Canara Bank offers diverse range of fixed deposit schemes for its domestic customers as well as NRIs. These deposit schemes are backed by high-yielding Canara Bank FD rates that allow customers to earn guaranteed returns. Here we shall discuss about the various aspects circling fixed deposit by Canara Bank along with the latest Canara Bank FD rates corresponding the schemes.
Table of Contents
| FD Tenure | Canara Bank FD Interest Rates (% p.a.) | |
| Regular Citizens | Senior Citizens | |
| 7 days to 14 days* | 3.00 | 3.50 |
| 46 days to 90 days | 4.00 | 4.50 |
| 91 days to 179 days | 4.05 | 4.55 |
| 180 days to less than 1 year | 4.50 | 5.00 |
| 1 year | 5.50 | 6.00 |
| Above 1 year to less than 2 years | 5.35 | 5.85 |
| 2 years & above to less than 3 years | 5.35 | 5.85 |
| 3 years & above to less than 5 years | 5.30 | 5.80 |
| 5 years & above to 10 years | 5.30 | 5.80 |
*Rates applicable only for a single deposit of Rs.5 lakhs & above w.e.f. 13th July 2020.
Please contact the branch for deposits of and above Rs. 2 crore.
| Tenure | Regular Citizens | Senior Citizens |
| 5 years & above to 10 years | 5.30% | 5.80% |
NRE or Non-Resident External Fixed Deposit Account is designed for NRI customers of the bank. They can place their foreign savings in this account and earn assured returns on the same as per the prevailing Canara Bank NRE FD rates. Interest earned is not taxable in India while it is fully repatriable along with the deposit amount. The account is maintained in Indian Rupees post-conversion as per the prevailing forex rates.
| Tenure | Fixed Deposit of less than Rs. 2 crore |
| 1 year | 5.50% |
| Above 1 year to less than 2 years | 5.35% |
| 2 years & above to less than 3 years | 5.35% |
| 3 years & above to less than 5 years | 5.30% |
| 5 years & above to 10 years | 5.30% |
Note: The aforementioned NRE fixed deposit rates are applicable from 13th July 2020 and are subject to change any time with no prior notice.
FD Tenure | Canara Bank FD Interest Rates (% p.a.) | |
| Regular Citizens | Senior Citizens | |
| 7 days to 14 days* | 3.00 | 3.50 |
| 46 days to 90 days | 4.00 | 4.50 |
| 91 days to 179 days | 4.05 | 4.55 |
| 180 days to less than 1 year | 4.50 | 5.00 |
| 1 year | 5.50 | 6.00 |
| Above 1 year to less than 2 years | 5.35 | 5.85 |
| 2 years & above to less than 3 years | 5.35 | 5.85 |
| 3 years & above to less than 5 years | 5.30 | 5.80 |
| 5 years & above to 10 years | 5.30 | 5.80 |
Note: The aforementioned NRO fixed deposit rates are applicable from 13th July 2020 and are subject to change any time with no prior notice.
FCNR or Foreign Currency Non-Resident Fixed Deposit Account is an investment facility available to NRIs. Here the account is maintained in the original currency in which deposit was made, i.e. no forex risk is involved. Interest earned is fully repatriable and is not taxable in India.
| Interest rates on FCNR (B) % p.a. | |||||
| Currency | 1 Year and above but less than 2 years | 2 years and above but less than 3 years | 3 years and above but less than 4 years | 4 years and above but less than 5 years | 5 years only |
| USD | 1.02 | 0.98 | 0.99 | 1.02 | 1.08 |
| GBP | 0.64 | 0.68 | 0.68 | 0.70 | 0.72 |
| EUR | 0.16 | 0.13 | 0.12 | 0.12 | 0.15 |
| CAD | 1.34 | 1.08 | 0.13 | 1.20 | 1.26 |
| AUD | 0.67 | 0.70 | 0.75 | 0.87 | 0.95 |
Note: The aforementioned Canara Bank fixed deposit rates for FCNR account (effective from 7th July 2020) are applicable to deposits of or above USD 1 million or equivalent. These rates are subject to change any time with no prior notice.
Canara Bank RFC or Resident Foreign Currency Fixed Deposit Account is for Returning Indians who are no longer NRIs and wish to park their foreign savings in fixed deposit with the bank. The interest earned is taxable in India while it can be repatriated post-payment of due taxes. The account is maintained in INR (deposit amount is converted in INR).
| Tenure | Currency of deposit (Interest Rate % per annum) | ||||
| USD | GBP | EUR | CAD | AUD | |
| 1 month & above but less than 3 months | NIL | NIL | NIL | NIL | NIL |
| 3 months & above but less than 6 months | 0.09 | NIL | NIL | 0.02 | NIL |
| 6 months & above but less than 1 year | NIL | 0.25 | 0.03 | 0.07 | 0.18 |
| 1 year & above but less than 2 years | 1.02 | 0.64 | 0.16 | 1.34 | 0.67 |
| 2 years & above but less than 3 years | 0.98 | 0.68 | 0.13 | 1.08 | 0.70 |
| 3 years only | 0.99 | 0.68 | 0.12 | 1.13 | 0.75 |
Note: The above-stated fixed deposit interest rates are applicable to RFC deposits amounting less than $ 1 million or equivalent. All figures are in %. Effective from 7th July 2020.
Read more: Types of Canara Bank NRI FD Schemes
Canara Bank extends the following benefits to its fixed deposit customers in the form of features:
The bank provides as many as 4 distinct options for its domestic customers in terms of fixed deposit.
Read more about Types of Canara Bank Fixed Deposit Schemes
Bank’s Regular FD Scheme will be beneficial for anyone wishing to start investing from as low as Rs. 1,000. Senior citizens will get 0.5% extra interest on these. This can also be opened in the name of a minor to help them inculcate the habit of savings.
Canara Tax Saver Scheme can be opted for those who want to claim deductions up to Rs. 1.5 lakh u/s 80 C of the Income Tax Act. You will not be allowed to withdraw funds before 5 years from the date of booking.
For those who are not liable for income tax, i.e. those earning less than Rs. 2.5 lakh per annum, they can submit Form 15G/H. Then, you will not have to bear TDS on the interest income too.
For senior citizens, Canara Ashraya Deposit Scheme will work well as they will earn extra 0.5% of interest on deposits made.
Investors can check the maturity amount of the scheme by using the Canara Bank FD Calculator on Paisabazaar. Also, Canara Bank FD interest rates vary 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.
Moreover, using Canara Bank FD calculator, account holders can check and compare Canara Bank fixed deposit rates with other banks like SBI FD rates or HDFC FD rates.
Read more about How to Use Canara Bank FD Calculator
Account holders of Canara Bank fixed deposits can withdraw before the maturity date to provide for an emergency or cash crunch or for any other reason. However, this shall attract penalty of 1% that shall be levied on the interest payable. This is applicable to deposits less than Rs. 2 crore booked freshly/renewed on or after 12th March 2019.
Please note that no interest shall be payable if the deposit is withdrawn before 7 days from the date of booking.
To provide customers with an alternative to breaking their FD, Canara Bank provides the option of taking loan against their fixed deposit. Such a loan can be taken for up to 90% of the deposit value. For example, if you have an FD of Rs. 1 lakh, you can take loan for up to Rs. 90,000 which is 90% of the deposit amount. This facility is NOT extended to the customers of tax saver FD.
Interest earned on fixed deposits is always subject to taxes. The bank exercises TDS before crediting the accrued interest to the deposit holder. The following must be considered to understand TDS implication on FD investment:
Residents of India may apply for domestic fixed deposit schemes with Canara Bank. This includes individuals, Hindu Undivided Families, corporates, firms, etc.
NRE, NRO and FCNR fixed deposit schemes are open to Non-Resident Indians (NRIs) and/or Persons of Indian Origin (PIOs).
Documents Required to Apply
To open a Canara Bank fixed deposit account (domestic), the following documents may be asked from the applicant:
Note: This is an indicative list.
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 5.50% p.a. to regular individuals and 6.00% p.a. to senior citizens for deposits maturing in 1 year.
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 is 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. This shrinks to Rs. 100 in case of a tax saver fixed deposit scheme.
Q. What is Canara Bank Customer Care Number?
A. Canara Bank’s customer Care Number is 1800 425 0018. Account-holders can give a call to the same for any assistance or queries.
| Canara Bank Revises Fixed Deposit Rates |
| 5th September, 2019 Canara Bank has once again revised its fixed deposit rates across various maturities for deposits which are less than 2 crore with effect from 30th August 2019. The bank continues to provide 0.50% interest rate to the senior citizens. The highest Canara Bank FD interest rate is 6.25% for regular citizens and 6.75% for senior citizens. |
| Canara Bank Revises Fixed Deposit Rates |
| 19th August, 2019 Canara Bank has revised its fixed deposit rates across various maturities for deposits which are less than 2 crore with effect from 9th August 2019. The bank is offering an interest rate from 5.00% to 6.50% for a period of 7 days to 10 years. Canara bank is providing the highest interest rate of 6.50% for a period of 1 year to less than 3 years for regular citizens and 7.00% for senior citizens. |
