Interest for 3 years
Note: All interest rates shown below are as on 16th Feb 2021
|Tenure||Normal Citizen FD Rate||Senior Citizen FD Rate|
|0 months - 1 months||2.95%||2.95%|
|2 months - 3 months||3.9%||3.9%|
|3 months - 6 months||4%||4%|
|6 months - 12 months||4.45%||4.95%|
|1 year - 1 year||5.2%||5.7%|
|1 year 1 days - 1 year 4 days||5.2%||5.7%|
|2 years 1 days - 2 years 4 days||5.4%||5.9%|
|3 years 1 days - 4 years 4 days||5.5%||6%|
|5 years 1 days - 10 years||5.5%||6%|
Canara Bank Limited is widely known for customer centricity. Over the years, the Bank has been scaling up its market position to emerge as a major 'Financial Conglomerate' with its subsidiaries/sponsored institutions/joint ventures in India and abroad Canara Bank was founded by Shri Ammembal Subba Rao Pai, in July 1906, at Mangalore, Karnataka. The Bank has gone through the various phases of its growth trajectory over hundred years of its existence The bank has a balance sheet size of Rs. 7.23 Lakh Crs as on 31st March 2020 The bank recorded a loss of Rs 2235 Crs in FY20
2.95% - 5.5%
2.95% - 6%
FD Rate for Seniors
₹ 2 Crores
|Investment Amount||For 3 years with interest of 5.5%||For 5 years with interest of 5.5%|
|₹ 50,000||₹ 65785||₹ 65785|
|₹ 1 lakh||₹ 131570||₹ 131570|
|₹ 2 lakh||₹ 263141||₹ 263141|
|₹ 5 lakh||₹ 657852||₹ 657852|
|₹ 10 lakh||₹ 1315704||₹ 1315704|
Use FD calculator to change values and compare your returns from top banks.
|Maturity Amount||₹ 131570||₹ 123630|
|Total Investment Amount||₹ 100000||₹ 100000|
|Total Interest Gained||₹ 31570||₹ 23630|
|Income Tax on Wealth Gained||₹ 12898||₹ 13092|
|Bank Name||FD Interest Rates|
|Indian Bank||5.25% - 6%|
|DBS Bank||5.5% - 5.5%|
|Bandhan Bank||5.5% - 6.25%|
|Kotak Mahindra Bank||5.1% - 5.6%|
|Punjab National Bank||5.2% - 5.7%|
|Bank of Baroda||5.1% - 5.6%|
|IDFC First Bank||5.75% - 6.25%|
|Bank of Maharashtra||4.9% - 5.4%|
|Indian Overseas Bank||5.2% - 5.7%|
|Axis Bank||5.4% - 5.9%|
|State Bank of India||5.3% - 5.8%|
|ICICI Bank||4.3% - 4.3%|
|Union Bank of India||5.5% - 5.5%|
|HDFC Bank||5.15% - 5.65%|
|IDBI Bank||5.1% - 5.6%|
|Tamilnad Mercantile Bank||5.5% - 5.5%|
|AU Small Finance Bank||6.5% - 7%|
|City Union Bank||5.75% - 6.25%|
|Karur Vysya Bank||5.65% - 6.15%|
|IndusInd Bank||6.5% - 7%|
|Federal Bank||5.35% - 5.85%|
|Bank of Maharashtra||4.9% - 5.4%|
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Canara Bank offers multiple fixed deposits for various tenures with different interest rates to its investors. The interest rate on Canara Bank FDs is higher in their savings account. One can invest in Canara Bank FDs through both online and offline modes with a minimum investment of INR 1,000. This article covers Canara Bank Fixed Deposit Account Investment, its features and interest rates in detail.
Following are the types of Canara Bank FD schemes:
Regular fixed deposit schemes offered by Canara Bank enables investors to invest their savings and earn good returns with almost negligible risk.
The Canara Tax Saver deposit scheme investments (up to INR 1,50,000) qualify for deductions under Section 80C of the Income Tax Act.
Kamadhenu Deposit Scheme offers regular income and also spare money.
Ashraya Scheme is designed specifically for senior citizens. The scheme offers additional interest rates for depositors who are of the age of 60 years or more. It offers two options:
One can open a Canara Bank FD account through various modes such as Internet Banking, Mobile App and offline.
The following steps will help an individual to open a Canara Bank FD account through internet banking:
The following steps will guide in opening an FD account through Canara Bank Mobile App:
To open a Canara Bank FD account offline, one has to visit the nearest Canara Bank branch. Fill the Canara Bank FD application form and submit all the necessary documents along with the deposit amount. On successfully processing the application, Canara bank will provide an FD receipt.
Following are the documents that one requires to open an FD account with Canara Bank:
Following are the eligibility criteria to open a Canara Bank FD
Canara Bank offers recurring deposits to its depositors. Canara Bank recurring deposits have a minimum tenure of six months. The maximum tenure of Canara Bank RDs is ten years. Depositors can open an RD account either by going to the Canara Bank branch or online using internet banking. The interest rate for regular citizens on Canara Bank RDs is in the range of 6.35% to 7%, and for senior citizens, it is in the range of 6.85% to 7.5%.
Only investment in Canara Bank Tax Saving FD qualifies for tax saving up to INR 1,50,000 per annum. Investment in no other Canara Bank FDs qualifies for tax saving under Section 80C of the Income Tax Act. The interest income from Canara Bank FD is taxable as per the investor’s income tax slab rates. Moreover, the interest income is subject to a TDS of 10% if the income from Canara Bank FD exceeds INR 40,000 per annum. For senior citizens, the limit is INR 50,000 per annum. Also, if the investor doesn’t disclose PAN Card details to the Canara Bank, then the TDS rate will be 20%.
To know in how many years Canara Bank FD will double, we can follow the 72 rule. We have to divide 72 by the interest rate, and the result will be the number of years Canara Bank FD will double. For example, for a tenure of 10 years, the fd interest rates for senior citizens is 6%. An investor can double the investment amount by investing for this tenure in Canara Bank FD in 12 years (72/6).
Canara Bank guarantees returns in the form of interest on their FDs. Moreover, the Deposit Insurance Scheme of RBI covers all Canara Bank deposits. Also, the scheme covers all Canara Bank deposits up to INR 5,00,000. Hence Canara Bank FDs are safe for investment.
Canara Bank FD rates range between 2.95% and 5.5% for regular citizens and between 2.95% and 6% for senior citizens. Moreover, Canara Bank offers an additional 0.5% interest to senior citizens on their FDs for a tenure of 180 days and above. Also, Canara Bank pays interest every quarter to the investor.
The highest FD rate in Canara Bank is 5.5% for regular citizens for a tenure of 3-10 years. The highest Canara Bank FD rate for senior citizens is 6% for a tenure of 3 to 10 years.
Any individual (Resident and NRI) can open an FD account with Canara Bank. Moreover, a joint FD can be opened but with not more than four investors. Also, a guardian can open on behalf of a minor. Furthermore, HUFs, partnership, company, association or any other institutionis also eligible to open an FD account with Canara Bank.
The minimum investment in Canara Bank FD is INR 1,000. However, there is no limit on the maximum amount of investment in Canara Bank FD.
Yes, investors can open a Canara Bank FD account online through their internet banking facility.
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