Canara Bank Fixed Deposit (FD) Interest Rates 2023

Invest Now In FD

Book your FD in 4 simple steps

Earn interest up to 8.60% p.a. by investing in a Bajaj Finance Fixed Deposit | Rated CRISIL AAA/ STABLE and [ICRA]AAA(stable) Invest Now

Canara Bank FD Interest Rates for Senior Citizens & Non-Senior Citizens

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.

Deposit Amount

₹

Tenure

Months

Interest Rate

Interest Payout

Your Total Maturity Amount is

Total Maturity Amount

Total Investment

Total Interest Earned

Features & Benefits of Canara Bank Fixed Deposit

Flexible Investment Tenors

Since Canara Bank FD tenors vary from 7 days to 10 years, you can pick a tenor as per your investment needs and preferences.

Nominal Investment Amount

You can invest in a Canara Bank FD with a nominal investment of ₹1,000. This encourages an investment habit among those who’ve just started earning.

Loan against FD Available

If you’re in need of funds, you can easily apply for a loan against your Canara Bank FD. You can borrow up to 90% of the invested amount as a loan at a nominal interest range of 5.5%-7.4%.

Preferential Rates for Seniors

While Canara Bank FD rates vary from 3.25%-7.00% p.a. for regular citizens, senior citizens enjoy a higher interest rate. For deposits of less than 2 Crores invested for more than 180 days, seniors can enjoy an additional 0.50% hike on the base rate.

Nominal Withdrawal Penalty

If you need cash to manage an immediate crisis, you can withdraw sums from your Canara Bank FD. The bank charges a 1% penalty on such withdrawals, thus, bringing you liquidity benefits.

Hassle-Free Auto-Renewals

You can opt for automatic renewals of your FDs to continue enjoying Canara Bank fixed deposit interest rates. Under this auto-renewal facility, you can choose to reinvest the entire sum on maturity or just the principal amount.

Insured FD Plans

Since Canara Bank FDs of up to ₹5 Lakhs come under the RBI’s Deposit Insurance Scheme, your hard-earned money will remain safe and secured.

Canara Bank FD Interest Rates for Senior Citizens and Others for 5 Years

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
Tenor	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

Eligibility Criteria & Document required for Opening FD in Canara Bank

To apply for a Canara Bank FD, you have to meet a checklist of certain eligibility criteria. We’ve outlined the same below

Eligibility Criteria

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

Documents required

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.

Fixed Deposit Rates for Other Banks
SBI FD Interest Rates	ICICI Bank FD Rates	Union Bank FD Rates
Axis Bank FD Rates	PNB FD Interest Rates	Bank of Baroda Fixed Deposit Interest Rate
HDFC FD Interest Rates	Indusind Bank FD Rates	Bandhan Bank FD Rates
Kotak Bank FD Rates	Bank of India FD Rates	Karnataka Bank FD Interest Rates
IDFC First Bank FD Rates	RBL FD Rates	UCO Bank FD Rates
Indian Bank FD Rates	Federal Bank FD Rates	Central Bank FD Interest Rate
IDBI FD Interest Rates	Punjab and Sind Bank FD Rates	DCB Bank FD Rates
Bank of Maharashtra FD Rates	KVB FD Interest Rates	Utkarsh Small Finance Bank FD Rates
IOB FD Interest Rates	Ujjivan Bank FD Rates	Saraswat Bank FD Rates
AU Bank FD Rates	YES Bank FD Rates	-

Disclaimer

The information provided by BFDL herein above is related to the Non-Partnered Banks/ NBFCs and is just for the purpose of information and under no circumstances the information provided hereinabove is intended to be source of advice or recommending any financial investment advice or endorsement of any sort.

The information including interest rates with regard to fixed deposit, provided on this website is gathered through publicly available sources over the internet and is considered as accurate and reliable to the best of our knowledge. BFDL disclaims any responsibility or liability regarding inaccuracies, omissions, mistakes etc. as well as offers by the Non-Partnered Banks. The use of information set out is entirely at the User’s own risk and User should exercise due care prior taking of any decision, on the basis of information mentioned hereinabove. You are advised to visit/ contact the respective Banks/ NBFCs to verify the information before making any investment or opening an account. Further, BFDL does not undertake any responsibility or liability to update this information. YOU ARE SOLELY RESPONSIBLE FOR ANY LIABILITY OR DAMAGE YOU INCUR THROUGH ACCESS TO OR USE OF THE SITE OR SUCH INFORMATION OR MATERIALS EXCEPT WHERE THE LAWS AND REGULATIONS OF A PARTICULAR JURISDICTION CONCERNING WARRANTIES CANNOT BE WAIVED. Additionally, display of any trademarks, tradenames, logo and other subject matters of intellectual property owners. Display of such Intellectual Property along with the related product information does not imply BFDL’s partnership with the owner of the Intellectual Property of such products.

Other Pages

Monthly Interest on FD

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.