Tenure | Normal Citizen RD Rate | Senior Citizen RD Rate |
---|---|---|
3 Months to 6 Months | 5.25% | 5.25% |
6 Months to 9 Months | 5.50% | 5.50% |
9 Months to 1 Year | 6.50% | 7.00% |
1 Year to 2 Years | 6.90% | 7.40% |
2 Years to 3 Years | 6.85% | 7.35% |
3 Years to 5 Years | 6.80% | 7.30% |
5 Years to 10 Years | 6.70% | 7.20% |
Note: All interest rates shown above are as on 1st November 2023
Tenure | 6 Months - 10 Years |
Public Interest Rates | 5.25% to 6.90% |
Senior Citizen Interest Rates | 5.25% to 7.40% |
Minimum Deposit Amount | Rs.50 |
Premature Withdrawal | 1.00% |
Highest Rates for Public | 6.90% |
Highest Rates for Senior Citizen | 7.40% |
Investment Amount | For 3 years with interest of 6.80% | For 5 years with interest of 6.70% |
---|---|---|
₹ 50,000 | ₹ 1,51,697 | ₹ 2,54,195 |
₹ 1 lakh | ₹ 3,03,394 | ₹ 5,08,391 |
₹ 2 lakh | ₹ 6,06,787 | ₹ 10,16,781 |
₹ 5 lakh | ₹ 15,16,968 | ₹ 25,41,953 |
₹ 10 lakh | ₹ 30,33,936 | ₹ 50,83,906 |
Maturity Amount | ₹ 3,03,394 | ₹ 3,02,621 |
Total Investment Amount | ₹ 3,00,000 | ₹ 3,00,000 |
Total Interest Gained | ₹3,394 | ₹ 2,621 |
Frequently Asked Questions
What is the current interest rate of RD in Canara Bank?
How to open rd account in Canara Bank?
How to close rd in Canara Bank?
How to calculate maturity and interest in Canara Bank recurring deposit ?
What is Canara Bank RD interest rates for 1 year in 2024 ?
₹1,00,000
Total Investment
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Wealth Gained
Maturity Amount
Canara Bank RDs are investments that allow investors to save small amounts regularly. They have a tenure of 6 months to 10 years, and the interest rates vary with the tenure. This article covers Canara Bank RD investments and its interest rates in detail.
Canara Bank RD rates range between p.a. for regular citizens. For senior citizens, the RD rates range between p.a.. One can estimate the returns from their RD investment using a recurring deposit calculator. The RD rates of Canara Bank are higher than their saving account rates. The RD interest rates differ based on the age of the investor, tenure of the investment, RBI policies and economic conditions in the country.
Interest on RDs is taxable as per the individual investor’s income tax slab rates. Investors have to show it under the head ‘Income from Other Sources’ while filing their income tax returns. Moreover, the bank deducts a TDS of 10% if the interest income exceeds INR 40,000 for regular citizens. For senior citizens, the TDS threshold limit is INR 50,000. Also, the TDS rate of 10% is applicable if the investor submits the PAN details. Else, the applicable TDS rate of 20%.
Canara Bank offers the following recurring deposit schemes:
Canara Bank RDs are considered a good investment for investors who can save small amounts of money regularly. They are low risk investments as they guarantee returns and hence suit investors who prefer guaranteed return from their investments. However, one has to consider the taxes levied on the interest income of RD investments.
The Canara Bank RD account can be opened with as low as INR 50 per month. Also, there is no limit on the maximum amount for investment in a Canara Bank RD.
Yes, one can open an RD account on behalf of a minor.
One can open a Canara Bank RD account through offline and online modes. For online mode, one has to visit their website. And for offline mode, one has to visit the nearest branch of Canara Bank. To be able to invest in Canara Bank RD, one needs to have all valid documents. For identity proof, one needs to have a PAN Card, Aadhar Card, Driving license, Government ID card, Senior Citizen Card. For address proof, one needs to have utility bills, passport, bank statement with cheque, certificate or ID card issued by the post office.
Yes, it is possible to renew a Canara Bank RD account. However, the renewal is possible as per Canara Bank norms and rules.
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