** Disclaimer: Canara Bank has not partnered with Bajaj Markets. The information is intended for educational purposes only. You are advised to contact the Banks/NBFCs for additional details.
Canara Bank’s term deposit plans happen to be the safest investment instruments for attaining high assured returns. The Bank offers investment tenors ranging from 7 days to 10 years, with 15 days being the minimum tenor for deposits below ₹5 Lakhs.
The Bank offers four types of FD plans - the regular FD plan, the tax-saver FD plan, the Kamadhenu reinvestment plan and the Ashraya deposit plan. Canara Bank FD rates vary from 3.25%-7.00% for regular citizens and 0.50% extra for seniors. You can also improve your yield from the investment by using the Canara Bank FD calculator online before booking an FD. Here’s an overview of the current Canara Bank FD rates:
Tenor |
Canara Bank Non-Senior Citizens FD Rates |
Canara Bank Senior Citizen FD Rates |
7 days to 45 days |
3.25% |
3.25% |
46 days to 90 days |
4.25% |
4.25% |
91 days to 179 days |
4.50% |
4.50% |
180 days to 269 days |
5.90% |
6.40% |
271 days to below 1 year |
6.00% |
6.50% |
1 year |
6.50% |
7.00% |
More than 1 year to less than 2 years |
6.50% |
7.00% |
666 days |
7.00% |
7.50% |
More than 2 years to less than 3 years |
6.50% |
7.00% |
More than 3 years to less than 5 years |
6.50% |
7.00% |
More than 5 years to 10 years |
7.00% |
7.50% |
Note: Interest rates w.e.f 07.10.2022 and can change from time to time as per the bank’s discretion. ROI mentioned in the table corresponds to only retail domestic deposits under ₹2 Crores.
Investment without planning is not a fruitful idea. While FDs are risk-free investments, you still need to do your due diligence and estimate your returns before investing your hard-earned money into an FD. You can use the Canara Bank FD calculator to do this in a matter of seconds. This digital tool shows you the rough maturity value you stand to derive from investments made for a specific tenor. The Canara Bank FD calculator makes complex calculations easy by computing your gains using just a few essential parameters. Thus, with the projections displayed by the Canara Bank FD calculator, you can assess if an FD plan aligns well with your investment goals and accordingly adjust its tenor.
Before opening your Canara Bank FD, you should use the Canara Bank FD calculator to determine your gains for a stipulated investment period. We've formulated the following table to give you a brief idea about your potential gains. You can check out this table that shows how a lump-sum investment of ₹1 Lakh will grow in 5 years when interest is compounded quarterly.
Tenor |
Non-Senior Citizen |
Senior Citizen |
||||
Interest Rate |
Interest Earned |
Maturity Amount |
Interest Rate |
Interest Earned |
Maturity Amount |
|
1 Year |
6.50% |
₹6,600 |
₹1,06,600 |
7.00% |
₹7,186 |
₹1,07,186 |
2 Years |
6.50% |
₹13,764 |
₹1,13,764 |
7.00% |
₹14,888 |
₹1,14,888 |
3 Years |
6.50% |
₹21,341 |
₹1,21,341 |
7.00% |
₹23,144 |
₹1,23,144 |
4 Years |
6.50% |
₹29,422 |
₹1,29,422 |
7.00% |
₹31,993 |
₹1.31993 |
5 Years |
7.00% |
₹41,478 |
₹1,41,478 |
7.50% |
₹44,995 |
₹1,44,995 |
*Canara Bank FD interest rates w.e.f 07.10.2022. Interest rates may change as per the bank’s discretion and policies.
To apply for a Canara Bank FD, you have to meet a checklist of certain eligibility criteria. We’ve outlined the same below:
Both resident Indians and NRIs
Hindu Undivided Families (HUF)
Minors with a guardian regulator
Joint accounts allowed with up to 4 members
Partnerships
Public and private limited companies
Association
Government bodies
Here’s the list of documents you need to prove your eligibility and benefit from Canara Bank FD rates:
Duly filled Canara Bank FD form
Identity proof (Aadhaar Card, PAN Card, Voter’s ID Card or driver’s licence)
Address Proof (Aadhaar Card, PAN Card, Voter’s ID Card, driver’s licence, Ration Card or utility bills)
Copies of your PAN Card
Form 60 or form 61 (only for those without a PAN Card)
2 passport-size photos
Senior citizen ID proof (pension card, SSC certificate, birth certificate, etc.)
Any additional documents required for HUFs, partnership firms, associations and companies.
Canara Bank FD maturity amount can be calculated using this simple mathematical formula:
M = P (1+r/n) ^ (n * t)
Here, M is the maturity amount
P is the principal invested
i is the Canara Bank FD rate
n is the frequency of compounding
And, t is the tenor for the deposit
Here’s an example that will help you understand maturity calculations better. Say, for instance, you decide to park a sum of ₹5 Lakhs in a Canara Bank fixed deposit for four years. The applicable Canara Bank fixed deposit rate for the term is 6.50%, with interest earned on the sum compounding quarterly. Once you input this information into the formula, you get:
M= ₹5,00,000 X (1+0.065/4)4x5
= ₹5,00,000 X (1+0.01625)20
= ₹5,00,000 X (1.01625)20
= ₹5,00,000 X (1.3804)
= ₹6,90,200
As you can see, manually calculating returns can be a hassle. This method also has a significantly high error margin. You can avoid wasting time with such lengthy calculations by simply using the Canara Bank FD calculator online. Using the Canara Bank FD calculator is simple and easy. Here’s how you can compute your maturity amount and interest earnings in just a few easy steps:
Step 1: Pick the right customer type field on the Canara Bank FD calculator
Step 2: Fill in the lump-sum amount you wish to invest in the FD
Step 3: Choose an interest payout frequency of your preference
Step 4: Input your preferred investment tenor into the Canara Bank FD calculator
Step 5: Enter the applicable Canara Bank FD rates for the period
The best part about the Canara Bank FD calculator is that you can use it multiple times without any charges. You can input different tenors and principal amounts into the Canara FD calculator to determine a favourable balance that helps you meet your set investment goals. Thus, by using the Canara Bank fixed deposit calculator before booking an FD, you can pick a tenor that yields maximum returns on your investment.
Yes. You can prematurely withdraw from your callable Canara Bank FDs. However, doing so will lower the applicable Canara Bank FD rate by 1%. The bank does not charge a penalty for withdrawals made within the first 7 days of the FD being booked.
Canara Bank does offer customers a chance to extend the tenor of their FDs, but doing so prematurely will attract a penalty of 1%.
Yes. Canara Bank offers the loan facility on all its FD plans, except the tax-saving 5-year plan. When availing of a loan against your Canara Bank fixed deposit, you can borrow up to 90% of the FD amount. The repayment tenor for the loan mirrors the FD tenor and interest for the same is charged at a rate varying from 5.5%-7.4%.
Since Canara Bank fixed deposits can be opened via online and offline channels, you have access to two types of FD opening forms. You can fill up the online FD form via the Bank’s website or app. Alternatively, you can also book an FD offline by visiting a bank branch and filling out a physical form.
Yes. The Canara Bank tax-saver FD plan offers tax benefits of up to ₹1.5 Lakhs under section 80C.
To apply for a tax-saving Canara Bank fixed deposit online, simply visit the bank’s website or download the Canara Bank app. You can also apply for this plan offline by visiting your nearest Canara Bank branch.
Yes. A 10% TDS is applicable on Canara Bank FD interest earnings if these earnings exceed the ₹40,000 threshold in a given fiscal year. Senior citizens enjoy a higher TDS-free interest slab of ₹50,000. Additionally, the bank will deduct 20% TDS on interest earnings for accounts without PAN details.
Yes. Except for FD accounts registered under minors, all Canara Bank fixed deposit plans offer a nomination facility. You can avail of this facility when submitting your FD form or pick a nominee at a later date. Remember to update the same via the bank’s internet banking portal or mobile banking app or by visiting a bank branch.
Yes. You can avail of a secured credit card against your Canara Bank FD. Such credit cards come with a minimum limit of 10,000 and a maximum limit of ₹25 Lakhs. However, Canara Bank FDs registered in the name of minors do not offer this facility.
For deposits under 2 Crore, Canara Bank FD rates for non-senior citizens vary from 3.25%-7.0% p.a. Canara Bank FD rates for senior citizens range from 3.25%-7.50% for senior citizens.
Yes. All Canara Bank FDs are insured for up to ₹5 Lakhs under RBI’s Deposit Insurance Scheme. As per the latest update to this plan, the coverage amount has been hiked from ₹1 Lakh to ₹5 Lakhs per depositor.
The highest Canara Bank FD rates for non-seniors is 7% that’s applicable on a fixed deposit of less than ₹2 Crores invested for 5 years or more. For the same tenor and deposit slab, the highest Canara Bank FD rates for seniors is 7.50% p.a.
Both individuals and collectives can open a Canara Bank FD. Under the individual category, both resident Indians and NRIs can reap the benefits of Canara Bank FD rates. Guardians are also permitted to book an FD on behalf of a minor. Canara Bank also sanctions joint FD applications with no more than 4 members. HUFs, companies, partnership firms, and associations can also open such FDs.
You can open a Canara Bank fixed deposit account with a nominal investment of just ₹1,000.