Best Money Back Policy 2023 – Check Feature, Benefits and Eligibility for Money Back Policy
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FD interest rates offered by Canara Bank allow guaranteed returns to the investors. The bank further offers a high rate of interest on FDs to the senior citizens of the country. The FD interest returns are much higher as compared to the savings account interest rate with a varying range of tenure starting from 7 days – 10 years.
Here is a look at the FD interest rates offered by Canara bank:
Tenure |
Regular Rates |
Senior Citizen |
7 days to 45 days |
4.00% |
4.00% |
45 days to 90 days |
5.25% |
5.25% |
91 days to 179 days |
5.50% |
5.50% |
180 days to 269 days |
6. 25% |
6.75% |
270 days to less than a year |
6. 50% |
7.00% |
1 year |
7.00% |
7.50% |
444 days |
7.25% |
7.75% |
Above 1 year less than 2 years |
6.90% |
7.40% |
2 years to less than 3 years |
6.85% |
7.35% |
3 years to less than 5 years |
6.80% |
7.30% |
5 years to 10 years |
6.70% |
7.20% |
There are four types of FD schemes offered by Canara bank to its domestic customers, such as:
It allows individuals to invest money in the FD account to gain lucrative returns. This is a low risk scheme allowing varied flexibilities. Here are some features:
This scheme allows investors to enjoy tax deductions on investments up to INR 1.5 lakh per annum. Here are some features:
This is a reinvestment plan allowing investors to earn compound interest. Here are some features:
This scheme is crafted for senior citizens and allows investors above 60 years to earn a high rate of interest. Here are some features:
The FD calculator offered by Canara Bank is a simple and freely available tool that can be used for quick FD maturity calculations. It also helps in calculating the Canara bank deposit rates that the investor earns at the end of the policy tenure. You simply need to enter some simple details to calculate the precise FD amount.
Below are the steps to be followed to calculate FD rates on the FD Calculator:
Once the above details are submitted, you just have to tab the ‘calculate’ button to know the maturity amount of the FD and the total interest earned during the tenure of the policy.
Like most other banks, Canara Bank also offers a loan facility of up to 90% of the FD amount. However, the tenure of the loan is limited depending on the tenure of the FD.
Canara Bank FD account can be opened by:
There are two kinds of special maturity features of Canara Bank FDs, such as:
Automatic Deposit Renewal and Overdue Term Deposit
This feature helps in renewing the FD automatically on its maturity date. It applies if the depositor opts for the feature while opening the FD account. However, you cannot find this feature with options like Capital Gains Scheme, Canara Tax Saver Deposit Scheme and Non-Callable Term Deposits etc.
The overdue period is the duration between the date of FD maturity and the date of payment. The overdue feature is applied in case the investor is not willing to opt for automatic renewal of the deposit amount. This feature makes sure that the FD amount stays with the bank and does not get renewed after maturity. It is termed as an overdue term deposit starting from the date of maturity. Here, the rate of interest paid for the overdue period will be equivalent to the Canara bank savings account interest rate.
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The least and longest tenure for FD accounts offered by Canara bank are 7 days and 10 years respectively.
An FD account can be started with a minimum deposit of INR 1,000.
Yes, as compared to regular fixed deposits, the Canara Bank FD interest rates 2023 for senior citizens is comparatively higher.
Anyone including firms, resident individuals, NRIs, HUFs etc., can open an FD account with Canara bank.
No, it is not allowed to add extra money to an active fixed deposit account.
No, you cannot change the tenure of the current FD.
PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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