Canara Bank offers different kinds of fixed deposits or term deposits option to domestic as well as 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 deposits interest rates to senior citizens. This article throws light on the rate of interest on FD in Canara bank.
Yearly
| Tenure | REGULAR RATES | SENIOR CITIZEN |
| 7 days to 45 days | 2.93% | 2.93% |
| 46 days to 90 days | 4.06% | 4.06% |
| 91 days to 179 days | 4.11% | 4.11% |
| 180 days to 269 days | 4.58% | 5.09% |
| 270 days to < 1 year | 4.63% | 5.15% |
| 1 year only | 5.41% | 5.93% |
| 1 year 1 day to 2 years | 5.51% | 6.03% |
| 2 year 1 day to 3 years | 5.56% | 6.08% |
| 3 years 1 day to 5 years | 5.82% | 6.35% |
| 5 years 1 day to 10 years | 5.88% | 6.40% |
FD interest rates have been declining over last few years and is expected to further fall, as Indian economy grows in coming years.
| BANKS | GENERAL CITIZENS | SENIOR CITIZEN |
| Canara Bank FD Rates | 2.90% - 5.40% | 2.90% - 5.90% |
| SBI FD Rates | 5.30% - 5.40% | 5.80% - 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% |
| HDFC Bank FD Rates | 2.50% - 5.60% | 3.00% - 6.35% |
| Bandhan Bank FD Rates | 3.00% - 5.00% | 3.75% - 5.75% |
| Bank of Baroda FD Rates | 2.80% - 5.25% | 3.30% - 6.25% |
| Bank of India FD Rates | 2.85% - 5.05% | 3.35% - 5.55% |
| Central Bank of India FD Rates | 2.75% - 5.00% | 2.90% - 3.25% |
| DBS Bank FD Rates | 2.50% - 5.50% | 3.50% - 6.00% |
| IDFC Bank FD Rates | 2.50% - 6.00% | 3.00% - 6.50% |
| Indian Bank FD Rates | 2.90% - 5.15% | 3.40% - 5.65% |
| IndusInd Bank FD Rates | 2.50% - 6.00% | 3.00% - 6.50% |
| Punjab National Bank FD Rates | 2.90% - 5.25% | 3.50% - 5.75% |
| UCO Bank FD Rates | 2.55% - 5.05% | 3.80% - 6.30% |
Up to a year, the highest rate of interest for FD is 5.40%. For a tenure of more than a year, it’s 5.35% and for a tenure of 3 years to 10 years, it is 5.30%. If carefully examined, the Canara Bank FD rates are found closer to each other after the maturity period of 1 year.
The Canara Bank FD interest rates are less in case the FD grows to the highest maturity period of ten years. This is due to the evaluation of Canara Bank FD interest rates in which it diminishes in a few years.
So, the bank fixes the range of positive degenerating relations and establishes the rate of interest a little lower than a fallback contract in case of long-term investments lying between 5 years and 10 years.
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 Canara Bank offers four types of fixed deposit schemes for domestic customers. They are:
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 date of maturity.
The Canara Bank also allows non-resident Indians or NRIs to start a fixed deposit account with them. The Bank provides them with three types of fixed deposits options. Take a look:
1. NRO Fixed Deposit
The NRO (or Non-Resident Ordinary) Fixed Deposit account can be opened jointly by an NRI and an Indian resident.
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 Rs 1.5 lakhs under the purview of the Sec. 80 C.
In case you opt for premature closure of your fixed deposits, then the rate of interest applicable on your FD will be 1% lesser than the original rate. However, the penalty on premature closure can be changed by the Bank.
The Regular Fixed Deposit Scheme of Canara Bank should be opted by people who simply want to invest their savings to earn a handsome interest with negligible risks. Anybody, including senior citizens, can start this FD as it requires only Rs 1000 to invest.
The following individuals and groups are eligible to open a Canara Bank fixed deposit account-
Canara Bank provides loan 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.
1. Address Proof
The highest interest rate for FDs is 5.40 % for deposits lesser than Rs 2 crore.
The minimum is 7 days and the maximum is 10 years.
You can start your FD with a minimum deposit of Rs 1,000.
As compared to regular fixed deposits, the Canara Bank FD interest rate for senior citizen 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 3 and 5.40 per cent and for senior citizens the interest rate is somewhere between 3.50 and 5.90 per cent for deposits lesser than Rs 2 crore.
Anyone including NRIs, HUFs, firms and resident individuals can open an FD account.
To deposit an additional amount you will have to start a new FD account with Canara Bank. It is not possible to add more money to an ongoing fixed deposit account.
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 FD account with the required tenure.
Following documents are required from your end.
If your FD account was opened without your PAN card then-
Canara Bank has revised the interest rates for fixed deposits of below Rs 2 crore, starting 8th February 2022. As per the new FD rates, Canara Bank will now offer interest rates ranging from 2.95 per cent to 5.50 per cent to the general public.
According to the latest revision, Canara Bank has slashed the interest rate of FDs with a maturity period of one year by 5 basis points (bp). Thus, customers will now get an interest rate of 5.20 per cent for one-year fixed deposits.
However, the FD rate has been hiked for deposits with a maturity period of two years to 10 years. As a result, customers will now earn an FD rate of 5.40 per cent for deposits maturing between two years to three years. Similarly, the Bank will now offer an interest of 5.50 per cent to customers with an FD tenure of three years to 10 years.
As per the new Canara Bank FD rates, FDs maturing between 7 days to 45 days and 46 days to 90 days will earn an interest of 2.95 per cent and 3.90 per cent respectively. The Bank will offer an FD rate of 4 per cent to deposits with a maturity period of 91 days to 179 days.
Canara Bank customers will earn an interest rate of 4.45 per cent on fixed deposits maturing between 180 days to below one year. On the other hand, fixed deposits with a maturity tenure of more than one year and below two years will earn an FD rate of 5.20 per cent.
Senior citizens, who have fixed deposits in Canara Bank, will get an additional rate of 0.50 basis points on FD tenures of 180 days to 10 years. Thus, Canara Bank will offer an interest rate of 2.95 per cent to 6 per cent on fixed deposits held by senior citizens.
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