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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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:
Prevailing Market Conditions
Internal Policies of Canara Bank
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.
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:
|RD Account Type||
|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|
|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||
|Taxation||TDS is applicable|
|Application Mode||Fill up the application offline at your nearest bank branch|
The list of different types of Canara Bank Recurring Deposits is as below:
|Minimum Monthly Deposit||Rs. 50 – No limit|
|Tenure||6 months – 120 months|
|Loan Against RD||Available|
|Premature Closure||Permitted with 1% penalty|
|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||
|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|
|Premature Closure||Permitted with 1% penalty|
|Taxation on Interest||Tax is charged as per your income tax slab|
The following persons can open Canara Bank RD Scheme:
Resident Individual Citizens
Minor (through a guardian)
Non Resident Indian (NRI)
Hindu Undivided Family (HUF)
Trusts, Societies, Clubs, etc.
The following documents are required to apply for the Canara Bank RD Scheme of your choice:
2 Passport-Size Photographs
Voter ID Card,
PAN Card/ Form 60/ Form 61
Photo Ration Card
Applicable documents to companies/ proprietorship firms/ HUFs/ Partnership Firms/ etc.
Canara Bank Savings Bank Account Details
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:
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
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
Step 3: The calculator will automatically show you the following details:
Total Amount Invested
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.
|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%|
|Particulars||Fixed Deposit (FD) Scheme||Recurring Deposit (RD) Scheme|
|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|
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