Interest for 3 years
|Tenure||Normal Citizen FD Rate||Senior Citizen FD Rate|
|7 days - 1 month 15 days||4%||4%|
|1 month 16 days - 2 months 29 days||5.25%||5.25%|
|2 months 30 days - 5 months 26 days||5.5%||5.5%|
|5 months 27 days - 8 months 24 days||6.25%||6.75%|
|8 months 25 days - 11 months 29 days||6.5%||7%|
|11 months 30 days - 11 months 30 days||7%||7.5%|
|1 year - 1 year 2 months 16 days||6.9%||7.4%|
|1 year 2 months 17 days - 1 year 2 months 17 days||7.25%||7.75%|
|1 year 2 months 18 days - 1 year 11 months 30 days||6.9%||7.4%|
|2 years - 2 years 11 months 29 days||6.85%||7.35%|
|2 years 11 months 30 days - 4 years 11 months 29 days||6.8%||7.3%|
|4 years 11 months 30 days - 9 years 11 months 28 days||6.7%||7.2%|
Note: All interest rates shown above are as on 4th May 2023
Canara Bank was established in 1906 and is a large public sector bank that went public in 2002. As of March 31st, 2022, the Government of India owned 62.93% of the bank. In April 2020, Canara Bank merged with Syndicate Bank. In addition to banking, Canara Bank offers factoring, asset management, insurance, and retail and institutional broking services through its subsidiaries and associates. The bank has its headquarters in Bengaluru. As of March 2022, the Canara Bank has 9,734 branch offices across India, a presence in 3 foreign countries, and 10,817 ATMs. The total deposits as of March 2022 stood at INR 10,86,340 crores. Canara Bank’s Fixed Deposits have a AAA Credit Rating.
4% - 7.25%
4% - 7.75%
FD Rate for Seniors
₹ 2 Crores
Loan against FD
|Investment Amount||For 3 years with interest of 6.8%||For 5 years with interest of 6.8%|
|₹ 50,000||₹ 61,280||₹ 70,180|
|₹ 1 lakh||₹ 1,22,559||₹ 1,40,360|
|₹ 2 lakh||₹ 2,45,118||₹ 2,80,720|
|₹ 5 lakh||₹ 6,12,796||₹ 7,01,800|
|₹ 10 lakh||₹ 12,25,592||₹ 14,03,600|
Use FD calculator to change values and compare your returns from top banks.
|Maturity Amount||₹ 1,07,229||₹ 1,07,763|
|Total Investment Amount||₹ 1,00,000||₹ 1,00,000|
|Total Interest Gained||₹7,229||₹ 7,763|
|Bank Name||FD Interest Rates|
|DBS Bank FD||7.5% - 8%|
|Jammu And Kashmir Grameen Bank FD||6.5% - 7%|
|Central Bank of India FD||6.25% - 6.75%|
|IDBI Bank FD||6.5% - 7%|
|Madhyanchal Gramin Bank FD||5.3% - 5.8%|
|Mizoram Rural Bank FD||6.5% - 6.5%|
|Axis Bank FD||7% - 7.75%|
|Bangiya Gramin Vikash Bank FD||6.25% - 6.75%|
|Bandhan Bank FD||7.25% - 7.75%|
|LIC Housing Finance FD||7.75% - 8%|
The flexible & tax efficient alternative to FDs.
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:
Nitya Nidhi Deposit Scheme aims to promote small savings amongst daily wagers. The bank offers daily door collection.
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
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%.
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 similar as fd.
What is the highest Canara Bank FD rate today?
What is the highest interest rate on Canara Bank 1 year FD scheme?
What is Canara Bank FD scheme interest rate for 5 years?
How many years FD will double in Canara Bank?
What is Canara Bank FD minimum deposit amount?
What is senior citizen fixed deposit interest rates in Canara Bank?
What are the available FD tenures in Canara Bank?
What is Canara Bank FD ROI for 10 lakh deposit for 1 year?
The interest from the Canara Bank FD calculator for 10 lakh deposit for 1 year will be INR 72,290. The maturity value will be INR 10,72,290. You can use Scripbox’s FD Calculator to determine the maturity value of your investment.
How to check the fixed deposit balance in Canara Bank?
How many FDs can be opened in Canara Bank?