Best Fixed Deposit Plan for Child in Canara Bank

Canara Bank is one of the largest Government-owned banks in India, which offers many Fixed Deposit schemes. Customers can invest in the scheme to secure their life-long funds in the account to get higher annual percentage rates. Canara Bank also assures that the money deposited by their customers earns a comparatively good interest over a specific tenure.

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The tenure for a Fixed Deposit account in Canara Bank ranges from a minimum of 7 days to a maximum of 10 years based on the investment or savings requirement of the customer. 

Customers can make a judicious selection of the FD accounts to find the best-suited for their children. They can start early so that the deposit amount becomes significant and collect sufficient interest by the time their kid becomes an adult or may need that amount for educational purposes.

Comparison Between
Fixed Deposits, Guaranteed Return Plans & Debt Mutual Fund
Guaranteed Return Plans, Fixed Deposits &
Debt Mutual Fund
Guaranteed Return Plans
Returns Before Tax
7.5% (TAX-FREE)
Returns After Tax
7.5%
Guaranteed Returns
Yes
Life Cover
Yes
Tax on Profit
Tax Free*
Risk
No Risk
awards
Still Better than FD’s and Debt Mutual Fund
Fixed Deposits
Returns Before Tax
7% (TAXABLE)
Returns After Tax
4.8%
Guaranteed Returns
Yes
Life Cover
No
Tax on Profit
Taxable
Risk
Low Risk
Debt Mutual Fund
Returns Before Tax
8% (TAXABLE)
Returns After Tax
5.5%
Guaranteed Returns
No
Life Cover
No
Tax on Profit
Taxable
Risk
High Risk
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*For annual premium upto ₹5 Lacs

Canara Bank FD Special Features and Benefits

  • For any Fixed Deposit scheme, seven days is the minimum deposit tenure.

  • The minimum deposit amount to start any Fixed Deposit scheme is Rs.1,000.

  • Bank provides the client with attractive interest rates based on the prevailing bank policy.

  • Senior citizens that are resident individuals will get an additional 0.5% interest rate.

  • A nomination facility for any scheme/policy is available in Canara Bank.

  • One can take a loan for up to 90% of the deposit amount.

  • Account-holders can withdraw any amount from the account prematurely, subject to certain conditions.

Canara Bank FD Scheme Eligibility Criteria 

  • Individuals

  • Two or more individuals can open a joint account and enjoy its benefits 

  • Up to 4 individuals can open a joint account, but not more than that.

  • Guardians on behalf of a minor can opt for schemes and policies.

  • Individuals, HUFs, Company, Partnerships or Associations or any other Institution can also open this type of account.

Various Canara Bank FD Schemes

  1. Kamadhenu Deposit (Reinvestment Plan)

    Under this scheme, one can make a deposit as low as Rs.1 000 into the account. There is no upper limit to the deposit amount.  The deposit tenure ranges from 5 months to 120 months. One can get reasonable deposit interest rates as per the existing bank rates. The maturity amount will also get the accrued interest with it.

  2. Fixed Deposit

    This is the popular FD scheme offered by the Bank. One can open an account with an amount as low as Rs. 1,000. There is no upper limit to the maximum deposit amount. This deposit in this FD account offers 4 options of interest payment to the customer- monthly, quarterly, semi-annually, or annually. 

  3. Ashraya Deposit Scheme

    This is a scheme mainly beneficial for senior citizens. Customers with Kamadhenu Deposit accounts and Domestic Fixed Deposit accounts are also eligible for this scheme. They can open a single or a joint account. In the case of a joint account, the primary account holder should be a senior citizen.

fd return beater

Canara Bank FD Interest Rates 2024

Deposit Term Senior Citizens Interest Rate (%p.a.) Regular Customers Interest Rate (% p.a.)
7 - 45 days 2.95 2.95
46 - 90 days 3.90 3.90
91 -179 days 4.00 4.00
180 -364 days 4.95 4.45
1 year 5.70 5.20
Above 1 year up to 2 years 5.70 5.20
2 years up to 3 years 5.90 5.40
3 years up to 5 years 6.00 5.50
5 years up to 10 years 6.00 5.50

Note: Fixed Deposit Interest rates subject to change as per Bank’s discretion.

Canara Tax Saver Scheme

Canara Tax Saver Scheme is one of the fixed deposit schemes that is offered under the Kamadhenu Deposit Scheme. This scheme or account is highly beneficial for salaried individuals, professionals, and businessmen, and even HUFs. 

It is a 5-year tenure deposit. One can start with a nominal deposit of Rs.100 under this scheme. The maximum deposit amount can be Rs.1.5 lakh. Under this scheme, the individual gets income tax benefits for a maximum of Rs.1.5 lakh on his deposits under Sec 80C of the Income Tax Act, 1961.

FD interest rates India have fallen consistently over the last 12 years.
Invest in Plans that offer Guaranteed Returns for over 25 Years

Canara Champ Deposit Scheme

This is a good plan for parents who plan to invest in the name of their kids. Its key feature is that it starts with a very nominal amount of Rs. 100, and there are no deductions from the account for not maintaining the minimum balance. The plan also comes with a host of benefits and offers for kids. 

Nomination and C-Net Banking is available under this scheme. 

The account holder can take an educational loan under this scheme. They need to pay two credits in six months. If the payment is made at the rural or semi-urban branches of Canara Bank, this payment should be of Rs. 500 each. If it is made at urban city branches of the Bank or in metro cities, a sum of Rs.1000 needs to be made.

Here is a detailed view of this plan.

Nature of the program It is a savings plan for children.
Eligibility Children up to or who have almost attained the age of 12 years 
Minimum Deposit A down payment of Rs. 100/- is applicable to initiate the process of the scheme. There is no penalty if the account holder cannot maintain this minimum balance in the account.
Annual Percentage Rates As issued by Savings Bank criteria
Issue of Bank Book/Cheque card No Cheque books or passbooks are issued
Shared Account Facilities Shared accounts cannot be opened and are not permitted
Conversion to Savings Account When the child becomes 18 years old, this account can be converted into a Savings Account.
Educational Loan Allowed
Bonus Offer Special Loan Eligibility Card is provided to the beholder for availing any Educational Loan in future, for which one has to become eligible by not withdrawing any amount from the account until the child passes Class 12th. Special personalized Boxes and Folders cum personal details pouch with 16 slots to record the child’s moments are also gifted by the Bank.  Collection of DDs / cheques gifted to the child up to Rs. 25,000/- p.a. in any currency is free.

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FAQs

  • Is there any provision under the Ashraya Deposit Scheme of opening a shared account with an individual who does not fall under the old-age pensioner criteria?

    For opening a collaborative/shared account under Ashraya Deposit Scheme, an old-age pensioner with another old-age pensioner is primarily eligible whereas, an old-aged person can also open a joint account with a person that not falls under the senior citizen criteria, but in that case, the primary account holder must be a senior citizen.
  • Do all Canara Bank schemes have a minimum of 7-days tenure for deposits?

    No. The deposit term minimum limit of a week or 7 days is only applicable for deposits of Rs.5 lakh and above in Canara Bank fixed deposit schemes. For below Rs.5 lakh deposits, the minimum security period is for 15 days.
  • Do old-age pensioners get any sort of additional annual percentage rate?

    An old-age pensioner gets the additional annual percentage rate of about 0.5% only on personal period security of under Rs 2 Crore. The time period for such a deposit should be 180 days and more.
  • Is there any fine applicable for premature withdrawal of money under Canara Bank FD schemes?

    A fine of 1% will be imposed on the individual for prematurely withdrawing from a domestic, or an NRO fixed deposit account below Rs 2 Crore. (For accounts w.e.f. March 12, 2019)

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