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Canara Bank FD Interest Rates 2021

Canara Bank FD Interest Rates

Last Updated 12th Aug 2021

When it comes to the FD interest rate, the highest rate offered on Canara Bank FD is 5.50%. Latest Canara Bank FD interest rate for senior citizens, on the other hand ranges between 2.95% to 6.00%.

Tenure FD interest rates Senior Citizen FD interest rates
7 days to 45 days 2.95% 2.95%
46 days to 60 days 3.90% 3.90%
61 days to 90 days 3.90% 3.90%
91 days to 120 days 4.00% 4.00%
121 days to 179 days 4.00% 4.00%
Earn upto 6.95% on FD APPLY NOW

Canara Bank Fixed Deposit Features

Canara Bank FDs are one the best investment options available for depositors who are looking to invest in a fixed income instrument and earn higher returns than the savings account. Key Features of Canara Bank Fixed Deposit are:

  • Deposit Amount : Canara Bank FD can be opened with an amount as a low ₹ 1,000 to up to No Limit.
  • FD Tenure : Ranges between 7 days to 10 years.
  • Interest Rate Range : 2.95% p.a. to 5.50% p.a.
  • Senior Citizens FD Rate : 2.95% p.a to 6.00% p.a.
  • Highest Interest Rate : As per today’s rate, Canara Bank’s highest interest rate on FD is 5.50% offered for a tenure of 10 years.
  • Safety of Canara Bank Deposits : Canara Bank deposits are covered under the Deposit Insurance Scheme of RBI in which up to ₹ 5 lakh of all deposits of a depositor are insured by DICGC.
  • Loan against FD : Canara Bank provides loan against FD to help its depositor meet their liquidity requirements without breaking the FD.
  • Auto- Renewal Facility : Available
  • Nomination Facility : Available
  • Popular FD Schemes : Regular Fixed Deposit

Canara Bank FD Interest Rates Today

Interest rates on Canara Bank deposits are updated regularly by the Government of India. The following are updated Canara Bank FD interest rates 2021:

Tenure Interest Rate
7 days to 45 days 2.95%
46 days to 60 days 3.90%
61 days to 90 days 3.90%
91 days to 120 days 4.00%
121 days to 179 days 4.00%
180 days to 364 days 4.45%
1 year 5.20%
1 year 1 day to 1 year 364 days 5.20%
2 years to 2 years 364 days 5.40%
3 years to 10 years 5.50%

Canara Bank FD Rates for Senior Citizens

With an aim to attract senior citizens above the age of 60 years to invest in the fixed deposits, Canara Bank offers a higher interest rate to senior citizens than the general public. Listed below are the Canara Bank fixed deposits interest rates for senior citizens 2021:

Tenure Interest Rate for senior citizens
7 days to 45 days 2.95%
46 days to 60 days 3.90%
61 days to 90 days 3.90%
91 days to 120 days 4.00%
121 days to 179 days 4.00%
180 days to 364 days 4.95%
1 year 5.70%
1 year 1 day to 1 year 364 days 5.70%
2 years to 2 years 364 days 5.90%
3 years to 10 years 6.00%

Best FD Plan as per Canara Bank FD Rates

To invest in Canara Bank fixed deposit, you must compare Canara Bank Fixed Deposit Rates for varying tenures. Canara Bank FD Interest Rates 2021 are best for the deposits with a tenure of 3 years to 10 years, wherein the current Canara Bank Fixed Deposit Interest Rates is 5.50 p.a.

If you are looking to invest in short term deposits with Canara Bank, the interest rate of Canara Bank for FD ranges from 2.95% p.a. to 4.45% p.a. These deposits are known as short term deposits and are offered with a tenure of 7 days to less than 365 days. Short term Canara Bank Fixed Deposit Rates for senior citizens range from 2.95% to 4.95% p.a.

If you want to invest in long term deposits, Canara Bank Fixed Deposit Rates with tenure ranging from 5 years to 10 years are a good choice with interest rates on deposits at 5.50%.Canara Bank Senior citizens FD Rates are offered at special rates with the highest deposit rates of6.00% p.a. on long term FDs.

Below-mentioned is some of the benefits of opening an FD account in Canara Bank:

  • Interest on deposit is paid only at the time of the maturity
  • Canara Bank also offers a nomination facility on its fixed deposits.
  • Extra interest of 0.25% to 0.50% is payable to the senior citizens.
  • Availability of auto-renewal facility on the deposit.
  • Earn higher returns on the money deposited.

Documents required to open Fixed Deposit Account in Canara Bank

  • PAN Card or declaration in Form No. 60 or 61 as per the Income Tax Act
  • Identity Proof: PAN Card, Voter ID Card, Passport, Driving License
  • 2 Photographs
  • Age proof (Birth certificate, matriculation certificate, etc,)
  • Passport size photographs
  • Bank A/c details

Canara Bank Fixed Deposit Rates – Premature Withdrawal

You can close your Canara Bank FD account prematurely, however Canara Bank charges a penalty of 1% for deposits less than Rs. 1 crore for premature withdrawal. Also, The penal provisions for premature closure on Canara Bank FD are subject to change from time to time and may also vary with deposit schemes.

Loan against Fixed Deposit Canara Bank

Canara Bank offers loans up to 90% against its own deposit. Note that Canara Bank will not give you loan against FD of any other bank. Canara Bank offers Loan against FD at the rate of 3.95% to 6.5%

Illustration - Mr. Rahul has opened a fixed deposit of ₹ 1,00,000 for 2 years in Canara Bank. The borrower later decided to take a loan against his FD. The bank has approved a credit limit of 90% against his FD at 10% interest rate. Now, if the borrower draws ₹ 90,000 on the first of the month and then repays the money on the 1st of next month, then he is supposed to pay the interest on ₹ 90,000 available for 1 month only. The amount he repays after 1 month is ₹ 90,744. So, the interest charged on the loan taken is ₹ 744.

FD Account Opening Process at Canara Bank

To open an Canara Bank Fixed Deposit, follow the steps as mentioned below:

  • Visit the official website of Canara Bank and log in to your FD account.
  • From the menu, choose the Fixed Deposit option, the Type of FD you want to open and click on proceed.
  • Enter the deposit amount and select the ‘Senior Citizen’ option if you are above 60.
  • Now, choose the deposit tenure and interest payout frequency.
  • Finally, click on Submit to open the Canara Bank FD after reading the terms and conditions.

To open a Fixed Deposit account in Canara Bank, you can visit the official website and login to your account. Choose the Fixed Deposit option from the menu and select the Type of FD you want to open and proceed. After this, you have to fill the deposit amount and select ‘Senior Citizen’ option if you are above 60. You have to choose the tenure of deposit and interest payout frequency. Click on Submit to open the Canara Bank FD after reading the terms and conditions.

Nomination Facility on Canara Bank FD

Canara Bank also offers a nomination facility on Fixed Deposit to claim the amount in case of the depositor's death. You can file the details of only 1 nominee when opening an Canara Bank FD account. The nominee has to submit his/her identification proof at the time of claim.

Canara Bank Fixed Deposit Scheme

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

Who is eligible?

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

FAQs

What is the highest fixed deposit interest rate for Canara Bank?

You can earn a maximum interest of 5.50% on Canara Bank fixed deposit.

Are there any special rates for senior citizens FD of Canara Bank?

Yes, senior citizens get a higher rate on their deposits compared to FD rates. The rate of regular FD are in the range of 2.95% to 5.50%. Compared to this, Canara Bank senior citizens FD are in the range of 2.95% to 6.00%.

What are the current Canara Bank FD interest rates 2021?

Current interest for FD in Canara Bank ranges between 2.95% - 5.50%.

Is there any minimum amount that I have to give for opening a Fixed Deposit with Canara Bank?

The minimum deposit amount required to book an FD with Canara Bank is ₹ 1,000.

Is it possible to change the tenure of my existing fixed deposit account with Canara Bank?

No, it is not possible to alter the tenure selected for the fixed deposit account once the account is opened. However, you may close your existing fixed deposit account and can open a new account with a desired tenure of your choice.

What are the implications of opening an FD bank account without having PAN?

Following are the implications for the customers opening an FD account with Canara Bank without their PAN card

  • Your TDS will be deducted at the rate of 20% as against 10% under section 206AA
  • NO TDS credit from the Income Tax department
  • NO TDS certificate will be issued
  • Form 15G/H and other exemption certificates will be invalid and penal TDS will apply

Can a customer open an FD account online in Canara Bank?

Yes, you can submit your application for opening an FD account on the website of Canara Bank. After submitting the application, you will be contacted by the bank’s representative for the further process, which includes filling an application process and submitting KYC documents.

In how many years FD will double in Canara Bank?

The interest rate on FD depends upon the tenure you choose. To know the time period in which your FD amount will get doubled, you need to divide 72 the 5.50%. For Canara Bank FD the number of years in which your FD will get doubled is; 72/5.50 = 13

What is the interest of 1 lakh in the Canara Bank?

The interest on Canara Bank fixed deposit depends on the tenure of the FD for which it is deposited. Below mentioned is the Canara Bank FD interest rate 2021 across different tenures.

TenureInterest Rate
7 days to 45 days 2.95%
46 days to 60 days 3.90%
61 days to 90 days 3.90%
91 days to 120 days 4.00%
121 days to 179 days 4.00%
180 days to 364 days 4.45%
1 year 5.20%
1 year 1 day to 1 year364 days 5.20%
2 years to 2 years 364 days 5.40%
3 years to 10 years 5.50%


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Canara Bank News - Jul 2021
  • 2021-07-15 : Syndicate Bank merged with Canara Bank - IFSC and SWIFT code changed
    After the merger of Syndicate and Canara Bank, the IFSC codes for erstwhile Syndicate Bank customers will be changed from July 1 this year. Existing Syndicate Bank customers will have to use their new IFSC codes for online transactions through NEFT, RTGS or IMPS routes.
  • 2021-02-16 : Fixed deposits rates for Canara Bank revised
    Canara Bank revised its FD rates with effect from 9 February 2021. New rates for 7-45 days is 2.95%, the rate for 46-90 days is 3.90%, and for 91-179 days the rate is 4%. In addition to this for 180-360 days the rate is 4.45%, for 1 year it is 5.25%. Further, the applicable rate for 1 -2 years is 5.20%, for 2-3 years the rate is 5.40% and stands at 5.50% for 3 - 10 years.
  • 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%.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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