Canara Bank FD Interest Rates 2022

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.

FEATURES
hdfc-life
sbi-bank
hdfc-bank
hdfc-life
Returns (Max Tenure)
5.88%
5.5%
5.75%
Highest Return6.3%
Life Cover
No
No
No
Yes
Tax Saving
No
No
No
₹46,800*

Yearly

* Assuming investment of ₹ 1 Lakh per year & income tax slab of 30%

Canara Bank FD Rates
Tenure REGULAR RATES
Current 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.

5 Yrs FD rate - Historical trend
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Compare FD Interest Rates of Top Financial Institutions
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%
Show More

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.

  • About 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

    1. Domestic / NRO Term Deposit Rates (Below Rs. 2 Crores)

    Rates with effect from 12th May 2022:

    Tenure General Citizens Senior Citizens
    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 less than 1 Year 4.63% 5.15%
    1 year only 5.41% 5.93%
    Above 1 year but less than 2 years 5.51% 6.03%
    2 years & above but less than 3 years 5.56% 6.08%
    3 years & above but less than 5 years 5.82% 6.35%
    5 years & above to 10 Years 5.88% 6.40%

    2. Domestic / NRO Term Deposit Rates (Above Rs. 2 Crores but less than Rs. 10 Crores)

    Rates with effect from 12th May 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 3.39%
    1 year only 3.80%
    Above 1 year but less than 2 years 3.80%
    2 years & above but less than 3 years 3.70%
    3 years & above but less than 5 years 3.44%
    5 years & above to 10 Years 3.44%

    Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

    3. NRE Term Deposit Rates (Below Rs. 2 Crores)

    Rates with effect from 12th May 2022:

    Tenure Interest Rates (per annum)
    1 year only 5.3
    Above 1 year but less than 2 years 5.4
    2 years & above but less than 3 years 5.45
    3 years & above but less than 5 years 5.7
    5 years & above to 10 years 5.75

    4. NRE Term Deposit Rates (Above Rs. 2 Crores but less than Rs. 10 Crores)

    Rates with effect from 12th May 2022:

    Tenure Interest Rates (per annum)
    1 year only 3.75
    Above 1 year but less than 2 years 3.75
    2 years & above but less than 3 years 3.65
    3 years & above but less than 5 years 3.4
    5 years & above to 10 years 3.4

    Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

  • Canara Bank Fixed Deposit Interest Rates 2022  Special Features

    • Competitive interest rates on all the fixed deposits
    • Canara Bank fixed deposits start from Rs 1000 with no upper limit
    • Loan facility up to 90 per cent 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 option available
  • Canara Bank Fixed Deposit 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.

    Take a look at each of these schemes in detail:

    1. Regular Fixed Deposit Scheme

    The Regular Fixed Deposit Scheme allows a person to park his/her savings into the FD account to earn attractive returns on it. 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 1000.
    • 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.
    • Nomination facility and partial withdrawal facility is available.
    • A penalty of 1% is applicable on FD of below Rs 2 crore 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 on 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 will be paid on 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 his/her 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 and a maximum of Rs 1.5 lakh.
    • 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 re-investment plan that allows people to earn compound interest on their investments. Some of the features of Kamdhenu Deposit Scheme are:

    • The account can be opened with a minimum investment of Rs 1000.
    • 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.
    • Nomination facility and partial withdrawal facility is available.
    • Interest will be paid on 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 made/ renewed on or after 4th February 2011.
    • TDS is also applicable on the interest amount earned by the account holder.

    4. Ashraya Deposit Scheme

    The Ashraya Deposit Scheme has been designed for senior citizens who have existing FD account or Kamdhenu deposit account. It allows the depositors aged 60 years and above to earn a higher interest rate on fixed deposits. Some of the features of Ashraya Deposit Scheme are:

    • The account can be opened with a minimum investment of Rs 1000.
    • It is available for a minimum deposit period of 15 days to a maximum of 120 months. Kamdhenu account holders will have to make a deposit for at least 5 months.
    • An interest rate equivalent to 0.50% higher than the applicable Canara Bank FD interest rates is paid, irrespective of the deposit amount or period.
    • The depositor can choose for either monthly, quarterly or half-yearly interest payment. The interest on Kamdhenu deposits will be compounded quarterly and will be paid on maturity.
    • A loan of up to 90% of the investment amount can be availed against the FD.
    • Both partial withdrawal and nomination facility is 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 on 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 made/ renewed on or after 4th February 2011.
  • 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 date of maturity.

    It is renewed for the same deposit period at the prevailing Canara Bank FD rates as on the date of maturity. This feature is applicable in case the depositor opts for it at the time of opening the FD and also if no renewal instructions have been provided to the Bank. However, this feature is not available 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 date of payment or reinvestment. This feature can is applicable in case the depositor does not opt for automatic deposit renewal option.

  • Canara Bank NRI Fixed Deposits 2022

    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.

    This type of account can be opened for a minimum of 15 days to a maximum of 10 years. The deposit should be made in Indian rupees only. The interest on an NRO deposit is equivalent to the applicable Canara Bank FD rates for domestic deposits. Moreover, the loan and nomination facility is available under this type of FD.

    2. NRE Fixed Deposit

    The NRE (or Non-Resident External Rupees) Fixed Deposit account can be opened by an NRI along with any close relative staying in India. This type of account can be opened for a minimum of 1 year to a maximum of 10 years. The deposit should be made with Indian rupees only. The interest is paid as per the applicable Canara Bank FD rates for NRE deposits. Moreover, the interest amount earned under this FD is exempted from tax deductions. This deposit also allows for a loan as well as the nomination facility.

    3. FCNR Fixed Deposit

    The FCNR (or Foreign Currency Non-Resident) Fixed Deposit account can be opened jointly by NRIs only. This type of account can be opened with international currencies, such as USD, CAD, EURO, AUD and GBP for a minimum deposit period of 1 year to a maximum of 5 years. The interest is paid as per the applicable Canara Bank FD rates for FCNR deposits. Moreover, the interest amount earned under this FD is exempted from tax deductions. This deposit also allows for loan and nomination facility.

    4. FCNR(B) Foreign Currency Non-Resident Deposits

    Rates with effect from 12th May 2022:

    Currency of Deposit USD GBP EUR CAD AUD
    1 Year and above but less than 2 years 1.6 1.85 0.06 0.91 0.85
    2 years and above but less than 3 years 2.02 2.21 0.11 1.96 1.35
    3 years and above but less than 4 years 2.1 2.18 0.11 2.06 1.55
    4 years and above but less than 5 years 2.21 2.19 0.2 2.11 1.8
    Five years only 2.29 2.16 0.25 2.11 1.95

  • Taxation on Canara Bank Fixed Deposit Account

    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.

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

    10% TDS is applicable if the interest earned on your deposits is more than Rs 40,000 in case of the general public and Rs 50,000 in case of senior citizens. Upon deduction, a TDS certificate will be given by the Bank.

    *Tax benefit is subject to changes in tax laws

  • Canara Bank FD Premature Withdrawal

    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.

  • Who Should Invest in Canara Bank Fixed Deposit Schemes?

    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.

    This is also ideal for minors as the investment can be made in their name.

    The Canara Tax Saver Deposit Scheme should be opted by people who want to claim tax deductions under the Income Tax Act. It is best suited for people with regular salaries, tax-paying professionals and businessmen. However, only people who do not plan to withdraw the amount before 5 years should invest as it comes with a lock-in period of 5 years.

    The Canara Kamdhenu Deposit Scheme should be opted by people who want to continue earning interest with minimal risks on the investment over a long period of time. It is ideal for people with regular income who also have savings of their own.

    The Canara Ashraya Deposit Scheme should be opted by senior citizens who wish to earn additional interest on the deposited amount. People with both regular FD and Kamdhenu deposit can apply for this scheme.

  • Eligibility Criteria for Canara Bank Fixed Deposits

    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
  • Loan Against Canara Bank Fixed Deposits

    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.

  • 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 licence
    • PAN card
    • Photo ration card
    • Government ID/ Senior citizen ID card
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

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