Canara Bank Senior Citizen FD Rates

Canara Senior Citizens Fixed Deposit Rates

The tables below contain attractive Canara Bank Senior Citizens FD interest rates with various tenures and deposit options for below 3 crore and Non-Callable (Above Rs.1 Crore) :

Rates for Senior Citizens (Less Than ₹3 Crore, Callable)

The highest senior citizens FD rate of Canara Bank is for a tenure of 555 days that goes up to 7.10% p.a., effective from 05th August 2026 (last verified in September): 

*Canara senior citizen FD rates w.e.f. August 05, 2026

Canara Bank FD Interest Rates for Senior Citizens Non-Callable ( Above Rs 1 Crore )

For the Non - Callable senior citizens, the highest rate is given on the 555-day tenure up to 7.20% p.a., effective from 17th March, 2026 (last verified in September):

*Canara senior citizen Non-Callable FD rates w.e.f. March 17, 2026

Canara Bank Senior Citizen FD Rate Highlights

• Extra Rate (Age 60+): Senior citizens get an extra 0.50% per year on deposits held for 180 days or longer.
• Super Senior Benefit (Age 80+): Super seniors receive an additional 0.60% per year on special plans like Canara 444 and Canara 555.
• Minimum Deposit: Start investing with just ₹1,000.

Key Benefits of Canara Bank Senior Citizen FD

Here are some of the key benefits of the Canara Bank Senior Citizen FD:

1. Higher Interest Rates:

   Canara Bank offers Senior Citizen FDs with rates up to 7.10% p.a. Individuals aged 60 and above get 0.50% extra interest, and super seniors (80+) earn 0.60% more on select schemes like the 444 Days and 555 Days Deposit over the regular Canara Bank FD interest rates.

2. Exclusive Perks and Initiatives

   Periodically, or as part of specific bank initiatives, unique perks and benefits are offered for senior citizens.

3. Multiple Interest Payout Options:

   You can choose how you receive the interest earned on your FD. The available options include monthly, quarterly, half-yearly, or as a lump sum at maturity.

4. Loan Against FD:

   Canara Bank offers a loan against fixed deposit, which provides liquidity without breaking the FD. The loan amount can be up to 90% of the deposit value.

5. Auto-Renewal Facility

   The auto-renewal option is useful for senior and super-senior citizens who may not wish to visit the bank frequently or be less comfortable with online banking. When opening the FD, depositors can choose the renewal terms, including the tenure and interest payout preference.

6. Nomination Facility:

   The nomination facility is available, allowing you to designate a beneficiary to receive the FD funds in case of your passing. Being a public sector bank, it provides a high level of security and guaranteed returns, as fixed deposits are not subject to market fluctuations.

Taxation on Canara Bank FD Interest Rates for Senior Citizens

The interest earned on Canara Bank fixed deposits by senior citizens is fully taxable and applicable according to the income tax slab rates.

• Tax-Saving FD: Investments in the Canara Bank Tax-Saver Fixed Deposit are eligible for an income tax deduction of up to ₹1.5 lakh per financial year under Section 123 of the Income Tax Act, 2025 (replacing Section 80C). However, the interest earned on this deposit remains fully taxable. 
• Senior Citizen Interest Deduction: Senior citizens can significantly reduce their tax liability by claiming a deduction of up to ₹1,00,000 on their total interest income from all deposits.
• TDS Exemption: To avoid TDS deduction on interest earned, eligible individuals must submit Form 121 to the bank. This form has replaced Form 15G and Form 15H as of April 1, 2026, and now applies to all age groups.