Canara Bank Fixed Deposit Rates-2024
Apr 16, 2024
7 MinsCanara Bank, established in Mangalore in 1906, is one of India's largest nationalized banks and is headquartered in Bengaluru, Karnataka.
Canara Bank offers a variety of fixed deposit schemes that allow customers to securely allocate a portion of their savings for a fixed duration. At the time of account opening, a customer deposits a fixed amount; further additions or withdrawals are not permitted during the deposit's term. Fixed deposits at Canara Bank typically provide higher returns compared to savings accounts.
Key Features and Advantages of Canara Bank Fixed Deposits
FD Tenure: Canara Bank offers fixed deposit terms ranging from 7 days to 10 years.
Senior Citizen Benefit: An additional interest rate of 0.50% per annum is available for senior citizens over the regular rates.
Minimum Deposit Requirement: The minimum amount required to open an FD account at Canara Bank is Rs. 1000.
Nomination Facility: Available for all fixed deposit accounts.
Loan/Overdraft Options: Up to 90% of the deposit amount can be leveraged for a loan or overdraft.
Interest Payout: Interest is paid only upon the maturity of the deposit.
FD Schemes: Canara Bank offers various schemes like Canara Khazana Deposit and Canara Shikhar Deposit, each with competitive interest rates.
Eligibility: Resident Indians, Hindu Undivided Families (HUFs), private and public limited companies, trusts, and partnership firms are eligible to open fixed deposits.
These features make Canara Bank an attractive option for individuals and entities looking to maximize their savings through fixed deposits.
Canara Bank FD Interest Rates 2024
| Tenure | Interest Rates (PA) | Interest Rate for Seniors (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% |
Types of Canra Bank FD Schemes
Fixed Deposit Scheme:
Joint Accounts: Allowed.
Automatic Renewal: Available.
Maturity Period: Ranges from 7 days to 10 years.
Interest Rates: For general public up to Rs.2 crore: 4.00% p.a. to 6.70% p.a.; For senior citizens: 4.00% p.a. to 7.20% p.a.
Loan Options: Up to 90% of FD value.
Partial Withdrawals: Allowed in multiples of Rs.1,000.
Overdue Deposits: Treated at savings account rates.
Taxation: Interest income is subject to TDS under the Income Tax Act, 1961.
Kamadhenu Deposit (Re-investment Plan):
Minimum Deposit: Rs.1,000.
Duration: 5 months to 10 years.
Interest Rates: Annual effective rates from 4.00% p.a. to 5.50% p.a., compounded quarterly.
Interest Payment: At maturity.
Partial Withdrawals: Allowed in multiples of Rs.1,000.
Additional Benefits for Seniors: Additional 0.50% above standard rates.
Loan Options: Up to 90% of deposit amount.
Canara Tax Saver Scheme:
Tenure: 5 years.
Interest Rate: 5.50% p.a. for general citizens.
Interest Payout: Monthly/Quarterly.
Minimum Investment: Rs.100.
Loan Availability: No loans against Tax Saver FD.
Withdrawals: No premature closure or withdrawals.
Nomination: Available, except for accounts maintained by minors.
Tax Benefits: Up to Rs.1.50 lakh under Section 80C.
Ashraya Deposit Scheme for Senior Citizens:
Eligibility: Exclusively for individuals aged 60 and above.
Loan Options: Up to 90% of the FD amount.
Interest Benefits: 0.50% higher rate on all domestic Fixed Deposits.
Interest Payment: Frequency varies based on the deposit type.
Taxation: Interest income is subject to TDS.
These diverse options cater to different financial needs and preferences, from those seeking tax benefits to senior citizens looking for higher returns on their savings.
How to Open a Fixed Deposit Account with Canara Bank
Canara Bank allows you to open a fixed deposit account through various methods including internet banking, mobile app, and visiting a branch in person.
1) Internet Banking:
Step 1: Log into your Canara Bank NetBanking account.
Step 2: Navigate to the Term Deposit page, click ‘New Account’, and select the type of deposit account.
Step 3: Enter all required details including nominee information, payment, and maturity instructions.
Step 4: Click on ‘Open Deposit’ to verify the details, then ‘Confirm’, and authenticate the transaction. A confirmation pop-up will appear once the account is successfully opened.
2) Mobile App - Canara Bank App:
Step 1: Download and sign into the Canara Bank App.
Step 2: Select ‘New Account’, choose the type of deposit account.
Step 3: Complete the required fields, including payment, nominee information, and maturity instructions.
Step 4: Click on ‘Open Deposit’ to review the details, then ‘Confirm’, and authenticate the transaction. A confirmation message will display, indicating the account opening.
3) Offline at a Branch:
Step 1: Visit your nearest Canara Bank branch.
Step 2: Fill out the FD application form and submit it along with the necessary documents and the deposit amount.
Step 3: Once your application is processed, you will receive an FD receipt from Canara Bank.
These methods provide flexible options for customers to start earning interest on their savings with fixed deposits at Canara Bank.
Qualifications for Opening a Fixed Deposit Account at Canara Bank
To invest in a Canara Bank fixed deposit, the following groups are eligible:
Resident individuals and Non-Resident Indians (NRIs).
Minors, with the requirement that a guardian operates the account on their behalf.
Members of Hindu Undivided Families (HUF).
Companies, organizations, and other institutions are also eligible to open fixed deposit accounts.
Necessary Documents to Open a Fixed Deposit Account at Canara Bank
To open a fixed deposit account at Canara Bank, you will need to provide the following documents:
Proof of Address (any one):
Bank statement with a cheque
Electricity bill
Telephone bill
Passport
ID or certificate issued by the Post Office
Proof of Identity (any one):
Driving license
PAN card
Voter ID
Passport
Photo ration card
These documents are required to verify your identity and residence when setting up a fixed deposit account at Canara Bank.
Early Withdrawal of Canara Bank Fixed Deposit
All fixed deposits at Canara Bank can be prematurely withdrawn, with the exception of tax-saving fixed deposits. Canara Bank imposes a penalty of 1% for early withdrawal. Please note that this penalty rate may be subject to change based on Canara Bank's terms and conditions.
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