Canara Bank offers its deposit services to cater the long term financial goals of each segment of Customer base in India. The assortment of Fixed deposits are intended not only to meet the financial aspiration over a period of time , but also brings a greater sense of comfort at the time of sudden financial obligations especially for senior citizens and weaker section of society.
Types of Canara Bank Fixed Deposit Schemes
- Canara Kamadhenu Deposit
- Canara Tax Saver Scheme
- Canara Ashraya Deposit Scheme
- Canara Basic Fixed Deposit
- Canara Dhanvarsha Flexi Recurring Deposit Scheme
Canara Bank FD Rates 2018
|
FD Tenure |
Interest Rates (in %) |
|
| Regular Citizens | Senior Citizens | |
| 7 days to 14 days | 4.20 | 4.70 |
| 15 days to 30 days | 4.20 | 4.70 |
| 31 days to 45 days | 4.50 | 5.00 |
| 46 days to 60 days | 4.75 | 5.25 |
| 61 days to 90 days | 4.75 | 5.25 |
| 91 days to 120 days | 5.50 | 6.00 |
| 121 days to 179 days | 5.75 | 6.25 |
| 180 days to 269 days | 6.35 | 6.85 |
| 270 days to less than 1 year | 6.35 | 6.85 |
| 1 year only | 6.50 | 7.00 |
| Above 1 year to less than 2 years | 6.30 | 6.80 |
| 2 years & above to less than 3 years | 6.20 | 6.70 |
| 3 years & above to less than 5 years | 6.20 | 6.70 |
| 5 years & above to less than 8 years | 6.00 | 6.50 |
| 8 years & above to 10 years | 6.00 | 6.50 |
NOTE: The above data is subject to change without prior information. Rates are applicable on investments below Rs. 1 Crore with effect from 11th Sept 2017
- Deposits are available for resident individual – both single and joint, minor, or non – resident individuals such as partnership firm, Hindu Undivided Family, Private limited companies or associations
- Quarterly compounded interest earning
- Minimum deposit amount is Rs 1000/- with no ceiling on the maximum amount
- Additional interest rate applicable for senior citizens which is 0.50 % above the standard interest rates
- In case of the death of the senior citizen, the deposits shall continue to earn the same interest rate as before without any change
- TDS applicable as per the regulatory guidelines
- Loan facility is available wherein the customer may avail loan up to 90% of the principal deposit amount
- Premature or part closure penalty of 1% is applicable for deposit worth less than 1 crore; however no penalty shall be levied on deposit of Rs. 1 crore and above.
- Term deposits withdrawn prior 7 days, no interest shall be payable on the deposit irrespective of the amount
- Partial withdrawal is offered and remaining deposit amount shall continue to earn the same interest rate
- Automatic renewal facility for same tenure and applicable rate of interest as on the date of maturity
- An ideally suited deposit product for those who wants to avail the benefit of both tax saving and long term financial gains.
- Income Tax rebate on of Rs.1,50,000/- under Sec 80C of the IT Act, 1961.
- Any resident individual, professionals or business houses who comes under the realm of income tax act
- Can be opened in individual name or karta for HUF. Joint accounts are permissible only for maximum 2 adults or minor and a guardian. However only the primary account holder shall be entitled for the tax rebate
- Minimum amount of deposit could be Rs 100/- up to the maximum amount as Rs. 150,000/- and in the multiples of 100 only
- Lock-in period of 5 years and no premature withdrawal is allowed under the scheme
- No loan facility is offered on tax saver fixed deposit. Also the same cannot be pledged as security or collateral to any third party
- Deposit scheme dedicated to the senior citizens to meet their financial objectives in old age
- Available to resident individuals who have attained the age of 60 years and above
- Can be opened in single or joint mandate. For joint account, either both or at least the primary account holder has to be a senior citizen
- Minimum amount to book the deposit is Rs 1000/- whereas there is no limit on the maximum booking amount
- FD can also be booked in any denomination i.e. even in odd amounts
- Tenure under this scheme is between 15 days to 120 months
- Additional 0.50% is offered to senior citizens
- TDS is applicable as per the IT regulations
- Senior citizens may avail loan facility for amount up to 90 % of the amount
- Premature FD withdrawal will imply a penalty of 1 % on the interest earned as on date of closure
- Resident individuals in single or joint name wherein maximum 4 joint holders are permitted
- Non individual identity such as HUF, Partnership, a Company, Association etc as well minor along with a guardian can apply for the fixed deposit
- Minimum amount required to open the account is Rs. 1000/- with no cap on the maximum amount
- Deposit tenure is 15 days to 120 months
- Additional 0.50% is offered to senior citizens
- The deposit holder may also avail the benefit of 90% of FD amount as loan
- Premature withdrawal or part closure shall attract 1% penalty
- Automatically renewals
- Part closure is allowed in units of 1000
- A recurring deposit scheme for both individual and non individuals including Guardian on behalf of minor, Hindu Undivided Family, trust, NRE customers, associations or other corporate organizations.
- Minimum monthly installment shall be Rs. 1000/- and in further denominations of Rs. 100/- . The maximum permissible amount is Rs.1 lakh
- Customer can enjoy the flexibility to deposit the installment as 10 times the monthly installment amount.
- The minimum tenure is of 1 year till maximum 10 years. The tenure shall always be in multiple of 3 months such as 12 months, 15 months. 18 months and so on.
- The interest rates are at par with the standard FD rates offered, wherein the interest amount accrued shall be compounded on quarterly basis.
- No TDS is applicable on the recurring deposit.
- Loan facility is offered as 90% amount against the available principal amount.
- Premature withdrawal shall lead to a penalty of 1% deduction on the interest rate offered for the tenure.
- Premature or part closure penalty of 1% is applicable for deposit worth less than 1 crore; however no penalty shall be levied on deposit of Rs. 1 crore and above.
- For term deposits withdrawn prior 7 days, no interest shall be payable on the deposit irrespective of the amount
- Additional facility of part withdrawal is offered in Kamdhenu Deposit account, wherein the customer may partially withdraw amount in the multiples of 1000
- FD shall be automatically rebooked for same tenure and applicable rate of interest as on the date of maturity.
- Customers are requested to provide the same either at the time of booking or any written instruction well in advance of the maturity date.
- TDS are applicable for all deposits excluding the one for NR customer
Below mentioned are the list of documents which has to be submitted:
- Passport
- Aadhaar card
- Voters ID Card
- Birth Certificate
- Pan card
- Voter’s Id card
- Driving license
- Copy of PAN Card/ Form 61
- 2 passport sized photographs
