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.
| Tenure | REGULAR 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.
Total Investment
Interest Earned
Maturity Amount| 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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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 (Above Rs.2 Crores but less than Rs.10 Crores)
Rates with effect from 8th August 2022:
The Canara Bank offers four types of fixed deposit schemes for domestic customers. They are:
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 following individuals and groups are eligible to open a Canara Bank fixed deposit account-
1. Address Proof
The Canara Bank fixed deposit schemes come with two types of special maturity features:
1. Automatic Deposit Renewal
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.
* 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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