Canara Bank FD Rates

Rate of Interest on Fixed Deposits of less than Rs. 2 crore

*Rates applicable only for single deposit of Rs.5 lakhs & above. Rates w.e.f. August. 30, 2019

Note – For term deposits of Rs. 2 crore and above, contact your nearest Canara Bank branch.

Canara Bank NRE FD Rates (Non Resident External)

Note:

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

FCNR Interest Rates

Note – Interest rates applicable w.e.f. 01.09.2019 to 30.09.2019, For interest rate on FCNR deposits of USD 1 Million & above (or its equivalent in other currencies) please contact your nearest Canara Bank branch. All figures in % per annum, For term deposits of Rs. 2 crore and above, contact the nearest Canara Bank branch.

RFC (Resident Foreign Currency) Fixed Deposit Interest Rates

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 deposits of USD 1 Million & above (or its equivalent in other currencies) please contact the nearest Canara Bank branch. All figures in % per annum.

Canara Bank has the following types of Fixed Deposit Schemes:

1. Canara Bank Fixed Deposit Scheme

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% 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. 2 crore or more placed/renewed on or after 12.03.2019

Eligibility Criteria

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

2. Canara Bank Kamadhenu Deposit Scheme (Re-Investment Plan)

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% 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

Eligibility Criteria

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

3. Canara Bank Tax Saver Deposit Scheme

Features

• The minimum and maximum deposit requirement under the scheme ranges between Rs. 100 (in multiples of Rs. 100) and Rs. 1.5 lakh
• This scheme has a lock-in 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
• Under this scheme, premature withdrawal is not permitted
• The deposit made under the scheme qualifies for a deduction up to Rs. 1.5 lakh under Section 80C of the Income Tax Act, 1961

Eligibility Criteria

Individual/Single Account –

• Individual
• Karta of a Hindu Undivided Family

Joint Account –

• Only 2 adults jointly or
• An adult and a minor

4. Canara Bank Ashraya Deposit Scheme (For Senior Citizens)

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 is 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

Eligibility Criteria

• Senior citizens i.e. individuals above the age of 60 years (single or joint account)
• The second depositor can be below the age of 60 years in case of a joint account

Canara Bank Premature Withdrawal facility enables the depositor to withdraw the fixed deposit amount before the deposit tenure ends. Fixed Deposit is classified into two types:

• With the premature withdrawal facility
• Without premature withdrawal facility (For instance –  Canara Bank Tax Saver Scheme comes with a lock-in period of 5 years)

However, individuals with Canara Bank FD account need to pay a 1% penalty on premature withdrawal.

Canara Bank provides its customers with the facility of Loan against fixed deposit up to 90% of the value of their fixed deposit at attractive interest rates. Customers are not required to pay the penalty or lose out on the interest. Moreover, it helps to maintain the fixed deposits and avail cash for urgent financial needs.

Investors can check the maturity amount of the scheme by using the Canara Bank FD Calculator on Paisabazaar. Also, Canara Bank FD Interests Rates varies for different tenure options. So, the investors can also opt for a specific tenure option by providing the Canara Bank FD Rates, deposit amount and tenure and calculating the potential earning. In case of reinvestment schemes, investors can check the interest and the maturity amount by using the compound interest calculator.

Moreover, using Canara Bank FD calculator, account holders can check and compare Canara Bank FD Interest Rates with other banks as well.

Following documents are required for Canara Bank Fixed Deposit:

• Application in the Banks’ prescribed form
• Copy of PAN Card / Form 60 or 61 (if customer does not have PAN Card)
• Photograph of Depositor/s (2 copies)
• Proof of Identity and address as per KYC Norms
• Any other related documents as applicable to proprietor ship concern, Partnership Firm, Company, HUF, etc.

Customers can apply for Canara Bank Fixed Deposit by visiting the nearest bank branch. For further information, customers can also contact the Canara Bank Customer Care Number. click here

Q. What is the tenure of Canara Bank Tax Saver Deposit Scheme?

A. Canara Bank Tax Saver Deposit Scheme comes with a lock-in period of 5 years.

Q. What is the highest FD rate offered by Canara Bank?

A. The highest FD rate offered by Canara Bank is 6.50% p.a. to regular individuals and 7% p.a. to senior citizens.

Q. Are there any preferential rates offered to senior citizens?

A. Yes, Canara Bank offers 0.50% higher FD interest rates to senior citizens across all maturities.

Q. Is a loan facility available against FD account at Canara Bank?

A. Yes, a loan facility available against FD account at Canara Bank. Account holders can avail up to 90% loan against their fixed deposit amount.

Q. What is the minimum amount an account holder can keep in Canara Bank fixed deposit account?

A. The minimum amount an account holder can keep in Canara Bank fixed deposit account is Rs. 1,000.

Q. What is Canara Bank Customer Care Number?

A. Canara Bank’s customer Care Number is 1800 425 0018.