Canara Bank FD Rates

Comparison of Top 20 Scheduled Banks based on FD Rates

Canara Bank Tax Saver Deposit

Tenure	Interest Rates (% p.a.)
5 years	6.70

Fixed Deposits Interest Rates for Domestic Deposits & NRO of Rs 2 crore to less than Rs 10 crore w.e.f. 12 August 2023 (with premature withdrawal)

Tenure	Interest Rates (% p.a.)
7 days to 45 days	2.90
46 days to 90 days	3.10
91 days to 179 days	3.35
180 days to 269 days	3.35
270 days to less than 1 year	5.75
1 year	6.00
Above 1 year to less than 2 years	6.00
2 years to less than 3 years	6.00
3 years to less than 5 years	6.00
5 years to 10 years	3.40

Canara Bank NRE FD Rates w.e.f. 12 August 2023

Tenure	Interest Rates (% p.a.) of Deposits less than Rs 2 crore	Interest Rates (% p.a.) of Deposits from Rs 2 crore to less than Rs 10 crore
1 year	6.90	6.15
444 days	7.25	NA
Above 1 year to less than 2 years	6.90	6.25
2 years to less than 3 years	6.85	6.25
3 years to less than 5 years	6.80	6.25
5 years to 10 years	6.70	3.65

Interest rates on FCNR (B) Deposits w.e.f. 12 September 2023

Currency Of Deposit	Interest Rates (% p.a.)
	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	5 years only
USD	5.50	4.50	4.00	4.00	4.00
GBP	4.75	3.50	3.00	3.00	3.00
EUR	2.50	2.00	1.50	1.50	1.50
CAD	4.50	4.25	3.85	3.50	3.50
AUD	3.75	3.50	3.00	3.00	3.00

Note: The aforementioned FD interest rates are applicable for deposits of less than US$ 1 Million or equivalent in other currencies

Canara Bank RFC FD Rates w.e.f. 12 September 2023

Period of Deposit	Interest Rates (% p.a.)
	Currency Of Deposits
	USD	GBP	EUR	CAD	AUD
1 month to less than 3 months	0.10	–	–	0.10	0.10
3 months to less than 6 months	0.10	–	–	0.10	0.10
6 months to less than 1 year	0.10	–	–	0.50	0.10
1 year to less than 2 years	5.50	4.75	2.50	4.50	3.75
2 years to less than 3 years	4.50	3.50	2.00	4.25	3.50
3 years only	4.00	3.00	1.50	3.85	3.00

Note: – The above interest rates are applicable only for deposits of less than USD 1 Million (or its equivalent in other currencies). For an RFC deposit of USD 1 Million & above (or its equivalent in other currencies) please contact the branch.

Canara Bank Credit Card Against FD

Particulars	Secured Credit Card
Minimum Card Limit	Rs 10,000
Maximum Card Limit	Rs 25 lakhs
Finance Charges	2% p.m.

Types of Canara Bank FD Schemes

Regular Fixed Deposit

• Minimum Investment: Rs 1000
• Tenure: Minimum 15 days (7-14 days  in case of single deposit of Rs.5 lakh and more); Maximum: 10 years
• Periodicity of interest payment: Half-yearly, Monthly (at discounted rates), Quarterly or Annual intervals as per depositor’s choice
• Senior citizens can avail 0.50% additional interest rate on deposits of less than Rs. 2 crores with a tenor of 180 days and more. Additional senior citizen FD rates are not available for NRE, NRO, and Capital Gains Deposit scheme
• Nomination facility is applicable
• Loan facility is available for up to 90% of the deposit amount
• The deposit will be automatically renewed for a similar duration from the date of maturity at the interest rate in effect on the maturity date for the original deposit period (except Special deposits, Capital Gains Scheme, NRE deposits, Canara Tax Saver Scheme, Non-callable term deposits, Court Deposits, etc.)

Kamadhenu Deposit – Re-investment Plan

• Kamadhenu deposit is a re-investment plan in which the interest component is reinvested and thereby, helps depositors in deriving the power of compounding
• Minimum deposit amount: Rs 1,000
• Tenure: 5 months to 10 years
• The interest is compounded quarterly
• Additional 0.50% p.a. interest rate is offered to senior citizen FD depositors
• Depositors can avail loan for up to 90% of the deposit amount
• The auto-renewal facility is available

Ashraya Deposit Scheme (For Senior Citizens)

• Eligibility
  • Individuals, who have attained the age of 60 years and above, in single/joint names
  • Accounts can be opened jointly with other senior citizens or with others under the age of 60 years in the case of a joint account, provided that the senior citizen is the primary depositor
• Minimum investment amount: Rs 1000
• Tenure: 15 days-10 years
• Domestic term deposits (including RDs but excluding NRE, NRO, and Capital Gains Deposit schemes) of less than Rs. 2 crores and with a tenor of 180 days or more will receive an additional 0.50% over and above the rate offered to the general public
• Loan facility is available for up to 90% of the deposit amount

Canara Bank Tax Saver Scheme

• Minimum investment amount: Rs.100 (thereafter in multiples of Rs.100 )
• Maximum investment amount: Rs. 1.5 lakh
• Tenure: 5 years
• Interest payout: Monthly (discounted) or quarterly; Compounded quarterly on Kamadhenu Deposit
• Nomination facility is available. In the case of an account opened on behalf of a minor, a Company, a Firm, HUF, an Association of Persons, or a Body of Individuals, no nomination can be accepted
• Benefits of income tax deduction up to Rs. 1.5 lakh under Section 80C of the Income Tax Act, 1961

Premature Withdrawal of Fixed Deposits

For Regular Fixed Deposits & Kamadhenu Deposits

• Part withdrawal/premature closure/premature extension of Domestic or NRO fixed deposits of less than Rs. 2 crores opened or renewed on or after 12 March 2019 would attract a penalty of 1%
• Fixed deposits that are prematurely converted, closed, or withdrawn, under the Capital Gains Account Scheme-1988 are subject to a penalty of 1%, regardless of the deposit amount.
• Part withdrawal of deposits in units of Rs.1,000  is allowed, while the remainder of the account continues to earn the contracted rate of interest

For Ashraya Deposit Scheme (For Senior Citizens)

• Premature closure of deposits of less than Rs. 1 crore that is placed or renewed on or after 4 February 2011 and of deposits less than Rs. 2 crores that are placed or renewed on or after 12 March 2019 would attract a penalty of 1%

For Canara Bank Tax Saver Scheme

• Premature closure is not permitted except in the case of the death of a depositor

FD Calculator

Customers are advised to analyze their returns well in advance when parking their money in fixed deposits. To do so, fixed deposit calculators are available online. Paisabazaar’s Canara Bank FD calculator helps customers easily plan their investment, taking not more than a few minutes.

Simply enter the deposit amount, tenure, and the applicable fixed deposit interest rates and hit that Calculate button. In seconds, the online calculator shall give the customers an approximate total interest that they will earn based on the rate of interest. One can use it for different periods, like 1 year, 1.5 years or 5 years, etc., and check how fairly their investment rewards them.

FAQs:

Q: What is the monthly income scheme of Canara Bank?

A: Canara Bank does not offer any fixed deposit variant branded as ‘Canara Bank Monthly Income Scheme’ or Canara Bank MIS Scheme. However, individuals who wish to receive monthly interest from their fixed deposits can opt for the “monthly interest pay-out option”. As the interest rates of Canara Bank is compounded quarterly, the monthly interest is paid at discounted rates. The principal amount is repaid to the depositor on the maturity of the FD.