

2. Identity Proof

  1. Voter ID card
  2. Passport
  3. Driving license
  4. PAN card
  5. Photo ration card
  6. Government ID/ Senior citizen ID card

Tax Benefits on Canara Bank Fixed Deposits

Canara bank provides tax exemption benefits on their Fixed Deposit and Kamadhenu deposits with a lock-in period of minimum 5 years. The tax exemption limit is up to 1.5 lakhs under the purview of the Sec. 80 C.

The tax levied on fixed deposits doesn’t depend on the tenure of your fixed deposits. It is based on the on the income tax bracket you fall into.

10% TDS is applicable if the interest earned on your deposits is more than 10,000 rupees. Upon deduction, a TDS certificate will be given by the Bank.


Canara Bank Fixed Deposit FAQs

Q1. What is the highest interest rate for Canara Bank FDs?

The highest interest rate for FDs is 7.50 % for deposits lesser than 1 crore rupees.

Q2. What are the minimum and maximum tenure for Canara Bank FDs?

The minimum is 7 days and the maximum is 10 years.

Q3. What is the minimum requirement to open an FD with Canara Bank?

You can start your FD with a minimum deposit of 1,000 rupees.

Q4. What is the Canara bank FD rate for senior citizens fixed deposits?

As compared to regular fixed deposits, the interest rate for senior citizen FDs is comparatively higher. The rate of interest for senior citizen FDs is 0.5% higher than the regular deposits.

The rate of interest for regular FDs ranges between 5.75 and 7.00 percent and for senior citizens the interest rate is somewhere between 6.25 and 7.50 percent for deposits lesser than 1 crore rupees.

Q5. Is there an eligibility criterion to start an FD with Canara Bank?

Anyone including NRIs, HUFs, firms and resident individuals can open an FD account.

Q6. Is it possible to deposit an extra amount in an ongoing FD?

To deposit an additional amount you will have to start a new account. It is not possible to add more money in an ongoing fixed deposit account.

Q7. Can I change the duration of my current FD with Canara Bank?

The tenure of an ongoing fixed deposit account cannot be changed. If you wish to change the tenure, you will have to start a new account with the required tenure.

Q8. What documents do I need to submit while opening a Canara Bank FD account?

Following documents are required from your end.

  1. PAN Card
  2. Identity Proof: Voter ID card/ Driving License/Passport
  3. 2 Photographs
  4. Declaration in Form 60/61 (as per the Income Tax Act)

Q9. What will happen if I start my FD without a PAN?

If your FD account was opened without your PAN card then-

  1. Income Tax department will not grant TDS credit
  2. TDS certificate is also not issued
  3. 20 percent deduction of TDS as against 10 per u/s 206AA
  4. Application of penal TDS
  5. Exemption certificates Form 15G/H will stand invalid

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