Canara Bank FD Schemes and Interest Rates 2024

Canara Bank, established in Mangalore in 1906, is one of India's prominent nationalized banks, now based in Bengaluru, Karnataka. The bank provides a range of fixed deposit schemes for customers looking to securely invest savings over a fixed period, where initially deposited amounts remain untouched until the maturity without further deposits or withdrawals. Typically, Canara Bank fixed deposits offer higher returns compared to standard savings accounts.

Key Features and Benefits of Canara Bank Fixed Deposits

• FD Tenure: From 7 days up to 10 years.
• Senior Citizen Advantage: Extra interest rate of 0.50% per annum over standard rates.
• Minimum Deposit: Rs. 1000 required for opening a fixed deposit account.
• Nomination Facility: Accessible for all FD accounts.
• Loan/Overdraft Facility: Loans up to 90% of the deposit amount available.
• Interest Payout: Interest disbursed upon maturity.
• FD Schemes: Options like Canara Khazana and Canara Shikhar Deposit with attractive rates.
• Eligibility: Individuals, HUFs, companies, trusts, and partnerships can open FDs.

Such features make Canara Bank an appealing option for enhancing savings via fixed deposits.

Canara Bank FD Interest Rates 2024

Tenure	Interest Rates (PA)	Senior Rate (PA)
7 days - 1 month 15 days	4%	4%
1 month 16 days - 2 months 29 days	5.25%	5.25%
3 months - 5 months 26 days	5.5%	5.5%
5 months 27 days - 8 months 25 days	6.15%	6.65%
8 months 26 days - 11 months 30 days	6.25%	6.75%
1 year - 1 year 2 months 17 days	6.85%	7.35%
1 year 2 months 18 days - 1 year 2 months 18 days	7.25%	7.75%
1 year 2 months 19 days - 2 years 11 months 30 days	6.85%	7.35%
3 years - 4 years 11 months 30 days	6.8%	7.3%
5 years - 9 years 11 months 29 days	6.7%	7.2%

Categories of Canara Bank FD Schemes

Fixed Deposit Scheme:

• Joint Accounts: Permitted.
• Automatic Renewal: Enabled.
• Maturity Period: Ranges from 7 days to 10 years.
• Interest Rates: 4.00% to 6.70% for the public, and 4.00% to 7.20% for seniors.
• Loan Options: Access up to 90% of FD amount.
• Partial Withdrawals: Available in multiples of Rs.1,000.
• Overdue Deposits: Attract savings account interests.
• Taxation: Subject to TDS.

Kamadhenu Deposit (Re-investment Plan):

• Minimum Deposit: Rs.1,000.
• Duration: 5 months to 10 years.
• Interest Rates: Annual rate ranges from 4.00% to 5.50%, compounded quarterly.
• Interest Payment: At maturity.
• Partial Withdrawals: Permissible in multiples of Rs.1,000.
• Senior Benefits: Additional 0.50% on base rates.
• Loan Options: Up to 90% of the deposit value.

Canara Tax Saver Scheme:

• Tenure: 5 years.
• Interest Rate: 5.50% per annum for general populace.
• Interest Payout: Monthly or Quarterly.
• Minimum Investment: Rs.100.
• Loan Availability: Not applicable for this FD.
• Withdrawals: No premature closure.
• Nomination: Available, except for minors.
• Tax Benefits: Under Section 80C, up to Rs.1.50 lakh.

Ashraya Deposit Scheme for Senior Citizens:

• Eligibility: Individuals aged 60 and above.
• Loan Options: Up to 90% of the FD value.
• Interest Advantages: 0.50% elevated rate on all domestic FDs.
• Interest Payment: Varies on deposit type.
• Taxation: Income attracts TDS.

These varied schemes are tailored to meet different monetary needs, from tax incentives to boosted returns for older depositors.

Opening a Fixed Deposit Account with Canara Bank

An FD account can be initiated via internet banking, mobile app, or by visiting a branch.

Internet Banking:

1. Step 1: Access NetBanking.
2. Step 2: Head to Term Deposit, select ‘New Account’.
3. Step 3: Input necessary details including nominee info and maturity options.
4. Step 4: Click on ‘Open Deposit’, confirm, and authenticate transaction.

Mobile App - Canara Bank App:

1. Step 1: Install and login.
2. Step 2: Choose ‘New Account’, and select deposit category.
3. Step 3: Fill in the required information.
4. Step 4: Verify details and authenticate.

Offline at a Branch:

1. Step 1: Visit the nearest branch.
2. Step 2: Complete application, submit necessary paperwork, and deposit.
3. Step 3: Collect FD receipt post-processing.

These methods offer convenience and accessibility for opening a Canara Bank FD.

Eligibility for Canara Bank FDs

The following are eligible to open FDs at Canara Bank:

• Resident individuals and NRIs.
• Minors overseen by guardians.
• Members of HUFs.
• Companies, organizations, and trusts.

Documents Required for FD Account Setup

Essential documents include:

Address Proof:

• Bank statement with a cheque.
• Electricity bill.
• Telephone bill.
• Passport.
• ID issued by the Post Office.

Identity Proof:

• Driving license.
• PAN card.
• Voter ID.
• Passport.
• Photo ration card.

These documents establish identity and residence for opening an FD with Canara Bank.

Premature Withdrawal of Canara Bank Fixed Deposit

Canara Bank permits early termination of FDs, excluding tax-saving options, subject to a 1% penalty, following Canara Bank's conditions.