Canara Bank FD Interest Rates

A renowned name in the banking industry, Canara Bank offers different kinds of fixed deposit or term deposits option to domestic and NRI customers. The Canara Bank FD interest rates on these deposits are decent and provide guaranteed returns to its investors. Canara Bank offers higher fixed deposit interest rates to senior citizens. When compared to the savings account, FD returns are higher from the tenure ranging from 7 days to 10 years.

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Maximum returns Offered by Guaranteed

6.5%**

Fixed Deposits

(by SBI bank)

(5-10 Years)

7.1%***

Public Provident Fund

(other popular options)

(15 Years)

Canara Bank FD Rates Apr 2024

Tenure REGULAR RATES
Current Rates
SENIOR CITIZEN
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 6.85% 7.35%
444 days 7.25% 7.75%
Above 1 year to less than 2 years 6.85% 7.35%
2 years to less than 3 years 6.85% 7.35%
3 years to less than 5 years 6.80% 7.30%
5 years to 10 years 6.70% 7.20%

FD interest rates have been declining over last few years and is expected to further fall, as Indian economy grows in coming years.

1 Yrs FD rate - Historical trend
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
VIEW PLANS
*For annual premium upto ₹5 Lacs
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FD Calculator

Total Investment

₹500 ₹30L
Enter Total Investment

Rate of Interest (Yearly)

1% 15%
Rate of Interest (Yearly)

Time Period

1 Year 15 Years
Enter Time Period
Total Investment
Interest Earned
Maturity Amount
Compare FD Interest Rates of Top Financial Institutions
BANKS GENERAL CITIZENS SENIOR CITIZEN
Canara Bank FD Rates 2.93% - 6.40% 2.93% - 6.40%
SBI bank FD Rates 5.30% - 5.40% 5.80% - 6.20%
HDFC Bank FD Rates 2.50% - 5.60% 3.00% - 6.35%
ICICI Bank FD Rates 2.75% - 5.70% 3.25% - 6.20%
Axis Bank FD Rates 2.50% - 5.75% 2.50% - 6.50%
Yes Bank FD Rates 3.25% - 6.25% 3.75% - 7.25%
Kotak Mahindra FD Rates 2.50% - 5.75% 3.00% - 6.25%
Bandhan Bank FD Rates 3.00% - 5.00% 3.75% - 5.75%
Union Bank of India FD Rates 3.00% - 5.50% 3.75% - 5.75%
Indusind Bank FD Rates 2.75% - 6.00% 3.25% - 6.50%
PNB FD Rates 3.00% - 5.75% 3.50% - 6.25%
Bank of Baroda FD Rates 3.00% - 5.10% 3.50% - 5.60%
IDFC Bank FD Rates 3.50% - 6.00% 4.00% - 6.50%
Indian Bank FD Rates 2.90% - 5.15% 3.40% - 5.65%
DBS Bank FD Rates 2.50% - 5.50% 2.50% - 5.50%
UCO Bank FD Rates 2.55% - 5.05% 3.80% - 6.30%
Bank of India FD Rates 2.85% - 5.35% 3.00% - 6.50%
IDBI Bank FD Rates 2.90% - 5.30% 3.40% - 5.90%
Central Bank of India FD Rates 2.75% - 5.15% 3.25% - 5.65%
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About Canara Bank Fixed Deposit Rates

Canara Bank offers many Fixed Deposit schemes beneficial for all kinds of investors, which can help them achieve their financial goals with competitive FD rates with other banks and institutions.

Canara bank also offers Tax-saving FDs with a minimum tenure of 5 years. Unlike other FDs, these fixed deposits cannot be withdrawn before the completion of the expiry of the FD tenure. Also, tax-saving FDs cannot be used as collateral to obtain a loan.

Canara bank Tax Saving FDs offer tax benefits up to Rs. 1.5 lacs per annum under Section 80C of the Income Tax Act, 1961. You can easily open a fixed deposit account online by logging in to your internet banking account.

  • Canara Bank Fixed Deposit Interest Rates

    Canara Bank Fixed Deposit Interest Rates (Above Rs.2 Crores but less than Rs.10 Crores)

    Rates with effect from 8th August 2022:

    Tenure

    Interest Rates (per annum)

    7 days to 45 days

    2.93%

    46 days to 90 days

    3.14%

    91 days to 179 days

    3.39%

    180 days to 269 Days

    3.39%

    270 days but less than 1 Year

    5.75%

    1 year only

    6%

    Above 1 year but less than 2 years

    6%

    2 years & above but less than 3 years

    6%

    3 years & above but less than 5 years

    6%

    5 years & above to 10 Years

    3.40%

  • Types of Canara Bank FD Schemes

    The Canara Bank offers four types of fixed deposit schemes for domestic customers. They are:

    • Regular FD Scheme
    • Tax Saver Deposit Scheme
    • Kamdhenu Deposit Scheme
    • Ashraya Deposit Scheme.

    The detailed description of these fixed deposit schemes is as follows:

    1. Regular Fixed Deposit Scheme

    The Regular Fixed Deposit Scheme allows individuals to park their savings into the FD account to earn attractive returns. The scheme is low on risk and comes with a lot of flexibility. Some of the features of the Regular FD Scheme are:

    • The account can be opened with a minimum investment of Rs. 1,000.
    • It is available for a minimum deposit period of 15 days to a maximum of 120 months. Although, the deposit can be made for a period of 7 to 14 days in case of a single investment of Rs 5 lakh and above.
    • The interest is paid monthly, quarterly, half-yearly, or annually (as chosen) as per the applicable Canara Bank FD rates.
    • Senior citizens are paid a higher interest rate of 0.50% over regular Canara Bank FD interest rates, irrespective of the deposit amount or period.
    • A loan of up to 90% of the investment amount can be availed against the FD.
    • A nomination facility and partial withdrawal facility are available.
    • A penalty of 1% is applicable on FD of below Rs. 2 crores in case of partial withdrawal or premature account closure if the deposits were made/renewed on or after 12th March 2019.
    • TDS is also applicable to the interest amount earned by the account holder.
    • The deposits will be automatically renewed for the same duration as per the prevailing Canara Bank FD interest rates unless specified otherwise.
    • Interest is payable on the overdue deposits.

    2. Tax Saver Deposit Scheme

    The Tax Saver Deposit Scheme is a fixed deposit scheme that allows a person to earn tax deductions on their investments for up to Rs.1.5 lakh per financial year as per Section 80C of the IT Act, 1961. Some of the features of the Tax Savers Deposit Scheme are:

    • The account can be opened with a minimum investment of Rs. 100 whereas the maximum investment can be made of Rs.1,50,000 lakhs.
    • It comes with a fixed lock-in period of 5 years, during which no withdrawals can be made.
    • The interest is paid monthly or quarterly as per the applicable Canara Bank FD rates. However, Kamdhenu Deposit Scheme holders will earn compound interest quarterly.
    • The account holder can neither get a loan against this tax-saving FD nor can close the account prematurely.
    • The nomination facility is available under this scheme, except for accounts held or applied on behalf of a minor.

    3. Kamdhenu Deposit Scheme

    The Kamdhenu Deposit Scheme is a reinvestment plan that allows people to earn compound interest on their investments. Some of the features of the Kamdhenu Deposit Scheme are:

    • The account can be opened with a minimum investment of Rs.1,000.
    • It is available for a minimum deposit period of 5 months and a maximum of 120 months.
    • The interest is compounded quarterly as per the applicable Canara Bank FD interest rates and is paid on maturity.
    • A higher interest rate of 0.50% over the regular Canara Bank FD rates is applicable on deposits made by senior citizens, irrespective of the deposit amount or period.
    • The nomination facility and partial withdrawal facility are available.
    • Interest is payable on the overdue deposits.
    • A loan of up to 90% of the investment amount can be availed against the FD.
    • The deposits will be automatically renewed for the same duration at the prevailing Canara Bank FD interest rates unless specified otherwise.
    • In case of partial withdrawal or premature account closure, a penalty of 1% is applicable on FD of below Rs.1 crore.
    • TDS is also applicable to the interest amount earned by the account holder.

    4. Ashraya Deposit Scheme

    The Ashraya Deposit Scheme has been designed for senior citizens with existing FD or Kamadhenu deposit accounts. It allows the depositors aged 60 years and above to earn a higher interest rate on fixed deposits under this savings scheme. Some of the features of the Ashraya Deposit Scheme are:

    • The account can be opened with a minimum investment of Rs. 1,000.
    • It is available for a minimum deposit period of 15 days to a maximum of 120 months. Kamadhenu account holders must deposit the amount for at least 5 months.
    • An interest rate of 0.50% or higher than the applicable Canara Bank FD interest rates is paid, irrespective of the deposit amount or period.
    • The depositor can choose either monthly, quarterly, or half-yearly interest payments. The interest on Kamadhenu deposits will be compounded quarterly and paid on maturity.
    • A loan of up to 90% of the investment amount can be availed against the FD.
    • Both partial withdrawal and nomination facilities are available.
    • The deposits will be automatically renewed for the same duration at the prevailing Canara Bank FD rates unless specified otherwise.
    • TDS is also applicable to the interest amount earned by the account holder.
    • In case of partial withdrawal or premature account closure, a penalty of 1% is applicable on FD of below Rs.1 crore.
  • Features of Canara Bank Fixed Deposit Interest Rates

    • Competitive interest rates on all the fixed deposits
    • Canara Bank fixed deposits can be opened with a minimum deposit of Rs.1,000 with no upper limit
    • A loan facility of up to 90% of the FD amount is also available
    • Your spouse or any other family member can be nominated to get the maturity amount
    • NRO, FCNR, and NRE deposit facility is available
    • Both online and offline FD options are available
  • Canara Bank Fixed Deposit Interest Rate Calculator

    Canara Bank Fixed Deposit calculator is an easy-to-use, hassle-free tool that helps in quick calculation of the maturity amount and the interest earned receivable at the end of the policy tenure. By entering some basic details, you can calculate the correct FD amount. Here are the steps that an investor needs to follow to calculate Fixed Deposit rates on the FD Calculator:

    • The amount that is invested
    • The Rate of Interest offered
    • The tenure of the Fixed Deposit Account
    • The compounding period, that is, yearly, half-yearly, quarterly, or monthly
    • The FD Amount

    Once entered the following details, an investor will come to know:

    • The maturity value of the FD
    • The total interest earned during the complete tenure
  • Loan Against Canara Bank FD Interest Rates

    • Canara Bank provides loans of up to 90% against fixed deposits. However, you will not get a loan against a Canara Bank FD in another bank.
    • The tenure of the loan is restricted up to the tenure of the FD.
  • Eligibility Criteria for Canara Bank FD Rates

    The following individuals and groups are eligible to open a Canara Bank fixed deposit account-

    • Partnership firms
    • Individual/ Joint Account
    • Minors
    • Trusts
    • Joint Hindu families
    • Limited companies
    • Municipalities
    • Partnership firms
    • Educational institutions
    • Associations
    • Societies
  • Documents Required to Open a Canara Bank FD Account

    1. Address Proof

    • Bank Statements (with Cheque)
    • Passport
    • Telephone/ Electricity Bill
    • A post-office-issued ID card or certificate

    2. Identity Proof

    • Voter ID card
    • Passport
    • Driving license
    • PAN card
    • Photo ration card
    • Government ID / Senior citizen ID card
  • Canara Bank Fixed Deposit Maturity - Special Features

    The Canara Bank fixed deposit schemes come with two types of special maturity features:

    1. Automatic Deposit Renewal

    The automatic deposit renewal feature renews your fixed deposit automatically on its maturity date.

    It is renewed for the same deposit period at the prevailing Canara Bank FD rates as on the maturity date. This feature is applicable if the depositor opts for it at the time of opening the FD and if no renewal instructions have been provided to the Bank. However, this feature is unavailable under Canara Tax Saver Deposit Scheme, Capital Gains Scheme, and Non-Callable Term Deposits.

    2. Overdue Term Deposit

    The overdue term deposit feature ensures that your fixed deposit amount does not get renewed and stays with the Bank after the maturity date. Such matured fixed deposits are treated as an overdue term deposit from the maturity date.

    An interest rate equivalent to the prevailing savings bank rate will be paid for the overdue period. The overdue period refers to the period between the FD maturity date and the date of payment or reinvestment. This feature can be applied if the depositor does not opt for automatic deposit renewal.

Frequently Asked Questions
What is the highest interest rate for Canara Bank FDs?
What are the minimum and maximum tenure for Canara Bank FDs?
What is the minimum requirement to open an FD with Canara Bank?
What are the Canara Bank FD rates for senior citizens fixed deposits?
Is there an eligibility criterion to start an FD with Canara Bank?
Is it possible to deposit an extra amount in an ongoing FD?
Can I change the duration of my current FD with Canara Bank?
What documents do I need to submit while opening a Canara Bank FD account?
What will happen if I start my FD without a PAN?
Canara Bank Fixed Deposit News
Canara Bank Revises FD Interest Rates From Feb 8

* Tax adjustment considering income tax slab of 30%
** Life cover for a plan with an annualized premium of Rs 1L
+ Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
#Discount offered by insurance company
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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Get Guaranteed returns upto 7.5%*

Fully Tax-Free unlike FD, and Life Cover Included

*T&C Applied.

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