Flexi Fixed Deposit Canara Bank

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What is Canara Bank Flexi Fixed Deposit?

Flexi Deposit Canara Bank is a secured deposit feature linked to your savings account. You can set a minimum balance for your SB Power Plus savings account, typically set at ₹25,000 or higher in multiples of ₹1,000. The surplus amount is automatically swept into a fixed deposit. If your balance falls below the set limit, deposits are swept out from the fixed deposit to maintain it. This way, Flexi Fixed Deposit helps you grow your savings without losing liquidity to your money.

Canara Bank Flexi Deposit Interest Rates

Flexi Fixed Deposit interest rates follow Canara Bank FD rates. Here’s the current rate table based on callable deposit slabs:

Canara Bank FD Interest Rates Below ₹3 Crore (Callable)

*Canara Bank FD interest rates w.e.f. June 9, 2025

To explore comparative options, check the FD interest rates in India.

Key Features of Canara Bank Flexi Fixed Deposit

The Canara Bank Flexi Fixed Deposit comes with several useful features. Here’s a look at what makes it a convenient and smart option for managing your savings:

• Higher Returns on Surplus Funds: With a Canara Bank Flexi Fixed Deposit, surplus from your savings account earns higher FD interest. The interest can increase to 6.60% for general customers and 7.10% for senior citizens.
• Simple and Hassle-Free Setup: Opening a Flexi Fixed Deposit Canara Bank account is quick and requires minimal documentation. You can open it online using internet banking or the Canara ai1 app, or offline by visiting a branch.
• Flexible Tenure Options: Canara Bank offers flexibility when choosing the deposit period. You can select a tenure that suits your financial goals, whether short-term or long-term.
• Continued Access to Funds: If your savings account drops below the set limit, funds are auto-withdrawn from your Flexi Fixed Deposit, ensuring easy access whenever needed.

How to Open a Canara Bank Flexi Fixed Deposit?

You can open a Flexi Deposit at Canara Bank online or offline. Existing Canara Bank customers only need to complete the Flexi Deposit booking process, while new customers must first open a savings account and then link their Flexi Deposit to that account.

1. Online FD Account Opening

   You can book a Canara Bank Flexi Fixed Deposit online if you are an existing customer with NetBanking or the Canara ai1 mobile app.

   • NetBanking or Mobile App: Log in to your Canara Bank NetBanking with your credentials or open the Canara ai1 app.
   • Go to ‘Fixed Deposit’: Tap on 'Term Deposit/Fixed Deposit' and then select 'Open FD'.
   • Select FD Amount: Select your account and enter the amount (starting from ₹1,000).
   • Select FD Type: Choose a deposit type from the available options, such as 'Kamadhenu' (reinvestment) or 'Ashraya' (regular).
   • Maturity Instructions: Select options for auto‑renewal, interest payout frequency, or payout at maturity.
   • Review & Confirm: Check all details, accept the terms & conditions, and submit.
   • FD Receipt: Generate and print the term deposit receipt (e‑TDR) instantly.

2. Offline FD Account Opening

   If you prefer the offline process, you can visit your nearest Canara Bank branch to book a fixed deposit with the flexi facility.

   • Visit Canara Bank Branch: Visit a Canara Bank branch with your PAN/Aadhaar and cheque/cash.
   • Canara Bank FD Form: Fill out the Term Deposit form at the Canara Bank branch.
   • Submit Documents: Submit the required KYC proofs if you are a new customer.
   • Fund Transfer/Deposit: Deposit the FD amount (minimum ₹1,000) digitally, through cheque, or cash.
   • Tenure & Interest Options: Choose the tenure (7 days to 10 years) and interest payout frequency.
   • Get the FD Receipt: Canara Bank will issue a Term Deposit Receipt (TDR) as confirmation.

Difference Between Flexi Fixed Deposits and Regular Fixed Deposits

Here’s a clear comparison between Canara Bank’s Regular Fixed Deposit and Flexi Fixed Deposit to help you understand how access, interest, and flexibility differ:

Key Takeaways

Canara Bank Flexi Fixed Deposit is a convenient way to earn higher interest than regular FDs without restricting access to your money. It suits individuals who maintain a steady balance in their savings account, such as professionals and business owners. It also helps you avoid Canara Bank FD premature withdrawal, as funds can be accessed automatically without closing the entire deposit.