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Canara Bank Fixed Deposit Interest Rates

FD Interest Rate in Canara Bank 2022

Last Updated 17th Jan 2022

When it comes to the FD interest rate, the highest rate offered on Canara Bank FD is 5.25%. Latest Canara Bank FD interest rate for senior citizens, on the other hand, ranges between 2.90% to 5.75%.You can earn up to ₹ 26,250 per lakh by investing some money in a fixed deposit account.

Time Duration FD Interest Rates Today Current FD Interest Rates for Senior Citizen
7 days to 45 days 2.90% 2.90%
46 days to 60 days 3.90% 3.90%
61 days to 90 days 3.90% 3.90%
91 days to 120 days 3.95% 3.95%
121 days to 179 days 4.00% 4.00%
Earn upto 7.05% 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 : 2.90% p.a. to 5.25% p.a.
  • Senior Citizens FD Rate : 2.90% p.a to 5.75% p.a.
  • Highest Interest Rate : As per today’s rate, Canara Bank’s highest interest rate on FD is 5.25% 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 2022:

Tenure Interest Rate
7 days to 45 days 2.90%
46 days to 60 days 3.90%
61 days to 90 days 3.90%
91 days to 120 days 3.95%
121 days to 179 days 4.00%
180 days to 364 days 4.40%
1 year 5.00%
1 year 1 day to 1 year 364 days 5.00%
2 years to 2 years 364 days 5.10%
3 years to 10 years 5.25%

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. Fixed deposit interest rates for senior citizens in Canara Bank 2022 are as follows:

Tenure Interest Rate for senior citizens
7 days to 45 days 2.90%
46 days to 60 days 3.90%
61 days to 90 days 3.90%
91 days to 120 days 3.95%
121 days to 179 days 4.00%
180 days to 364 days 4.90%
1 year 5.50%
1 year 1 day to 1 year 364 days 5.50%
2 years to 2 years 364 days 5.60%
3 years to 10 years 5.75%

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.

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

Earn upto ₹ 26,250 Per Lakh on Canara Bank Fixed Deposit?

To earn ₹ 26,250 per lakh on an online FD for 60 months:-

  • Investment Amount - ₹ 1,00,000
  • FD Interest Rate - 5.25%
  • Tenure - 60 months
  • Calculation formula - Simple interest
  • Interest Payout - ₹ 26,250
  • FD Maturity Amount - ₹ 1,26,250

Note: Before investing in a fixed deposit account, you must compare the FD rates offered by different financial institutions. This way, you can earn the maximum returns.

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

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.

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 3.9% to 6.25%

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.

FAQs

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

You can earn a maximum interest of 5.25% on Canara Bank fixed deposit deposits for a tenure of 10 months.

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 2.90% to 5.25%. Compared to this, Canara Bank senior citizens FD are in the range of 2.90% to 5.75%.

What are the current Canara Bank FD interest rates 2022?

Current interest for FD in Canara Bank ranges between 2.90% - 5.25%. for different tenure.The highest rate is offered on a tenure 5.75 months/years. For senior citizens the interest rates ranges bweteen 2.90% - 5.75%.

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 and there is no limit for maximum amount.

Did Canara Bank increase FD rates in 2022?

No, Canara Bank has reduced its Fixed Deposit rates by upto 0.25%. The best rate on Canara Bank FD has been cut to 5.25% from 5.50% earlier. The fixed deposit rates of Canara Bank are now in the range of 2.90% to 5.25% with effect from 17 Jan, 2022.

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 5.25%. For Canara Bank FD the number of years in which your FD will get doubled is; 72/5.25 = 14

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. The highest interest rate is 5.25% for tenure and banks offer senior citizens little more, which is 5.75%.


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Canara Bank News - Jan 2022
  • 2022-01-17 : Canara Bank Revises Fixed Deposit Rates
    Canara Bank has revised FD rates for specific tenures for deposits less than Rs. 2 Crores. The bank has kept the rates the same for most of the tenures. However, it has decreased rates for tenure greater than one year.
  • 2021-08-25 : Canara Bank revises fixed deposit rate
    Canara Bank has revised fixed deposit interest rate on different tenures for deposits of less than Rs 2 crore. The bank is offering an interest rate of 2.90% on 7 days to 14 days tenure, 5.10% for 1 years tenure. For Canara Unique “1111 Days” they are offering rate of 5.35%.
  • 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%.
*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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