Canara Bank Fixed Deposit Interest Rates 2022

Canara Bank Fixed Deposit (FD) Interest Rates Highlights 2022

The interest rates are updated as of 12^th May 2022

Canara Bank FD Interest Rates 2022

Canara Bank FD Rates for Domestic & NRO Deposits of less than Rs 2 crore w.e.f. 12 May 2022

Notes: 1. *Rates applicable only for a single deposit of Rs.5 lakhs & above

2. Minimum tenure of deposit is 15 days for deposits below Rs 5 lakhs

3. Additional senior citizen interest rates of 0.50% is applicable to only domestic deposits

Canara Bank Tax Saver Deposit

Fixed Deposits Interest Rates for Domestic Deposits & NRO of Rs 2 crore to less than Rs 10 crore w.e.f. 12 May 2022 (with premature withdrawal)

Canara Bank NRI FD Rates

Canara Bank NRE FD Rates

Interest rates on FCNR (B) Deposits w.e.f. 07 May 2022

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

Contact bank branches for higher deposits

Canara Bank RFC FD Rates w.e.f. 07 May 2022

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

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 crore with tenor of 180 days and more. This facility is not available for NRE, NRO, and Capital Gains Deposit scheme
• Nomination facility is applicable
• Loan facility is available for upto 90% of the deposit amount
• Part withdrawal/premature closure/premature extension of Domestic or NRO fixed deposits of less than Rs. 2 crore opened or renewed on or after 12.03.2019 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• Fixed deposits that are prematurely converted, closed or withdrawn, under the Capital Gains Account Scheme-1988 are subject to a penalty of 1%, regardless of the deposit amount.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 stipulated rate of interest
• 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.)

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 crore 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
• Premature closure/part withdrawal/premature extension of Domestic or NRO term deposits of less than Rs. 1 crore that are placed or renewed on or after 04.02.2011 and of deposits less than Rs. 2 crore that are placed or renewed on or after 12.03.2019 would attract a penalty of 1%

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
• Premature closure is not permitted except in the case of death of depositor
• Benefits of income tax deduction up to Rs. 1.5 lakh under Section 80C of the Income Tax Act, 1961

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 FD calculator helps customers easily plan their investment, taking not more than a few minutes.

Simply enter the deposit amount, FD tenure, and the applicable rate of interest 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.