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.
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.
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.
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.
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 |
Fixed Deposit Rates for Other Banks |
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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.