Canara Bank FD Interest Rates 2023

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With a wide range of fixed deposit (FD) options offered to domestic as well as Non-Resident Indians (NRI), Canara bank is a renowned name in the banking and finance sector in India. In this post, we will take a look at the Canara Bank FD rates.    

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.

Canara Bank FD interest rates 2023

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%

Canara Bank FD Scheme – Types

There are four types of FD schemes offered by Canara bank to its domestic customers, such as:

  1. Regular FD
  2. Tax Saver Deposit
  3. Kamdhenu Deposit
  4. Ashraya Deposit

1. Regular Fixed Deposit Scheme –

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:

  • Minimum investment amount is INR 1,000
  • Available with a tenure that ranges from 15 days to 120 months
  • Interest paying options are – monthly, quarterly, half-yearly, or annual
  • Senior citizens are paid higher interest rate irrespective of the tenure
  • Loan can be availed for 90% of the amount investment
  • Nomination and partial withdrawal facility are available
  • Penalty of 1% is levied on amount below INR 2 crores for partial withdrawal or premature closure of FD
  • TDS is applicable to the interest earned

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2. Tax Saver Deposit Scheme –

This scheme allows investors to enjoy tax deductions on investments up to INR 1.5 lakh per annum. Here are some features:

  • Minimum investment amount is INR 100, maximum is INR 1.5 lakhs
  • Fixed lock-in period of 5 years during which withdrawals can’t be done
  • Interest payment done on either monthly or quarterly basis
  • Loan and premature closure facility are not available
  • Nomination facility is available, (except for accounts of minors)

3. Kamdhenu Deposit Scheme

This is a reinvestment plan allowing investors to earn compound interest. Here are some features:

  • Minimum investment amount is INR 1,000
  • Deposit period ranges from 5 months to 120 months
  • Interest is compounded quarterly and is paid on maturity
  • Senior citizens are paid higher interest rate irrespective of tenure
  • Nomination and partial withdrawal facility available
  • Interest is paid on overdue deposits
  • Loan facility is available
  • 1% penalty is applied on partial or premature withdrawal on FD below INR 1 crore
  • TDS is also applicable to the interest earned

4. Ashraya Deposit Scheme

This scheme is crafted for senior citizens and allows investors above 60 years to earn a high rate of interest. Here are some features:

  • Minimum investment amount is INR 1,000
  • Deposit period varies from 15 days to 120 months
  • A higher interest rate of 0.50% is paid irrespective of tenure
  • Monthly, quarterly, or half-yearly interest payments are applicable
  • Loan facility is available
  • Nomination and partial withdrawal facility available
  • TDS is applicable to the interest amount
  • 1% penalty is applicable if partial or premature withdrawal is done

Canara Bank Fixed Deposit Interest Rates – Features 

  • Competitive interest rates available on all FDs
  • FDs can be opened with INR 1000 as minimum deposit with no maximum limit
  • Loan facility up to 90% of the FD is available
  • Nomination facility is available as you can nominate your spouse or any other family member to receive maturity amount
  • Canara Bank also offers NRE, NRO and FCNR deposit facility
  • Online as well as offline option of procuring FD is available

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Canara Bank FD Interest Rate Calculator

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:

  • Open the FD calculator and add the invested amount in the required field
  • Now add the rate of interest
  • Also add the duration of the FD policy
  • Add if the FD is compounding monthly, quarterly, half-yearly, or yearly

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.

Canara Bank FD Interest Rates – Loan facility

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 Fixed Deposit interest rates – Eligibility Criteria

Canara Bank FD account can be opened by:

  • Individuals or as Joint accounts
  • Minors
  • Trusts
  • Educational institutions
  • Limited companies
  • Municipalities
  • Partnership firms
  • Associations
  • Joint Hindu families
  • Societies etc.

What documents are required to open a Canara Bank FD Account

  • Address Proof such as bank statements, passport, telephone/electricity bill, or an ID card/certificate issued by post-office
  • Identity Proof such as voter ID card, passport, driving license, PAN card, photo ration card etc.

Canara Bank FD Maturity – Special Features

There are two kinds of special maturity features of Canara Bank FDs, such as:

Automatic Deposit Renewal and Overdue Term Deposit

1. Automatic deposit renewal

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.

2. Overdue Term Deposit –

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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FAQs on Canara Bank FD Interest Rates

Canara Bank FD Interest Rates

The least and longest tenure for FD accounts offered by Canara bank are 7 days and 10 years respectively.

What is the least amount required to open a Canara bank interest rates FD?

An FD account can be started with a minimum deposit of INR 1,000.

Does Canara Bank offer higher FD rates for senior citizens?

Yes, as compared to regular fixed deposits, the Canara Bank FD interest rates 2023 for senior citizens is comparatively higher.

Who can apply for an FD with Canara Bank?

Anyone including firms, resident individuals, NRIs, HUFs etc., can open an FD account with Canara bank.

Can I deposit an extra amount in my FD that is currently active?

No, it is not allowed to add extra money to an active fixed deposit account.

Can the tenure of the currently active FD be changed?

No, you cannot change the tenure of the current FD.

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May 10, 2023
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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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