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Canara Bank Fixed Deposit

Canara Bank FD Scheme

Last Updated 29th Dec 2020

Canara Bank fixed deposit is a reliable, secure and beneficial investment option that offers various benefits such as guaranteed returns, Government insurance, loan borrowing facility and flexible fixed deposit tenure.

Interest Rate 2.95% to 5.50%
Minimum Tenure ?15 days
Maximum Tenure 10 years
Deposit Amount Rs. 1,000
Maximum Deposit No Limit
    Earn upto 6.95% on FD APPLY NOW

    Canara Bank FD

    Canara Bank is one of the leading fixed deposit providers in the country. The Bank offers FD with flexible tenures ranging between ?15 days to 10 years. Apart from that, Canara Bank FD offers regular returns on fixed deposit ranging between 2.95% to 5.50%. For senior citizens, the interest rates on fixed deposits range between 2.95% to 6.00%. In addition to that, Canara Bank fixed deposit plans offer tailor-made fixed deposit products for different kinds of fixed deposit investors.

    Types of Canara Bank Fixed Deposit Schemes

    Different type of Canara Bank term deposit products offered to the investors are listed as follows:

    Regular Fixed Deposit

    Description:

    • Under this scheme, the depositor is allowed to make investment into the deposit to earn attractive and higher returns along with a flexibility and security.
    • Facility of part withdrawal is allowed on the deposit
    • Nomination facility is available
    • Deposit shall be renewed automatically for a similar period on the date of maturity, unless asked otherwise
    • The overdue term deposit will be paid interest
    • Loan or overdraft upto 90 per cent against deposit is available

    Eligibility:

    • Resident Indians, private or public limited company, hindu undivided family, trust and partnership firm

    Benefits of Canara Bank FD

    Canara Bank fixed deposit is a popular investment option due to a number of benefits it provides to the FD investors. Some of these are listed as follows:

    • Guaranteed returns: The best thing about Canara Bank FD is that it offers guaranteed and assured returns to the investors. The return offered on fixed deposit is regulated by the Bank on a monthly, or quarterly basis, as per the Bank’s choice. Currently, Canara Bank offers FD rates up to 5.50%. The interest rates offered on Canara Bank FD is not only assured but also way higher than a savings account.
    • Insured by the Government: The Deposit Insurance and Credit Guarantee Corporation offers deposit insurance of ₹ 5 Lakh to fixed deposits across all banks. Investing in a FD with a FD provider with the highest rating of AAA, rated by ICRA and CRISIL, is a reliable investment option.Thus, Canara Bank term deposit is safe and secure, as the funds are backed by the government no matter what the current situation of the Bank is.
    • Loan against FD: The investment made in FD scheme is not only a reliable investment option but can also act as an asset. This is because Canara Bank fixed deposit allows one to borrow a secured loan against Canara Bank FD. The Bank allows a loan up to 90-95% of the FD amount. The best part about Canara Bank loan against fixed deposit is that one does not need to break his or her FD to borrow the loan.
    • Flexible tenures: Canara Bank FD offers the investors the flexibility to choose the investment tenure as per their convenience. Canara Bank offers fixed deposit for a minimum tenure of up to a maximum tenure of 10 years. Canara Bank offers different interest rates across FD tenures.
    • Flexible investment: Apart from the flexibility of tenure, Canara Bank fixed deposit offers the flexibility of funds to FD investors as funds can be invested with a minimum amount of Rs. 1,000. Apart from that, one can invest in the Canara Bank FD up to a maximum of No Limit.

    Premature Withdrawal Terms and Conditions

    Though a fixed deposit with Canara Bank means depositing funds for a fixed period of time in expectation of a regular return. However, keeping in view the instability in the markets, the Bank allows premature withdrawals of funds from a fixed deposit. This means that investors can withdraw their funds before the date of maturity to fulfil their urgent financial conditions.

    Withdrawing funds prematurely from Canara Bank will attract an interest rate lowered by Allowed below the effective rate on the date of booking the FD. The penalty charged on fixed deposits is valid only on fixed deposits with a tenure greater than seven days. In case of premature withdrawal of Canara Bank fixed deposits with tenure less than seven days, the bank does not pay any interest.

    Eligibility Criteria for Canara Bank FD

    Canara Bank FD facility can be availed by the following type of investors:

    • Indian Citizens
    • Members of HUFs or the Hindu Undivided Family
    • Business firms
    • Local governing bodies
    • Government departments
    • Employees of private limited companies
    • Trust accounts

    Documents for Canara Bank FD

    Canara Bank fixed deposit requires one to submit the following documents:

    • Passport size photographs
    • Identity proofs such as Aadhar card, passport, PAN card, and driving license.
    • Address proofs such as passport, ration card, utility bills such as water, gas or electricity bill.
    • Age proof such as birth certificate, matriculation passing certificate, and Voter ID card.
    • Bank account details such as passbook and account number.

    FAQs

    What is the loan against FD repayment tenure?

    Canara Bank offers the loan against FD facility to the FD investors with a repayment tenure of up to 10 years.

    What is the minimum investment for FDs under Canara Bank?

    Canara Bank FD can be availed with a minimum deposit of Rs. 1,000.

    What is the minimum amount for a fixed deposit in Canara Bank?

    The minimum amount required for a fixed deposit investment in Canara Bank fixed deposit is Rs. 1,000.

    What is the current interest rate on FD in Canara Bank?

    Currently, Canara Bank offers an interest rate ranging between 2.95% to 5.50% on its fixed deposits.

    What is the penalty for early withdrawal?

    The penalty for early withdrawal ranges between 0.5% to 1% in most cases, based on the loan amount and tenure.

    What is the minimum FD tenure for which a fixed Deposit account can be opened in Canara Bank?

    Canara Bank fixed deposit can be opened with a minimum tenure of ?15 days.


    Canara Bank News - Jan 2021
    • 2020-12-29 : Revised fixed deposits rates for Canara Bank
      Canara Bank revised its FD rates with effect from 29 December 2020. New rates for 7-35 days is 2.40%, for 36-45 days it is 2.80%, the rate for 45-180 days is 2.55%, and for 181-270 days the rate is 2.60%. In addition to this for 271 -540 days the applicable rate is 2.75%, from 541 to 731 days the rate is 3%, and for 732-1825 days, the rate is 3.50%.
    • 2020-10-07 : Canara Bank changed its FD rates for October month
      Canara Bank revised the fixed deposits rate with effect from 1 October 2020. Fd rate for 7 to 45 days is 3%, for 46 to 90 days it is 4%, and 91 to 179 days it is 4.05%. Further, the fixed deposit rate for short tenors of 180 to 364 days it is 4.50%. FD rates for the long tenor of one year stands at 5.30%. In addition to this, fixed deposit rates for one year to 2 years is 5.25% and for three years to 10 years, it is 5.35%.
    • 2020-01-21 : Canara Bank revised its FD rates
      With effect from 17 January 2020, Canara Bank revised the fixed deposits rate. Fd rate for 7 to 45 days is 4.50%, for 46 to 90 days it is 5%, and 91 to 179 days it is 5.50%. Further, the fixed deposit rate for short tenors of 180 to 365 days it is 5.90%. FD rates for the long tenor of one year stands at 6.30%. In addition to this, fixed deposit rates for one year to 3 years is 6% and three years to 10 years it is 6.25%.
    • 2019-09-05 : Revised FD rates for Canara Bank
      Canara Bank has revised its FD rates on deposits less than Rs 2 crores. For a tenure of 7-45 days, the revised rate is 5 percent; for 46-269 days it is 6 percent; for 270 -364 days it is 6.20 percent. For one year it is 6.50 percent, and for 1-3 years it is 6 percent. The rate of interest on the tenure of 3-10 years is charged between 6.25 percent. Senior citizens are provided with additional 50 basis points.
    • 2019-08-14 : Canara Bank revises interest rate on FD for select maturities
      Canara Bank has revised interest rates on deposits less than Rs. 2 crores. For term deposits with maturity period 7-45 days, Canara Bank has slashed the interest rate from 5.75% to 5%. For FDs with maturity period 46-269 days, the bank has kept the rate unchanged at 6%. Term deposits maturing in 270 days to less than 1 year will also fetch the same interest rate as earlier, i.e., 6.20%. The bank had earlier revised its interest rates on 4 July. The new rates are effective from 9 August 2019.
    *Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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