Canara FD Interest Rates - Explore Latest Fixed Deposit Rates
Canara FD Interest Rates - Explore Latest Fixed Deposit Rates
May 10, 2023
5 Minutes
Unlocking Secure Savings: Canara Bank Fixed Deposit (FD) Explained
Discover the secure path to grow your savings with Canara Bank Fixed Deposit (FD), a preferred investment option provided by one of India's largest Nationalised Banks. Established in 1906, Canara Bank offers a diverse range of fixed deposit choices, making it a go-to option for individuals seeking stability and growth.
Key Features of Canara Bank FD:
Interest Rates:
Canara Bank FD presents enticing interest rates, ranging from 5.50% to 6.70%, spanning tenures of 3 months to 10 years.
Minimum Deposit:
Opening an FD account requires a modest ₹1000, making it accessible for a broad spectrum of investors.
Senior Citizen Benefits:
Senior citizens enjoy an extra 0.50% p.a. interest rate, enhancing their returns.
Loan Facility:
Canara Bank extends a loan or overdraft facility of up to 90% against the deposit amount.
Specialized FD Schemes:
Canara Khazana Deposit:
Offers unique interest rates to cater to specific financial goals.
Canara Shikhar Deposit:
Tailored FD scheme with attractive interest rates to amplify returns.
Canara Tax Saver Scheme:
Provides tax benefits under Section 80C, though it entails a lock-in period of 5 years.
Canara Bank Kamadhenu Deposit:
A reinvestment scheme with flexible tenure and convenient withdrawal options.
Canara Bank Ashraya Deposit Scheme:
Exclusive scheme for senior citizens with cumulative and non-cumulative options.
Interest Rates Based on Tenure:
Short-term Deposits (7 days to 12 months): 3.25% to 6.50% p.a.
Medium-term Deposits (1 year to < 5 years): Around 6.25% to 6.50% p.a.
Long-term Deposits (5 years to 10 years): Fixed at 6.50% p.a.
Opening a Canara Bank FD:
Convenience is paramount with Canara Bank FD. Whether through internet banking, mobile app, or a visit to the nearest branch, the process is hassle-free. The minimum deposit is a mere ₹1000.
Taxation and Other Considerations:
The interest income is taxable based on the applicable slab rates of income tax.
TDS of 10% is applicable if the income exceeds ₹40,000 per year for regular citizens and ₹50,000 per year for senior citizens.
Additional Benefits:
Loans Against FDs: Investors can avail up to 90% of the deposit amount.
Premature Closure: Allowed with a penalty of 1% on the deposited amount.
Conclusion:
Canara Bank FD - A Trustworthy Investment
In conclusion, Canara Bank Fixed Deposit emerges as a reliable investment avenue, offering not just security but also growth through attractive interest rates and a variety of schemes. By opting for Canara Bank FD, individuals can confidently safeguard and nurture their savings for a predetermined duration. Open the door to secure and fruitful financial planning with Canara Bank Fixed Deposit.
Unlocking Secure Savings: Canara Bank Fixed Deposit (FD) Explained
Discover the secure path to grow your savings with Canara Bank Fixed Deposit (FD), a preferred investment option provided by one of India's largest Nationalised Banks. Established in 1906, Canara Bank offers a diverse range of fixed deposit choices, making it a go-to option for individuals seeking stability and growth.
Key Features of Canara Bank FD:
Interest Rates:
Canara Bank FD presents enticing interest rates, ranging from 5.50% to 6.70%, spanning tenures of 3 months to 10 years.
Minimum Deposit:
Opening an FD account requires a modest ₹1000, making it accessible for a broad spectrum of investors.
Senior Citizen Benefits:
Senior citizens enjoy an extra 0.50% p.a. interest rate, enhancing their returns.
Loan Facility:
Canara Bank extends a loan or overdraft facility of up to 90% against the deposit amount.
Specialized FD Schemes:
Canara Khazana Deposit:
Offers unique interest rates to cater to specific financial goals.
Canara Shikhar Deposit:
Tailored FD scheme with attractive interest rates to amplify returns.
Canara Tax Saver Scheme:
Provides tax benefits under Section 80C, though it entails a lock-in period of 5 years.
Canara Bank Kamadhenu Deposit:
A reinvestment scheme with flexible tenure and convenient withdrawal options.
Canara Bank Ashraya Deposit Scheme:
Exclusive scheme for senior citizens with cumulative and non-cumulative options.
Interest Rates Based on Tenure:
Short-term Deposits (7 days to 12 months): 3.25% to 6.50% p.a.
Medium-term Deposits (1 year to < 5 years): Around 6.25% to 6.50% p.a.
Long-term Deposits (5 years to 10 years): Fixed at 6.50% p.a.
Opening a Canara Bank FD:
Convenience is paramount with Canara Bank FD. Whether through internet banking, mobile app, or a visit to the nearest branch, the process is hassle-free. The minimum deposit is a mere ₹1000.
Taxation and Other Considerations:
The interest income is taxable based on the applicable slab rates of income tax.
TDS of 10% is applicable if the income exceeds ₹40,000 per year for regular citizens and ₹50,000 per year for senior citizens.
Additional Benefits:
Loans Against FDs: Investors can avail up to 90% of the deposit amount.
Premature Closure: Allowed with a penalty of 1% on the deposited amount.
Conclusion:
Canara Bank FD - A Trustworthy Investment
In conclusion, Canara Bank Fixed Deposit emerges as a reliable investment avenue, offering not just security but also growth through attractive interest rates and a variety of schemes. By opting for Canara Bank FD, individuals can confidently safeguard and nurture their savings for a predetermined duration. Open the door to secure and fruitful financial planning with Canara Bank Fixed Deposit.
Author
Pluto Team
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