Canara Bank Fixed Deposit

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Fixed Deposit

Fixed Deposits or Term Deposits are a low risk savings option with a fixed return. Get access to the best FD rates by investing through Paisabazaar.

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Investment Amount

investment amount iconMinimum – ₹ 1,000

Maximum – No Limit

Tenure

tenure iconMinimum – 15 days**

Maximum – 10 years

Interest Rate*

interest rate iconMinimum – 5.75%

Maximum – 7.10%

*For Resident Indians

** 7-14 days for single deposit of Rs.5 lakh and above

Canara Bank offers 4 Fixed Deposit schemes namely Canara Bank Fixed Deposit Scheme, Canara Bank Kamadhenu Deposit Scheme, Canara Bank Tax Saver Deposit Scheme, Canara Bank Ashraya Deposit Scheme. The schemes aim to cater to both short term and long term investment requirements of depositors and help them save a proportionate amount monthly. Here’s a summarised list of Canara FD interest rates.

Canara Bank FD Rates 2018
Types of Canara Bank Fixed Deposit Schemes
Canara Bank FD Calculator

Canara Bank FD Rates 2018

Rate of Interest On Fixed Deposits of less than Rs. 1 crore^^

FD Tenure Interest Rates (in %) p.a.
Regular Citizens Senior Citizens
7 days to 14 days * 5.75 6.25
15 days to 30 days 5.75 6.25
31 days to 45 days 5.75 6.25
46 days to 60 days 6.25 6.75
61 days to 90 days 6.25 6.75
91 days to 120 days 6.25 6.75
121 days to 179 days 6.25 6.75
180 days to 269 days 6.35 6.85
270 days to less than 1 year 6.40 6.90
1 year only 7.00 7.50
Above 1 year to less than 2 years 7.00 7.50
2 years & above to less than 3 years 6.70 7.20
3 years & above to less than 5 years 6.20 6.70
5 years & above to less than 8 years 6.20 6.70
8 years & above to 10 years 6.20 6.70
444 Days (Canara Shikhar Deposit) 7.05 7.55
555 Days (Canara Shikhar Deposit) 7.10 7.60

*Rates applicable only for single deposit of Rs.5 lakhs & above.
^^ Rates w.e.f. Nov. 1, 2018

Note – For term deposits of Rs. 1 crore and above, contact your nearest Canara Bank branch.

NRE (Non Resident External) Fixed Deposit Interest Rates

Tenure Fixed Deposit of less than Rs. 1 crore
1 year 7.00%
Above 1 year to less than 2 years 7.00%
2 years & above to less than 3 years 6.70%
3 years & above to less than 5 years 6.20%
5 years & above to less than 8 years 6.20%
8 years & above to 10 years 6.20%

Note:

  1. For term deposits of Rs. 1 crore and above, contact your nearest Canara Bank branch.
  2. For NRO, the interest rates on term deposits across tenures are same as those applicable to domestic term deposits.

(% per annum)

Interest rates* on FCNR (Foreign Currency Non-Repatriable) (B) Deposits OF less than USD 1 Million
Currency 1 Year to less than 2 years 2 years to less than 3 years 3 years to less than 4 years 4 years to less than 5 years Five years only
USD 3.66 3.83 3.62 3.62 3.63
GBP 1.43 1.62 1.73 1.80 1.87
EUR 0.28 0.36 0.51 0.65 0.78
CAD 2.85 2.93 2.99 3.03 3.06
AUD 2.48 2.51 2.56 2.80 2.87

*Interest rates applicable w.e.f. 01.09.2018 to 30.09.2018

For interest rate on FCNR deposit of USD 1 Million & above (or its equivalent in other currencies) please contact your nearest Canara Bank branch.

Note – For term deposits of Rs. 1 crore and above, contact your nearest Canara Bank branch.

RFC (Resident Foreign Currency) Fixed Deposit Interest Rates

(% per annum)

Period of deposit Currency of deposit
USD GBP EUR CAD AUD
Savings Bank 0.65 NIL NIL NIL 0.70
1 month to less than 3 months 1.91 0.38 NIL 1.15 1.95
3 months to less than 6 months 2.07 0.60 NIL 1.29 1.80
6 months to less than 1 year 2.27 0.50 0.03 1.64 2.10
1 year to less than 2 years 3.66 1.43 0.28 2.85 2.48
2 years to less than 3 years 3.83 1.62 0.36 2.93 2.51
3 years only 3.62 1.73 0.51 2.99 2.56

Note-  The above interest rates are applicable for RFC deposits of amount less than USD 1 Million (or its equivalent in other currencies) only. For RFC deposit of USD 1 Million & above (or its equivalent in other currencies) please contact your nearest Canara Bank branch

Types of Canara Bank Fixed Deposit Schemes

  1. Canara Bank Fixed Deposit Scheme
  2. Canara Bank Kamadhenu Deposit Scheme
  3. Canara Bank Tax Saver Deposit Scheme
  4. Canara Bank Ashraya Deposit Scheme

1. Canara Bank Fixed Deposit Scheme

Eligibility

  • Individual (single or joint (not more than 4) account)
  • Guardian on behalf of a minor
  • Hindu Undivided Family
  • Partnership/Company/Association or any other Institution

Features

  • The scheme requires a minimum deposit of Rs. 1,000 and has no limitation on the amount of maximum deposit.
  • The minimum and maximum deposit tenures stand at 15 days (7-14 days in case of single deposit of Rs.5 lakh and above) and 10 years respectively.
  • Interest on deposit is payable in accordance with the existing card rate on Canara FDs and shall be paid either monthly at discounted value or quarterly, half-yearly or annually as per the choice of the depositor.
  • The scheme allows for loan facility against up to 90% of the amount of deposit.
  • The scheme levies a penalty of 1.00% on premature closure/part withdrawal/ premature extension of Domestic /NRO term deposits of less than Rs.1 crore placed/renewed on 04.02.2011 and afterwards. However, no such penalty is levied on deposits of Rs. 1 crore or more placed/renewed on or after 13.10.2012.

2. Canara Bank Kamadhenu Deposit Scheme

Eligibility

  • Individual (single or joint (not more than 4) account)
  • Guardian on behalf of a minor
  • Hindu Undivided Family
  • Partnership/Company/Association or any other Institution

Features

  • The minimum deposit requirement stands at Rs. 1,000 and while there is no ceiling on the amount of maximum deposit.
  • The deposit tenure ranges from a minimum of 5 months to a maximum of 10 years.
  • Interest on deposit is payable in accordance with the existing card rate on Canara FDs and shall be paid on maturity after being compounded quarterly.
  • The loan facility is available against up to 90% of the deposit amount.
  • A penalty of 1.00% is levied on premature closure/part withdrawal/ premature extension of Domestic /NRO term deposits of less than Rs.1 crore placed/renewed on 04.02.2011 and afterwards. However, no such penalty is levied on deposits of Rs. 1 crore or more placed/renewed on or after 13.10.2012.

3. Canara Bank Tax Saver Deposit Scheme

Eligibility

Individual/Single Account –

  • Individual
  • Karta of a Hindu Undivided Family

Joint Account –

  • Only two adults jointly or
  • An adult and a minor

Features

  • The minimum and maximum deposit requirement under the scheme stand at Rs. 100 and Rs. 1.5 lakh per person respectively.
  • A deposit under the scheme can be made for a period of 5 years.
  • Interest on deposit is payable in accordance with the existing card rate on Canara FDs and shall be paid either monthly at discounted value or quarterly.
  • The scheme does not permit any loan/advance against the deposit amount.
  • Premature closure is not allowed.
  • The deposit made under the scheme qualifies for a deduction from income up to Rs. 1.5 lakh under Section 80C of the Income Tax Act.

4. Canara Bank Ashraya Deposit Scheme

Eligibility

  • Senior citizens i.e. individuals above the age of 60 years (single or joint account) who are a member of Canara Bank Fixed Deposit Scheme or Kamadhenu Deposit Scheme.
  • In case of a joint account, the second depositor may be a person below the age of 60 years.

Features

  • The scheme requires a minimum deposit to be made of Rs. 1,000. However, there is no limit on the maximum amount of deposit.
  • The deposit can be made for a period of 15 days to a maximum of 10 years. In case of depositors who are a member of the Canara Bank Kamadhenu Deposit Scheme the minimum deposit period stands at 5 months.
  • The interest rates applicable are same as the card rates applicable for senior citizens across tenures.
  • A simple interest is paid either monthly at discounted value or quarterly or half yearly. However, members of Canara Bank Kamadhenu Deposit Scheme are paid quarterly compounded interest on maturity.
  • Loan facility available against up to 90% of the deposit amount.
  • The scheme levies a penalty of 1.00% on premature closure/part withdrawal/ premature extension of Domestic /NRO term deposits of less than Rs.1 crore placed/renewed on 04.02.2011 and afterwards. However, no such penalty is levied on deposits of Rs. 1 crore or more placed/renewed on or after 13.10.2012.

Canara Bank FD Calculator

Investors can check the maturity amount of the scheme by using the Canara Bank FD Calculator at Paisabazaar. Also, Canara Bank FD Interests Rates differ for different tenures. So the investors can also decide a preferred tenure of investment by entering different rates and calculating their total earning. In case of reinvestment schemes, investors can check the interest and the maturity amount by using the compound interest calculator.

You can visit the nearest Canara Bank branch and contact the officials for Canara Bank FD interest rates of schemes above Rs 1 Crore. You can check the IFSC of the branch at Paisabazaar.

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