Earn interest up to 8.10% p.a. by investing in a Bajaj Finance Fixed Deposit | Rated CRISIL AAA/ STABLE and [ICRA]AAA(stable)

** 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. 

Canara Bank Fixed Deposit Calculator

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.

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

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.

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. 

How is the Canara Bank FD Maturity Amount Calculated?

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. 

FAQs

  • ✔️Is premature withdrawal permitted in Canara Bank FDs?

    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.

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

    Canara Bank does offer customers a chance to extend the tenor of their FDs, but doing so prematurely will attract a penalty of 1%.

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

    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%. 

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

    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.

  • ✔️Are there any Canara Bank fixed deposit plans that offer tax benefits?

    Yes. The Canara Bank tax-saver FD plan offers tax benefits of up to ₹1.5 Lakhs under section 80C.

  • ✔️How can I apply for a tax-saving FD at Canara Bank?

    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.

  • ✔️Will TDS be deducted on Canara Bank FD interest earnings?

    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.

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

    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.

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

    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. 

  • ✔️What is the FD rate of Canara Bank?

    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.

  • ✔️Are Canara Bank fixed deposits safe?

    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. 

  • ✔️What is the highest interest rate for a Canara Bank FD?

    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.

  • ✔️Who is eligible to open a Canara Bank FD account?

    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.

  • ✔️What is the minimum amount required to open a Canara Bank fixed deposit account?

    You can open a Canara Bank fixed deposit account with a nominal investment of just ₹1,000.