Canara Bank offers RD interest rates of 6.75-7.90% p.a. to senior citizens and 6.25-7.40% p.a. to other depositors on tenures ranging from 6 months to 10 years. The bank also offers Canara Dhanvarsha – Flexi RD scheme wherein depositors can make more than one instalment during a month.
Canara Bank RD Rates Highlights
| Highest slab rate | 7.40% p.a. (for 3 years to less than 5 years) |
| For 1 year | 6.85% p.a. |
| For 2 years | 7.30% p.a. |
| For 3 years | 7.40% p.a. |
| For 4 years | 7.40% p.a. |
| For 5 years | 6.70% p.a. |
| Tax-Saving FD | 6.70% p.a. |
Interest rates are as of 17 January 2025
Canara Bank RD Interest Rates
Canara Bank RD interest rates are the same as Canara Bank FD Interest Rates for senior citizens and other depositors. Hence, stated below are the FD interest rates offered by Canara Bank. Depositors should note that Canara Bank RD tenure starts from 6 months and in multiples of 3 months thereof till 10 years. Thus, depositors should choose the applicable RD interest rate from the under-mentioned table accordingly.
Canara Bank RD Rates of deposits less than Rs 2 crore w.e.f. 16 November 2023
| FD Tenure | Interest Rates (% p.a.) | |
| Regular Citizens | Senior Citizens | |
| 7 days to 45 days* | 4.00 | 4.00 |
| 46 days to 90 days | 5.25 | 5.25 |
| 91 days to 179 days | 5.50 | 5.50 |
| 180 days to 269 days | 6.15 | 6.65 |
| 270 days to less than 1 year | 6.25 | 6.75 |
| 1 year | 6.85 | 7.35 |
| 444 days | 7.25 | 7.75 |
| Above 1 year to less than 2 years | 6.85 | 7.35 |
| 2 years to less than 3 years | 7.30 | 7.80 |
| 3 years to less than 5 years | 7.40 | 7.90 |
| 5 years to 10 years | 6.70 | 7.20 |
Notes: 1. *Rates applicable only for a single deposit of Rs.5 lakhs & above
2. Minimum tenure of the deposit is 15 days for deposits below Rs 5 lakhs
3. Additional senior citizen interest rates of 0.50% are applicable to only domestic deposits
Types of Canara Bank Recurring Deposit
Regular Recurring Deposit
- Eligibility: Individual, Guardian on behalf of minor, Joint Account, HUF, a proprietorship firm, an institution, an association, a company, a trust
- Minimum deposit amount: Rs 50/month
- Tenure: 6 months to 10 years (multiples of 3 months)
- The interest on recurring deposits is compounded quarterly
- Additional 0.50% p.a. interest rates are offered to senior citizen depositors
- Nomination facility is available
- Depositor can avail loans of up to 90% of the recurring deposit balance
Canara Dhanvarsha- A Flexi Recurring Deposit Scheme
- Eligibility: Individual, Guardian on behalf of minor, Joint Account, an institution, HUF, proprietorship firm, an association, a company, a trust
- Deposit amount: Minimum – Rs 500; Maximum – Rs 1 lakh
- Tenure: 1 year to 10 years (in multiples of 3 months)
- Senior citizens get additional 50 bps over and above regular RD rates
- Depositor can avail nomination facility
- Loan facility of up to 90% of the RD balance is available
- Stated below are the special features of this Flexi deposit scheme:
- Depositors can make more than one instalment during the month
- Additional instalments for this scheme are not considered prepayment for future RD instalments
Penalty for Delayed RD Instalments
- If RD account is opened for 5 years, penalty of Rs. 1.50 is charged for every Rs. 100 instalment per month
- For accounts opened for above 5 years, penalty of Rs. 2 is charged for every Rs. 100 instalment per month
- If depositor makes more than 4 defaults, the RD Account is to be repaid at Simple Interest on a monthly product basis. This is not applicable for accounts opened on or after 1 April 2020
- Canara Dhanvarsha deposits are not subject to delayed payment of instalments
Premature Withdrawal of Recurring Deposit
- Premature withdrawal penalty of 1% is charged if an RD account is opened on or after 4 February 2011
- RD interest will be paid after deducting the penal rate (1%) from the interest rate as applicable on the date of the deposit
- No penalty is charged on the premature closure of deposits opened under Flexi Recurring Deposit Scheme. The applicable interest rate would be the interest rate applicable for the duration for which the RD remained with the bank at the time of account opening or at the contracted rate, whichever is lower.