Canara FD Interest Rates - Explore Latest Fixed Deposit Rates

Canara FD Interest Rates - Explore Latest Fixed Deposit Rates

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:

  1. Interest Rates:

    Canara Bank FD presents enticing interest rates, ranging from 5.50% to 6.70%, spanning tenures of 3 months to 10 years.

  2. Minimum Deposit:

    Opening an FD account requires a modest ₹1000, making it accessible for a broad spectrum of investors.

  3. Senior Citizen Benefits:

    Senior citizens enjoy an extra 0.50% p.a. interest rate, enhancing their returns.

  4. Loan Facility:

    Canara Bank extends a loan or overdraft facility of up to 90% against the deposit amount.

Specialized FD Schemes:

  1. Canara Khazana Deposit:

    Offers unique interest rates to cater to specific financial goals.

  2. Canara Shikhar Deposit:

    Tailored FD scheme with attractive interest rates to amplify returns.

  3. Canara Tax Saver Scheme:

    Provides tax benefits under Section 80C, though it entails a lock-in period of 5 years.

  4. Canara Bank Kamadhenu Deposit:

    A reinvestment scheme with flexible tenure and convenient withdrawal options.

  5. 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:

  1. Interest Rates:

    Canara Bank FD presents enticing interest rates, ranging from 5.50% to 6.70%, spanning tenures of 3 months to 10 years.

  2. Minimum Deposit:

    Opening an FD account requires a modest ₹1000, making it accessible for a broad spectrum of investors.

  3. Senior Citizen Benefits:

    Senior citizens enjoy an extra 0.50% p.a. interest rate, enhancing their returns.

  4. Loan Facility:

    Canara Bank extends a loan or overdraft facility of up to 90% against the deposit amount.

Specialized FD Schemes:

  1. Canara Khazana Deposit:

    Offers unique interest rates to cater to specific financial goals.

  2. Canara Shikhar Deposit:

    Tailored FD scheme with attractive interest rates to amplify returns.

  3. Canara Tax Saver Scheme:

    Provides tax benefits under Section 80C, though it entails a lock-in period of 5 years.

  4. Canara Bank Kamadhenu Deposit:

    A reinvestment scheme with flexible tenure and convenient withdrawal options.

  5. 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.

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