Canara Bank RD Interest Rates 2024

Canara Bank RD interest rates in 2023 are as high as 7.25% p.a. for the general public and 7.75% p.a. for senior citizens. These interest rates are subject to change and vary based on market conditions and internal policies of the bank. Let us learn the details of RD rates in Canara Bank in this article.

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58.9 Million
Registered Consumer
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What are Canara Bank RD Interest Rates?

Canara Bank RD Interest Rates are the rates of interest offered by Canara Bank on the Recurring Deposit accounts opened by customers for a fixed period. 

These rates are determined by the bank based on several factors, such as:

  • Deposit Amount

  • Tenure

  • Prevailing Market Conditions

  • Internal Policies of Canara Bank

Canara Bank RD Interest Rates 2023

The Canara Bank Recurring Deposit rates for deposits of up to Rs. 2 crores are as follows: 

Tenure Interest Rates (% p.a.) for Regular Public Interest Rates (% p.a.) for Senior Citizens
180 - 269 days 6.25 6.75
270 days - < 1 year 6.50 7.00
1 year only 7.00 7.50
444 Days Scheme 7.25 7.75
>1 year - <2 years 6.90 7.40
2 years - <3 years 6.85 7.35
3 years - <5 years 6.80 7.30
5 years - 10 years 6.70 7.20

Note: Canara Bank RD Rates are effective as of 01 May 2023.

Disclaimer: RD Interest rates are subject to change with time. Policybazaar does not endorse, rate, or recommend any particular company or product. The policyholder bears the investment risk in the investment portfolio.

Key Features of Canara Bank RD Scheme

Canara Bank’s Recurring Deposit-RD scheme is a popular investment option for its customers. 

Some of the key features of RD scheme in Canara bank are mentioned in the table below:

Features Details
RD Account Type
  • Individual Account

  • Joint Account

Tenure 180 days – 10 years
Canara Bank RD Interest Rates 6.25% p.a. – 7.25% p.a.
Interest Compounding Frequency Quarterly
Special RD Interest Rates for Senior Citizens 0.50% p.a. additional to Canara Bank RD interest rates for the general public
Minimum Deposit Amount Monthly Rs. 50 – No Limit
Nomination Facility Available
Loan on RD Loan of up to 90% of deposits in the RD account
Premature Withdrawal Charges 1% on RD accounts opened after 04 February 2011
Delayed Instalment Penalty
  • RD for 5 Years: Rs. 1.50 on every monthly instalment of Rs. 100

  • RD for >5 Years: Rs. 2 on every monthly instalment of Rs. 100

Taxation TDS is applicable
Application Mode Fill up the application offline at your nearest bank branch

Types of Canara Bank RDs

The list of different types of Canara Bank Recurring Deposits is as below:

  1. Canara Bank Regular Recurring Deposit Scheme

    Features Details
    Minimum Monthly Deposit Rs. 50 – No limit
    Tenure 6 months – 120 months
    Loan Against RD Available
    Nomination Facility Provided
    Premature Closure Permitted with 1% penalty
  2. Flexi RD Canara Dhanvarsha Scheme

    Features Details
    Minimum Monthly Deposit Rs.500 – Rs. 1 lakh
    Tenure 1 year – 10 years
    Interest Rates 6.25% p.a. – 7.25% p.a. (same as Regular Canara Bank RD Scheme)
    Special Interest Rates for Senior Citizens 0.50% p.a. additional to Canara Bank RD interest rates for the general public
    Premature RD Account Closure Permitted with a 1% penalty
    Flexibility in Instalment Payment
    • Allowed to deposit instalments one/ multiple times in a month

    • Additional deposits u/ Flexi Option

    Penalty on Delayed Payment of Instalment N/A
    Premature Withdrawal Available without any penalty
    Loan Against RD Up to 90% of the recurring deposit amount
    Nomination Facility Provided
    Premature Closure Permitted with 1% penalty
    Taxation on Interest Tax is charged as per your income tax slab

Eligibility Criteria

The following persons can open Canara Bank RD Scheme:

  • Resident Individual Citizens

  • Minor (through a guardian)

  • Non Resident Indian (NRI)

  • Hindu Undivided Family (HUF)

  • Proprietorship Firms

  • Companies, Associations

  • Trusts, Societies, Clubs, etc.

Documents Required

The following documents are required to apply for the Canara Bank RD Scheme of your choice:

  • 2 Passport-Size Photographs

  • Valid Passport

  • Voter ID Card, 

  • PAN Card/ Form 60/ Form 61

  • Driving License

  • Photo Ration Card

  • Applicable documents to companies/ proprietorship firms/ HUFs/ Partnership Firms/ etc. 

  • Canara Bank Savings Bank Account Details

How to Open an RD Account with Canara Bank?

Canara Bank provides only an offline method to open a Recurring Deposit Account.

Steps to Apply through Offline Mode:

Step 1: Visit your nearest Canara Bank branch and ask for an RD account opening form

Step 2: Fill out the form with your personal and contact details

Step 3: Carefully choose the following details:

  • Tenure

  • Monthly Instalment Amount for your RD

Step 4: Submit the completed form along with the necessary documents

Step 5: Deposit the first instalment amount for your RD account

Step 6: Once the Canara Bank RD Scheme account is opened, you will receive a passbook or an RD certificate with all the details of your RD account

Canara Bank RD Interest Calculator

You can use a Canara Bank RD interest calculator to compute the maturity amount of your RD account. 

Steps to Calculate RD Interest in Canara Bank:

Step 1: Go to the Policybazaar Canara Bank RD calculator website

Step 2: Enter the required details such as:

  • Monthly Instalment Amount

  • RD Tenure

  • Interest Rate

Step 3: The calculator will automatically show you the following details: 

  • Total Amount Invested

  • Interest Earned

  • Maturity Amount

Benefits of Opening Canara Bank RD Scheme Account

Opening a Canara Bank RD Scheme offers several benefits to an investor, they are:

  • Safe Investment Option: Canara Bank is a trusted and reputable bank in India, so investing in an RD account with them ensures the safety of your investment.

  • High-Interest Rates: Canara Bank offers competitive interest rates on RD accounts than regular savings accounts.

  • Flexibility: Canara Bank RD accounts come with flexible tenure options ranging from 6 months to 120 months, allowing you to choose a tenure that suits your investment needs.

  • Regular Savings: RD accounts encourage regular savings as you need to make monthly deposits, which can help you inculcate the habit of saving.


  • Which bank’s RD is best?

    Choosing the "best" RD (Recurring Deposit) account depends on several factors such as:
    • Interest rates offered
    • Tenure options
    • Flexibility on various features of the RD scheme
    • Convenience of opening the RD scheme account
    Different banks may offer different interest rates and benefits, so it is important to research and compare different options before choosing the best RD account for your needs.
    Here are some of the top banks in India offering RD accounts with competitive interest rates:
    • State Bank of India (SBI)
    • HDFC Bank
    • ICICI Bank
    • Axis Bank
    • Punjab National Bank (PNB)
  • What is the interest rate for RD Dhanvarsha in Canara Bank 2023?

    The Canara Bank Dhanvarsha Flexi RD Scheme is offering attractive Recurring Deposit interest rates of 6.25% p.a. - 7.25% p.a.
  • Which RD has the highest interest?

    Here is a list of top banks offering high RD interest rates in 2023:
    Bank Name General RD Interest Rates (in % p.a.) Senior Citizen Interest Rates (in % p.a.)
    SBI RD Interest Rates 6.50% – 7.00% 7.00% – 7.50%
    ICICI RD Interest Rates 4.75% – 7.10% 5.25% – 7.60%
    HDFC RD Interest Rates 4.50% – 7.10% 5.00% – 7.60%
    Axis Bank RD Interest Rates 5.75% - 7.20% 6.00% – 7.95%
    BOB RD Interest Rates 4.30% – 5.25% 4.80% – 5.75%
    PNB RD Interest Rates 4.40% – 5.30% 4.90% – 6.05%
    Canara Bank RD Interest Rates 6.25% – 7.25% 6.75% –7.75%
  • Which is better FD or RD in Canara bank?

    Whether RD (Recurring Deposit) or FD (Fixed Deposit) is better for you depends on the following:
    • Your investment goals
    • Financial situation
    • Your risk appetite
    Here are some key differences between the two:
    Particulars Fixed Deposit (FD) Scheme Recurring Deposit (RD) Scheme
    Investment Frequency
    • Deposit a lump sum amount
    • Fixed tenure
    • Deposit a fixed amount at regular intervals (usually monthly)
    • Fixed tenure
    Interest Rates Generally offer higher interest rates than RDs Generally offer rates equal to or lower than FD interest rates.
    Flexibility Offer a fixed interest rate for the entire tenure Offer more flexibility on amount and tenure than FDs
    Regular Savings FDs allow one-time investments only Encourage regular savings as you need to make monthly deposits
  • What happens if we fail to make RD's monthly payment?

    If you fail to deposit money for consecutive months, the Bank will cancel or deactivate your RD account until you make the outstanding payment. Depending on the Bank, this time frame ranges from 3 to 5 months.
  • Is investing in RD an intelligent move?

    The total money invested in an RD is safe and secure, unlike mutual funds and stocks vulnerable to market hazards. The Bank will apply your RD's interest rate on the account opening date, which will shield the investment from changes in interest rates. After the term, the Bank will refund it along with interest.
* 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
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