Canara Bank FD Interest Rates
Canara bank presents its clients with various Fixed Deposit choices to park their surplus gains for a fixed duration and enjoy ample returns. The depositor is expected to submit the amount once at the time of opening the bank account. The bank will ensure the money for the duration opted for, and it will offer interest subsequently. The customer cannot deposit further funds during the tenure, and he/she can retrieve no funds either.
Canara Bank Fixed Deposit Features
Canara Bank FD is the most suitable investment prospect for depositors studying to invest in a fixed revenue tool and earn higher returns than a savings account. Some key features of Canara Bank Fixed Deposit are:
- Deposit Amount: Canara Bank FD can be initiated with a small sum of ₹ 10,000 up to No Limit.
- Interest Rate Range: 2.80% – 5.25% p.a.
- Senior Citizens FD Rate: 3.30% to 5.75% p.a.
- FD Tenure: 7 days to 10 years.
- Highest Interest Rate: Canara Bank’s highest interest rate on FD is 5.20%, provided for 120 months or 10 years.
- Loan against FD: Canara Bank provides loan against FD to help its depositor meet their liquidity requirements without breaking the FD.
- Auto-Renewal Facility: Available
- Nomination Facility: Available
- Popular FD Schemes: Regular FD, Canara Bank Tax Saving FD, BoB Suvidha Fixed Deposit Scheme, Regular Income Plan, Monthly Income Plan, Money Multiplier Deposit.
Canara Bank FD Interest Rates
|Tenure||FD Interest Rates for General Citizens||FD Interest Rates for Senior Citizens|
|7 days – 14 days||3.00%||3.00%|
|15 days – 30 days||3.00%||3.00%|
|31 days – 45 days||3.00%||3.00%|
|46 days – 60 days||4.00%||4.00%|
|61 days – 90 days||4.00%||4.00%|
|91 days – 120 days||4.05%||4.05%|
|121 days – 179 days||4.05%||4.05%|
|180 days – 364 days||4.50%||5.00%|
|1 year 1 day – 1 year 364 days||5.25%||5.75%|
|2 years – 2 years 364 days||5.25%||5.75%|
|3 years – 10 years||5.40%||5.85%|
Types of Canara Bank FD Schemes
Kamadhenu Deposit (Re-investment Plan):
This scheme allows you to make a minimum deposit of Rs. 1,000 with no upper limits. The minimum tenure for the account is 5 months and can go up to 10 years. Get attractive interest rates on the deposit as per the prevailing policy. The bank will pay out the accrued interest on maturity.
This is the regular FD scheme where the minimum deposit amount is Rs. 1,000, and there is no upper value stated. The interest will be paid out monthly, quarterly, half-yearly, or annually based on the depositor’s choice.
Ashraya Deposit Scheme:
This scheme is dedicated to senior citizens where both Domestic Fixed Deposit account and Kamadhenu Deposit accounts are eligible for the scheme’s benefits. Individuals can open the account singly or jointly.
Documents required to open Fixed Deposit Account in Canara Bank
Canara Bank Fixed Deposit Rates – Premature Withdrawal
Premature closure of Term Deposit with Canara Bank is with the lower interest rate of 1% for deposits of at most Rs. 1 crore than the negotiated rate. The fine provisions for premature closing on Canara Bank FD vary from time to time and may also change with deposit plans.
Loan against Fixed Deposit Canara Bank
Canara Bank extends loan up to 90% upon its own deposit. Note that the Canara Bank will not give you a loan against any other bank’s FD. Canara Bank offers Loan against FD at the rate of 3.5% to 6.5%.
Case Study: Mr Ramesh has started an FD of ₹ 1,00,000 for 2 years in Canara Bank. He later opted to take a loan against his FD. The bank has allowed a balance limit of 90% against his FD at an interest rate of 10%. If the borrower draws ₹ 90,000 on the 1st day of the month and then returns the money on the 1st of next month, he is deemed to pay the interest on ₹ 90,000 withdrawn for that month only. The sum he returns after 1 month is ₹ 90,744. So, the interest imposed on the loan exercised is ₹ 744.
How to Calculate Canara Bank FD Rates?
The amount of interest you gain on your deposit is calculated by various factors, including the amount invested, tenure, interest rate, compounding frequency, and taxes. The Canara Bank FD calculator, which is available on the internet, is one of the easiest ways to measure the interest received on your FD. It is the simplest method for measuring interest. All you need are your Canara Bank FD account’s specifics, such as the investment number, interest rate, and tenure.
Opening Process for Canara Bank FD Account
To start an FD account in Canara Bank, you can:
- Visit the official website.
- Login to your current account or register for a new one.
- Choose the FD icon from the menu, select the FD Type you want to start, and proceed further.
- You have to enter the deposit amount and select the ‘Senior Citizen’ option if you are over 60.
- You have to select the tenure and interest payout recurrence.
- Click on Submit to open the Canara Bank FD after agreeing to the terms and conditions.
Nomination Facility on Canara Bank FD
Canara Bank provides a nomination facility on FD to demand the amount if the depositor dies. An individual, single or joint account holder can designate a nominee. Only 1 person can be designated as the candidate. You can enter nominee info while starting a Canara Bank FD account. The nominee has to present his/her ID proof at the time of application.
Tax Benefits on Canara Bank FD
Canara Bank grants a Tax Saver FD plan so that the depositor can obtain attractive interest rates and receive benefits under Section 80C of the IT Act,1961. After making an initial investment of Rs. 100 up to Rs. 1.5 lakh, you can decide to reinvest the interest obtained or get a quarterly or monthly payout. The account arrives with a minimum lock-in term of 5 years.
Canara Bank News Snippets
Canara Bank retains its marginal cost of funds based lending rate (MCLR)
The tenor linked MCLRs on loans/advances across all tenors w.e.f March 7, of the bank is as follows:
Overnight MCLR – interest rate 6.70%, one-month MCLR – interest rate 6.70%, three-month MCLR – interest rate 6.95%, six-month MCLR – interest rate 7.30% and one-year MCLR – interest rate 7.35%. Repo Linked Lending Rate (RLLR) continues to be at 6.90%.
FAQs about Canara Bank FD Interest Rates
✅ What is the minimum deposit to open a Canara Bank FD account?
The minimum deposit amount required to open a fixed deposit account with Canara Bank is Rs. 1000.
✅ Can we add the amount to the FD account?
No, the amount needs to be deposited when opening the account and depositing during ongoing tenure is not allowed.
✅ Can we change the tenure of the existing FD account?
No, customers cannot change the tenure of their fixed deposit.
✅ What happens if we open an FD account without a PAN card?
Opening an FD account without PAN can have several implications, such as:
- TDS certificates won’t be issued.
- TDS will be deducted at 20% instead of 10%, under section 206AA.
Table of Contents
- 1 Canara Bank FD Interest Rates
- 2 Canara Bank Fixed Deposit Features
- 3 Canara Bank FD Interest Rates
- 4 Types of Canara Bank FD Schemes
- 5 Documents required to open Fixed Deposit Account in Canara Bank
- 6 Canara Bank Fixed Deposit Rates – Premature Withdrawal
- 7 Loan against Fixed Deposit Canara Bank
- 8 How to Calculate Canara Bank FD Rates?
- 9 Opening Process for Canara Bank FD Account
- 10 Nomination Facility on Canara Bank FD
- 11 Tax Benefits on Canara Bank FD
- 12 Canara Bank News Snippets
- 13 FAQs about Canara Bank FD Interest Rates