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Canara Bank Fixed Deposit Scheme

Canara Bank is the third largest nationalized bank in India that offers a wide range of personalized banking services for individuals from all walks of life. From savings and deposits to loans and insurance, Canara Bank’s personal banking products are highly sought after. The Canara Bank Fixed Deposit is one such product that entails multiple benefits and helps individuals earn guaranteed interest on their money.

Canara Bank Fixed Deposit Rates

Canara Bank FD interest rates range between 2.90% to 5.75% per annum, and increase as per the amount deposited and the tenor of the FD. The tenor of investment in the Canara Bank FD scheme starts from a minimum of 7 days to a maximum of 1o years. A Canara Bank FD also offers higher interest rates to Senior citizens that range between 2.90% to 6.25% p.a.

 

Check out Canara Bank Fixed Deposit rates for Senior and Non-Senior Citizens for deposits up to Rs. 2 Crores.

Tenor

Canara Bank FD rates for Non-Senior Citizens (p.a.)

Canara Bank FD rates for Senior Citizens (p.a.)

7 days to 45 days

2.90%

2.90%

46 days to 90 days

4.00%

4.00%

91 days to 179 days

4.05%

4.05%

180 days to 269 days

4.65%

5.15%

270 days to less than 1 year

4.65%

5.15%

333 days

5.10%

5.60%

1 year

5.50%

6.00%

Above 1 year to less than 2 years

5.55%

6.05%

666 days

6.00%

6.50%

2 years to less than 3 years

5.60%

6.10%

3 years to less than 5 years

5.75%

6.25%

5 years to 10 years

5.75%

6.25%

Disclaimer: The aforementioned Canara Bank FD interest rates are valid as of 08.08.2022, for deposits of up to Rs. 2 Crores, and may be subject to change as per bank announcements.

Canara Bank FD Calculator

With the Canara Bank FD Calculator you can calculate the amount you will earn at maturity based on the interest rate and tenor of your preference.

Deposit Amount
Tenure
Months
Interest Rate
%
Interest Payout
Your Total Maturity Amount is
Total Maturity Amount
Total Investment
Total Interest Earned

Canara Bank FD Interest Rates and Interest Earned for Different Tenors- Senior and Non-Senior Citizens

The Canara Bank FD rates vary depending on the tenor of the deposit. As the tenor of investment increases, the Canara Bank FD rates also increase. The Canara Bank Fixed Deposit rates for Senior Citizens is higher than Non-Senior Citizens by a small margin.

 

Here is a look at the Canara Bank FD rates and the interest earned on a deposit of Rs. 1 Lakh for different tenors:

Tenor

Canara Bank FD Interest Rates for Non-Senior Citizens

Interest Earned (Non-Senior Citizens)

Maturity Amount (Non-Senior Citizens)

Canara Bank FD Interest Rates for Senior Citizens

Interest Earned (Senior Citizens)

Maturity Amount (Senior Citizens)

1 Year

5.50 % p.a.

Rs. 5,500

Rs. 1,05,500

6.00 % p.a.

Rs.6,000

Rs. 1,06,000

2 Years

5.60 % p.a.

Rs. 11,514

Rs. 1,11,514

6.10 % p.a.

Rs.12,572

Rs. 1,12,572

3 Years

5.75% p.a.

Rs. 18,261

Rs. 1,18,261

6.25% p.a.

Rs.19,946

Rs. 1,19,946

5 Years

5.75 % p.a.

Rs. 32,252

Rs. 1,32,252

6.25 % p.a.

Rs.35,408

Rs. 1,35,408

Disclaimer: The Canara Bank FD interest rates specified above are applicable from 08.08.2022 onwards.

Features and Benefits of Canara Bank Fixed Deposit

Before you invest in a Canara Bank FD it is imperative to know about its features and the benefits it offers. The flexible features and advantages that Canara Bank FD offers are as follows:

Features

Benefits

Minimum investment of Rs. 1,000

Interest payouts at monthly, quarterly, half -yearly or annual intervals

No limit of the maximum investment amount

Additional 0.50% on Canara Bank FD rates for Senior Citizens on deposits of less than Rs. 2 Crores with a tenor of 180 days or more.

Flexible tenors to suit your personal requirements

Option to avail loans up to 90% of the deposit amount

How to Book an FD in Canara Bank

You can book a Canara Bank FD either online or offline. If you choose to do it online, you can either use the Internet Banking facility or the Canara Bank app.

 

The steps to be followed are listed below:

 

To Book a Canara Bank FD via Internet Banking:

  • Go to the Canara Bank Internet Banking Portal

  • In the ‘Term Deposit’ page, select the ‘New Account’ option

  • Choose the account of your preference

  • Fill in details such as your personal information, payment, nominee details and maturity particulars

  • Click on ‘Open Deposit’ and re-check your details before confirming

  • Once you authenticate your transaction you will receive a confirmation message.

To Book a Canara Bank FD via Canara Bank App:

  • Login to the Canara Bank App

  • Select ‘New Account’ and choose the account you wish to open

  • Enter details such as personal info, nominee details, maturity particulars and payment and then click on ‘Confirm’.

  • You will receive a confirmation message once you authenticate your transaction.

To Book a Canara Bank FD Offline:

  • Visit the nearest branch of Canara Bank

  • Fill out the Canara Bank FD form

  • Submit documents required by the bank to open an FD

  • You will receive your FD receipt once your application is processed.

Eligibility Criteria and Documents Required to Book a Canara Bank FD

If you wish to take advantage of the attractive interest rates of Canara Bank FD you can open a Canara Bank FD with great ease. However, to open an FD in Canara Bank you must meet the eligibility criteria and submit the documents mentioned below:

Eligibility Criteria

Documents Required

-An Individual

-Up to 4 individuals for a Joint FD

-A guardian on behalf of a minor

-A Hindu Undivided Family

-A Partnership firm

-A Company

-An Association

-Any other institution

-Application via the Canara Bank FD form

-A copy of your PAN card or Form 60 or 61 (if you do not have a PAN Card)

-2 copies of a photograph of the depositor/s

-Your proof of identity and address as per KYC norms

-Any other relevant documents as applicable in case of applicants that are HUFs, proprietary concerns, partnership firms, companies etc.

 

Different Types of Canara Bank Tax Saving Schemes

Apart from the regular Canara Bank FD scheme, there is also a tax saver scheme that can help you reduce your tax liability. You can invest a minimum amount of Rs. 100 in this scheme, and a maximum amount of Rs. 1.5 Lakh per year.

 

This tax saver FD scheme has a lock-in period of 5 years, and offers tax benefits under section 80C of the Income Tax Act, 1961. As per this section, investments up to Rs. 1.5 Lakhs can be deducted from your gross total income.

 

In addition to this scheme, Canara Bank also offers the following FD options.

 

  • Kamadhenu Deposit

  • Canara Champ Deposit Scheme

  • Ashraya Deposit Scheme (for senior citizens)

  • Canara Small Savings Bank Deposit Scheme

TDS on Canara Bank Fixed Deposit

If the interest you earn exceeds Rs. 40,000 during a financial year (or Rs. 50,000 in case of senior citizens),the bank will deduct TDS before paying the interest out to you. The rates at which TDS is deducted are as follows:

 

  • 10% if you provide your PAN details

  • 20% in case of non-disclosure of PAN

  • 30% in case of NRIs

 

If your total taxable income during the financial year is below the basic exemption limit, you can submit Form 15G (or 15H in case of senior citizens) to avoid TDS deduction.

Fixed Deposit Details for Other Banks

In order to make a well-informed decision about which Bank’s FD to opt for, it is important to compare the Fixed Deposit Interest Rates of various banks.

 

The table below represents the FD interest rates of some of the top Indian banks:

Bank

Interest Rate Range for Non-Senior Citizens (p.a)

Interest Rate Range for Senior Citizens (p.a)

SBI

2.90% to 5.65%

3.40% to 6.45%

Kotak Mahindra Bank

2.50% to 5.90%

3.00% to 6.40%

Canara Bank

2.90% to 6.00%

2.90% to 6.50%

IDBI Bank

2.70% to 5.75%

3.20% to 6.50%

IDFC Bank

3.50% to 6.90%

4.00% to 7.40%

Axis Bank

2.50% to 6.05%

2.50% to 6.80%

Punjab National Bank

3.00% to 6.10%

3.50% to 6.60%

HDFC Bank

2.75% to 6.10%

3.25% to 6.60%

Bank of Baroda

3.00% to 5.50%

3.50% to 6.50%

Disclaimer: The aforementioned interest rates are valid as of August 2022, for deposits of up to Rs. 2 crore, and may be subject to change as per bank announcements.

 

FAQs

  • ✔️Is premature withdrawal permitted in Canara Bank FDs?

    Yes, Canara Bank FDs have the option of premature or partial withdrawal in multiples of Rs. 1,000.

  • ✔️Can I extend the tenor of my Canara Bank FD?

    Yes. You can make use of the extension facility in a Canara Bank FD. However, in case of premature extension, a penalty of 1.00% shall be levied.

  • ✔️Can I avail a loan against my Canara Bank FD?

    Yes, you can avail a loan up to 90% of the amount in your Canara Bank FD.

  • ✔️What happens to an FD account in case of the death of the account holder?

    In case of the account holder’s demise, the deposit amount is paid out to the nominee mentioned in the account.

  • ✔️What are the types of forms used to open a Canara Bank FD account?

    You can use an online Canara Bank FD form if you wish to open an account through the mobile app or the internet banking portal. Alternatively, if you visit a bank branch to open an FD account, you can use a physical Canara Bank FD form.

  • ✔️Are there any Canara Bank schemes that offer tax benefits?

    Yes, Canara Bank offers a 5-year tax-saving deposit scheme.

  • ✔️How can I apply for a tax-saving scheme in Canara Bank?

    You can apply for a tax-saving FD in Canara Bank via internet banking or by using the Canara Bank mobile app. Alternatively, you can also do this by visiting a bank branch.

  • ✔️Is TDS deducted on Canara Bank FD interest?

    Yes, TDS will be deducted on the Canara Bank FD interest if the amount exceeds Rs. 40,000 per year (or Rs. 50,000 in case of senior citizens).

  • ✔️How to claim a TDS refund online?

    You can claim a refund of the tax deducted online, via the income tax department’s web portal.

  • ✔️What is the time period taken for the TDS refund process?

    The refund process can take 3 to 6 months to be completed. 

  • ✔️Is there any nomination facility in the Canara Bank FD scheme?

    Yes, you can (and should) appoint a nominee for your Canara Bank FD account. You can do this via internet banking, on the bank’s mobile app, or by visiting the nearest Canara Bank.

  • ✔️Does the Canara Bank FD scheme offer a loan facility?

    You can avail a loan if you have a Canara Bank FD. The maximum amount of loan you can borrow is 90% of your deposit amount. 

  • ✔️Can I avail the credit card facility if I have opened an account under the Canara Bank FD scheme?

    Yes, Canara Bank issues secured credit cards against the security of unencumbered Kamadhenu Deposit Receipts or Fixed Deposit Receipts. The limit for these credit cards ranges from Rs. 10,000 to Rs. 25 Lakhs.