Canara Bank Fixed Deposit Rates
Canara Bank has revised its fixed deposit interest rate with effect from February 8, 2021, on all deposits less than Rs 2 crore. The bank has cut FD interest rates on deposits maturing in a year and raised interest rates on FDs with tenure between two years and 10 years.
- Canara Bank Fixed Deposit Rates Highest
- Canara Bank Fixed Deposit Rates Today
- Canara Bank Fixed Deposit Rates Calculator
- Commercial Bank Fd Rates
The bank has cut interest on deposits maturing in one year. For FDs with tenures 2 years to ten years, Canara Bank has hiked interest rates. After the latest revision, for term deposits with a maturity period of 7-45 days, Canara Bank will offer a 2.95% interest rate. For FDs with maturity period 46-90 days, 91 days to 179 days, and 180 days to less than 1 Year, the bank will give 3.9, 4, and 4.45% interest rates respectively.
Canara Bank latest fixed deposit interest rate (below Rs 2 crore) for the general public effective 8 February 2021:
- 7 days to 45 days – 2.95%
- 46 days to 90 days – 3.90%
- 91 days to 179 days – 4%
- 180 days to less than 1 Year- 4.45%
- 1 year only -5.20%
- Above 1 year to less than 2 years – 5.20%
- 2 years & above to less than 3 years – 5.40 %
- 3 years & above to less than 5 years-5.50%
- 5 years & above to 10 Years- 5.50%
Axis Bank, one of the private banks operating in the country allows you the option of opening a fixed deposit account with them. The deposit tenures offered by Axis Bank ranges from 7 days to 10 years and the rate of return offered by the bank are quite attractive. Fixed Deposit Rates Canara Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number: 204642) in UK. Welcome to Canara Bank, Ideal destination for Personal Banking need! We offers wide range of consumer banking services like savings account, fixed deposit, debit card, loan, Mutual funds and many more that helps you meet personal financial needs.
After the latest revision, senior citizens will get an interest rate ranging from 2.95% to 6% for FDs maturing in 7 days to 10 years. Canara Bank gives 50 basis points more than the general customers to senior citizens on deposits maturing in 180 days to 10 years.
How does it compare to few PSB banks?
State Bank of India
Canara Bank Fixed Deposit Rates Highest
| Maturity period | Interest rates | |
| General Public | Senior citizen | |
| Seven days to 45 days | 2.90% | 3.40% |
| 46 days to 179 days | 3.90% | 4.40% |
| 180 days to 210 days | 4.40% | 4.90% |
| 211 days to less than one year | 4.40% | 4.90% |
| One year to less than two years | 5.00% | 5.60% |
| Two years to less than three years | 5.10% | 5.60% |
| Three years to less than five years | 5.30% | 5.80% |
| Five years and up to 10 years | 5.40% | 6.20% |
Punjab National Bank (PNB)
| Maturity period | Interest rate | |
| General Public | Senior citizen | |
| Seven days to 14 days | 3.00% | 3.75% |
| 15 days to 29 days | 3.00% | 3.75% |
| 30 days to 45 days | 3.00% | 3.75% |
| 46 days to 90 days | 3.25% | 4% |
| 91 days to 179 days | 4.00% | 4.75% |
| 180 days to 270 days | 4.40% | 5.15% |
| 271 days to less than one year | 4.50% | 5.25% |
| 333 days | 4.50% | 5.25% |
| One year | 5.25% | 6% |
| 444 days | 5.25% | 6% |
| 555 days | 5.25% | 6% |
| Above one year and up to two years | 5.25% | 6% |
| Above two years and up to three years | 5.25% | 6% |
| Above three years and up to five years | 5.30% | 6.15% |
| Above five years and up to 10 years | 5.30% | 6.15% |
Table of Contents
- 2 Fixed Deposit Interest Rate
- 2.5 Canara Bank Fixed Deposit Calculator
About Canara Bank Fixed Deposit
Fixed Deposit is the ideal way to invest for a longer period of time and earn solid interest. It’s easy liquidity and high rates of return assure the safety of the depositor’s money. Several banks allow the premature withdrawal of the funds invested. Canara Bank is one amongst them.
It allows the customer to invest the amount for the flexible tenure ranging from 15 days to 10 years. The customer can withdraw the amount in parts as and when he needs or can close the fixed deposit before its maturity. This facility is available on Canara Fixed Deposit and Canara Kamadhenu Deposit. However, this facility is not applicable on Canara Tax Saver Scheme.
Fixed Deposit Interest Rate
On amount less than ₹2 Crore (w.e.f. 26.02.2020)
| Tenure | General | Senior Citizen |
|---|---|---|
| Interest Rate | Interest Rate | |
| 7 days-14 days | 4.50% p.a. | 4.58% p.a. |
| 15 days to 30 days | 4.50% p.a. | 4.58% p.a. |
| 31 days to 45 days | 4.50% p.a. | 4.58% p.a. |
| 46 days to 90 days | 5.00% p.a. | 5.09% p.a. |
| 91 days to 120 days | 5.35% p.a. | 5.46% p.a. |
| 121 days to 179 days | 5.35% p.a. | 5.46% p.a. |
| 180 days to 269 days | 5.75% p.a. | 5.88% p.a. |
| 270 days to less than 1 year | 5.75% p.a. | 5.88% p.a. |
| 1 year | 6.15% p.a. | 6.29% p.a. |
| Above 1 year to less than 2 years | 6.00% p.a. | 6.14% p.a. |
| 2 years & above to less than 3 years | 6.00% p.a. | 6.80% p.a. |
| 3 years & above to less than 5 years | 6.25% p.a. | 6.40% p.a. |
| 5 years & above to less than 8 years | 6.25% p.a. | 6.40% p.a. |
| 8 years & above to 10 years | 6.25% p.a. | 6.40% p.a. |
Types of Fixed Deposit Scheme
- Canara Bank Fixed Deposit
Canara Bank Fixed Deposit Rates Today
You can invest in the Canara Bank Fixed Deposit with the minimum amount of ₹1,000 and receive interest as per your requirement. You can also avail of the loan facility against the amount of investment.
| Particulars | Description |
|---|---|
| Minimum Deposit Amount | ₹1,000 |
| Maximum Deposit Amount | No ceiling |
| Minimum Tenure | 15 days (7 days in case of single deposit of ₹5 lac and above) |
| Maximum Tenure | 120 months |
| Interest Payment Frequency | Monthly, quarterly, half-yearly or annually |
| Special Rate for Senior Citizen | Additional interest of 0.50% |
| Premature Withdrawal | Permitted |
| Partial Withdrawal | Permissible in units of ₹1,000 |
| Nomination Facility | Available |
| Loan Against Deposit | Available |
- Canara Bank Kamadhenu Deposit (Reinvestment Plan)
Under this scheme, the investor’s deposit is automatically renewed for the same time period. The interest on the fixed deposit is paid at the time of maturity. Senior citizens are entitled to extra interest benefit of 0.50%.
| Particulars | Description |
|---|---|
| Minimum Deposit Amount | ₹1,000 |
| Maximum Deposit Amount | No ceiling |
| Minimum Tenure | 5 Months |
| Maximum Tenure | 120 months |
| Interest Payment | At Maturity |
| TDS | Applicable |
| Premature Withdrawal | Allowed, penalty charged(1% on deposits of less than 1cr.),(No penalty levied on amount of 1cr. & above) |
| Auto-Renewal Facility | Available |
| Nomination Facility | Available |
| Special Rate for Senior Citizen | Additional interest of 0.50% |
| Loan Facility | Available (upto 90%) |
| Eligibility | Individual, Joint(not more than 4), a guardian on behalf of minor, HUF, Partnership & Company, Association or any other institution |
| Documents | Application in the Bank's Prescribed Form Copy of PAN Card/ Form 60 or 61(if customer doesnot have PAN) 2 Photographs of depositor/s Proof of identity & address as per KYC Norms Any other related documents as applicable to proprietorship concern, Partnership Firm, Company, HUF etc. |
- Canara Tax Saver Scheme
The Tax Saver Scheme is beneficial for the salaried class, businessmen, and professionals, who come under the ambit of taxpayers. You can invest in this scheme with the minimum amount of ₹100. The investment can be made individually or combined. However, in case of joint account, the income deduction under Section 80C, of the Income Tax Act 1961, shall be available to the first holder of the deposit.
Eligibility
Individual – Single Accounts, Two or more individuals – Joint Accounts, Sole Proprietary Concerns, Partnership Firms, Limited Liability Companies, Association, Clubs, Societies, Trusts, etc., Minors, Blind Persons, Illiterate Persons, Joint Hindu Families, Municipalities, Panchayats, Govt. & Quasi Government Bodies, Religious, Educational, Charitable Institutions, etc. are eligible to invest in this scheme
Canara Bank Fixed Deposit Rates Calculator
Documentation
Commercial Bank Fd Rates
| Particulars | Details |
|---|---|
| An Individual, Hindu Undivided Family, Sole Proprietorship Concern | ID Proof, Address Proof, A photograph |
| Trusts | Copy of the Trust Deed, Copy of the registration certificate, Copy of the Resolution of The Trustees, Authorising the members concerned to open and operate the account, Photographs of the members operating the account |
| Associations / Clubs | By-laws of the Association, Copy of the Resolution by the board authorising the members concerned to open and operate the account, Photographs of the members operating the account |
| Partnership Firm | Partnership Deed, Letter from partners approving the persons concerned to open and operate the account, Photographs of the persons operating the account |
| ID Proof | Address Proof |
| Passport | Passport |
| PAN Card | Telephone Bill |
| Driving Licence | Electricity Bill |
| Voter ID | ID Card Issued by Post Office |
| Government ID Card | Bank Statement with Cheque |
| Senior Citizen ID Card | Any other ID proof or address proof document can be submitted subject to bank's satisfaction |
How to Apply
You can invest in any of the above schemes as per your eligibility. These schemes are available in all bank branches.
For other details, you can call on the toll-free number 1800 425 0018
Canara Bank Fixed Deposit Calculator
The calculator helps you to calculate the maturity value of the investment. It finds out the amount of interest earned on the principal value over the period of investment.