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Canara Bank FD Premature Withdrawal Penalty Calculator
Canara Bank FD Premature Withdrawal Penalty Calculator is a tool to quickly check your effective interest rate and payout before withdrawing your FD early. Withdrawing your Canara Bank Fixed Deposit before maturity means your interest rate gets recalculated, and a penalty of 1.00% is applied on deposits below ₹3 Crore.
Guaranteed Returns
Includes Life Cover
Completely Tax Free+
3 Benefits, 1 Plan
Maximum returns offered by:
7.4%*
(Tax-Free)
Guaranteed Plan
(By Insurance companies)4.6%*
(After Tax)
Fixed Deposit
(Offered by Banks)4.0%*
Savings Account
(Post Office)We are rated++
13.2 Crore
Registered Consumer
53
Insurance Partners
6.29 Crore
Policies Sold
Get Guaranteed returns up to 7.4%*
Fully Tax-Free, Life Cover Included
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- Canara Bank FD Premature Withdrawal Penalty Calculator
How Canara Bank Calculates the Premature Withdrawal Penalty
Canara Bank premature FD withdrawal comes with a penalty of 1.00% that applies on premature closure, part withdrawal, or premature extension of Domestic/NRO term deposits. It is applied on deposits below ₹3 Crore, and for deposits accepted or renewed on or after 12th March 2019.
| Option | Basis | Calculation |
| Option 1 | The rate the bank was offering (on your booking date) for a deposit of the same amount, for as long as your FD actually stayed with the bank | Rate for actual duration − 1.00% |
| Option 2 | The rate you were originally promised when you booked the FD | Your booked rate − 1.00% |
Note: Whichever of these two works out lower is the rate you'll actually earn.
Benefits of FD Premature Withdrawal Penalty Calculator
The following are the key advantages of using this FD premature withdrawal penalty calculator:
- Quick Estimates: Instantly check your revised payout without visiting a branch, saving time and effort when managing your fixed deposits.
- Complete Transparency: Clearly shows your post-penalty payout, so you know exactly what to expect when withdrawing your FD early.
- Easy to Use: The FD Premature Withdrawal Penalty Calculator features a user-friendly interface that requires only a few basic details to estimate your revised payout.
- Personalised Results: Uses the applicable FD interest rates for general and senior citizens, ensuring accurate and customised estimates.
Wrapping Up
The Canara Bank FD Premature Withdrawal Penalty Calculator helps you estimate the amount you’ll receive if you close your FD before maturity. The 1.00% penalty applies to the interest rate for the actual period your FD stayed with the bank and not your original contracted tenure. This means your final payout is always lower than the rate you were initially promised at booking. Tax Saver FDs cannot be withdrawn early, except in special cases such as the account holder’s death or a court order.
FAQs
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Will TDS be deducted from my payout on a premature withdrawal of a Canara Bank FD?
Yes, Tax Deducted at Source (TDS) may be deducted depending on your total interest income. However, the Canara Bank FD Premature Withdrawal Calculator does not factor in TDS. It only calculates your payout after applying the premature withdrawal penalty. -
Do I need to log in to use the Canara Bank FD Premature Withdrawal Calculator?
No login or registration is required. Canara Bank FD premature withdrawal calculator is a publicly accessible tool and can be used directly. -
How to avoid penalty on premature closure of FD?
To avoid premature closure penalties, take an overdraft or a loan against Fixed Deposit. This lets you borrow up to 90% of the deposit value while keeping your FD, and continues to earn interest, typically at a rate just 1% to 2% higher than your FD rate.
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IndusInd Bank FD Premature Withdrawal Penalty Calculator helps˜The insurers/plans mentioned are arranged in order of highest to lowest first year premium (sum of individual single premium and individual non-single premium) offered by Policybazaar’s insurer partners offering life insurance investment plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in
* Applicable for Titanium variant of Max Life Smart Fixed-return Digital (Premium payment of 5 years, Policy term of 10 years) and a healthy male of 18 years old paying Rs. 30,000/- monthly (exclusive of all applicable taxes)
** Fixed deposit rate applicable for 5 year's 1 day to
10 years for investment amount less< 2 Crore ( Not for senior citizens).
*** PPF interest rate applicable for 15 years
for investment amount upto 1.5 Lac
+ 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
##The Guaranteed Returns are dependent on the policy term and premium term availed along with other variable factors. 7.4% rate of return is for an 18-year-old, healthy male for a policy term of 20 years and a premium term of 10 years with ₹5,00,000 annually installment premium. All plans listed here are from insurance companies’ funds.
++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ