Canara Bank Fixed Deposit Interest Rates (as on 17 Oct 2018)

Canara Bank FD Interest Rate (Less than Rs.1 Crore) w.e.f. 04.08.2018

TenorsInterest Rate p.a.(%)
(General)
Interest Rate p.a.(%)
(Senior Citizen)
7 days to 14 days *5.756.25
15 days to 30 days5.756.25
31 days to 45 days5.756.25
46 days to 60 days6.256.75
61 days to 90 days6.256.75
91 days to 120 days6.256.75
121 days to 179 days6.256.75
180 days to 269 days6.356.85
270 days to less than 1 year6.406.90
1 year only6.707.20
Above 1 year to less than 2 years7.007.50
2 years & above to less than 3 years6.707.20
3 years & above to less than 5 years6.206.70
5 years & above to less than 8 years6.206.70
8 years & above to 10 years6.206.70

* Rates are applicable only for single deposit of Rs.5 lakhs & above.

Canara Bank FD Interest Rate (from Rs.1 Crore to Rs.10 Crore) w.e.f. 19.07.2017

TenorsInterest Rate p.a. (%)
(General)
Interest Rate p.a.(%)
(Senior Citizen)
7 days to 14 days4.00N.A
15 days to 30 days4.00N.A
31 days to 45 days4.00N.A
46 days to 60 days4.254.30
61 days to 90 days4.254.30
91 days to 120 days4.254.30
121 days to 179 days4.754.80
180 days to 269 days4.754.80
270 days to less than 1 year4.754.80
1 year and above to less than 2 years4.904.95
2 years and above to less than 3 years4.904.95
3 years and above to less than 5 years4.904.95
5 years and above to less than 8 years4.90N.A
8 years and above to 10 years4.90N.A

Canara Tax Saver Deposit scheme (General Public) w.e.f. 04.08.2018

TenorsInterest Rate p.a. (%)
(General)
Interest Rate p.a.(%)
(Senior Citizen)
5 years & above6.206.70

Canara Bank (CanBank) Fixed Deposit

Canara Bank offers slew of Fixed Deposits (FDs) products at competitive interest rates with various tenures and lots of other benefits.

It is very easy to open a Canara Bank FD either online through its website or by visiting its nearby branch.

Snapshot: Canara Bank FD

ELIGIBILITYIndividual, Joint (not more than 4), a Guardian on behalf of a minor, HUF, Partnership, a Company, Association or any other Institution
INVESTMENTMinimum: Rs.1,000 & Maximum: No ceiling
PERIOD OF DEPOSITMinimum: 15 days (7-14 days - Only for single deposit of Rs.5 lakh and above) & Maximum: 120 months
PERIODICITY OF INTEREST PAYMENTMonthly (at discounted rates), Quarterly, Half-yearly or Annual intervals
LOAN FACILITYAvailable upto 90% of the deposit amount
SPECIAL RATE FOR SENIOR CITIZENAdditional interest rate of 0.50% uniformly across all maturities

Features & Benefits: Canara Bank Fixed Deposit

  • Competitive interest rates are offered with flexible FD tenures to suit your investment plan.
  • FD account can be opened online or by visiting your nearest Canara Bank branch.
  • Minimum Amount of FD: Rs 1000 and then in multiples of Rs 100 thereafter.
  • Maximum Amount of FD: No limit
  • FD Tenures: 7 days to 10 years
  • Different interest payout options such as monthly, quarterly, etc.
  • Loan/ Overdraft against FD facility is available upto 90% of the FD amount.
  • Easy and fast liquidity options are available.
  • Nomination facility is available.
  • Part withdrawal facility and auto-renewal facilities
  • Senior citizens can enjoy higher interest rate as compared to regular citizens.
  • NRE, NRO and FCNR deposit facility is available.

Canara Bank FD Calculator

 

Eligibility for Canara Bank Fixed Deposit

Any individual, Minor, HUF, proprietary/ partnership firm, LLP, company, AOP, body of individuals (BOI), local authority, trust, NRI and registered society can invest in fixed deposits (FD).

Documents Required for Canara Bank Fixed Deposit

Following Documents are required for opening a Fixed Deposit Account

CategoryDocuments Required
Individual, HUF, Proprietor
  • PAN and KYC documents
  • Passport size photograph
  • Deed of declaration of HUF
Partnership Firm
  • PAN and KYC documents
  • Partnership Deed
  • Letter from partners to open and operate the account
  • Passport size photographs of all partners
Trust
  • PAN and KYC documents
  • Copy of the Trust Deed
  • Copy of the Registration Certificate
  • Copy of the Resolution of the Trustees
  • Authorizing the members concerned to open and operate the account
  • Photographs of the members operating the account
Associations, Clubs
  • PAN and KYC documents
  • By-Laws of the Association
  • Board Resolution to open and operate the account
  • Passport size photographs
Company
  • PAN and KYC documents
  • Certificate of Incorporation
  • Memorandum and Articles of Association
  • Board Resolution to open and operate the account
  • ID proofs of authorised signatories
  • Passport size photographs of directors

Types of Canara Bank Fixed Deposit

  1. CANARA BANK FIXED DEPOSIT: It is a regular FD scheme. Minimum amount required to open the account is Rs. 1000/- with no cap on the maximum amount. FD tenure is 15 days to 120 months.

  2. KAMADHENU DEPOSIT (RE-INVESTMENT PLAN): It is a reinvestment plan, in which the interest can be reinvested. Minimum deposit amount is Rs 1000 & there is no cap is on the maximum amount. Minimum period of FD is 15 days (7-14 days - Only for single deposit of Rs.5 lakh and above) and Maximum is 120 months.

  3. CANARA TAX SAVER SCHEME: A term deposit scheme under the Fixed Deposit & Kamadhenu Deposit streams. Best suited for Salaried Class, Businessmen, Professionals who come under the ambit of Tax Payers. Minimum amount of deposit could be Rs 100/- up to the maximum amount as Rs. 150,000/- and in the multiples of 100 only. Income Tax rebate on Rs.1,50,000 under Sec 80C of the IT Act, 1961.

  4. ASHRAYA DEPOSIT SCHEME (FOR SENIOR CITIZENS): Individuals, who have completed the age of 60 years and above, in single or joint names are eligible for this account. Additional 0.50% rate of interest uniformly across all maturities, irrespective of the size of the deposit over & above the rate offered for General Public. Age proof is required.

  5. CANARA DHANVARSHA A FLEXI RECURRING DEPOSIT SCHEME: Minimum amount per month: Rs 1000 and in multiples of Rs 100 thereof & Maximum Rs 1 Lakh. Minimum tenure is 1 year and then in multiples of 3 months and Maximum 10 years.

Penalty for premature closure/ part withdrawal / premature extension of Fixed Deposit

  • A penalty of 1.00% will be levied for premature closure/part withdrawal/ premature extension of Domestic /NRO term deposits of less than Rs.1 Crore that are placed / renewed on or after 04.02.2011.
  • No penalty will be levied for premature closure/part withdrawal/premature extension of Domestic /NRO term deposits of Rs.1 Crore & above that are placed / renewed on or after 13.10.2012.
  • No interest will be payable on term deposits prematurely closed/prematurely extended before completion of 7th day.

Auto Renewal of Canara Bank Fixed Deposit

Deposit shall be renewed automatically for a similar period on the date of maturity at the rate of interest applicable for the period as on the date of maturity, in the absence of any renewal instructions well in advance.

Auto Renewal facility is not available for Canara Tax Saver Deposits, Capital Gains Accounts, Canara Samriddhi deposits (discontinued w.e.f. 01.10.2015) and Non callable deposits.

Canara Bank FD: Overdue Deposits

a) The deposit will be renewed automatically from the date of maturity for a similar period at the interest rate prevailing on the date of maturity for the period of deposit, if automatic renewal has been opted by the depositor at the time of opening of the deposit account (except deposits opened under Capital Gains Scheme, Canara Tax Saver Scheme & Non-callable term deposits).

b) If automatic renewal of the deposit is not opted by the depositor and the deposit remains with the Bank after the date of maturity (even if the CBS system renews the deposit automatically), the same will be treated as an overdue term deposit from the date of maturity of the original deposit. The overdue term deposit will be paid interest at prevailing Savings Bank rate for the overdue period, i.e. from the date of maturity of the original deposit till the date of payment/ re-investment.

NRI Fixed Deposit accounts offered by Canara Bank

Canara Bank offers many fixed deposit schemes specially designed for its NRI customers. In these schemes, NRI customers can deposit money either in Indian currency or in foreign currency depending on their status and preference. The bank also offers different interest rates for NRI fixed deposits. Following types of NRI fixed deposits are offered by Canara Bank:

NRI Account TypeDetails
NRE Account (Non Resident External Account) Account is maintained in Indian currency
NRO Account (Non Resident Ordinary Account)This either be funded by conventional payment or through traveller's cheques
FCNR Account (Foreign Currency Non Resident Account)It is maintained in foreign currency
RFC Account (Resident Foreign Currency Account)In this, customer to maintain the account in foreign currency even after returning to India permanently

How and when to apply for exemption on TDS?

  • If your total taxable income during the financial year is not likely to exceed the maximum amount which is not chargeable to income tax, then you can submit self declaration in Form 15G or 15H (for senior citizens only) to the bank to ensure non deduction of tax at source.
  • The declaration has to be given in prescribed format only wherein the valid 10 digit PAN is also required.
  • It may be noted that if the interest payable by the bank during the financial year on time deposits is likely to exceed the maximum amount which is not chargeable to income tax, then the Form 15G submitted will be treated as invalid.
  • In case of Senior Citizens, if the interest payable by the bank during the financial year on time deposits is likely to exceed the maximum amount which is not chargeable to tax and deduction(s) under chapter VIA, if any, for which declarant is eligible, then the Form 15H submitted will be treated as invalid.

You may refer to following table for more details:

CategoryName of FormExemption limit (Male)Exemption limit (Female)
Individuals(upto age of 60)Form 15GRs.2,50,000Rs.2,50,000
HUFs, Associations, TrustsForm 15GRs.2,50,000Rs.2,50,000
Individual (age 60 years and above but less than 80 years)Form 15HRs.3,00,000Rs.3,00,000
Individual (age 80 years and above)Form 15HRs.5,00,000Rs.5,00,000
OthersExemption certificate issued by Income Tax OfficerAs per Exemption CertificateAs per Exemption Certificate

Canara Bank Fixed Deposit FAQ

  1. What is the minimum amount required to open a fixed deposit with Canara Bank?

    The minimum amount for a fixed deposit is Rs.1,000

  2. In which scheme do I need to deposit to get Income Tax rebate under Sec 80C?

    You can make investment under CANARA TAX SAVER SCHEME to get Income Tax rebate under Sec 80C of Income Tax Act

  3. Is TDS deducted for FD accounts?

    Yes, TDS is applicable as per rules and the customer will get TDS Certificate at the end of each financial year. A person can exempt from TDS, if he/ she submits Form 15G/ Form 15H in the beginning of each financial year

  4. When is TDS deducted?

    TDS is done at the time of credit of interest to account, if the total interest payable to the customer during the financial year is likely to exceed the limit of Rs.10,000.

  5. At what rate is TDS deducted?

    TDS is deducted at rates as required by section 194A (Resident) and section 195 (NRO) of IT Act 1961 for the following category of account holders:

    • Resident Indians (Individuals, Trusts, Associations, HUFs, Firms Indian Companies): 10% plus applicable surcharge and education cess
    • Non-Resident Indians: 30% plus applicable surcharge and education cess

  6. Can I deposit additional amount in my FD account?

    No, you cannot deposit any additional amount in your existing FD account.

  7. What is the tenure range for Canara Bank Fixed Deposit?

    It is from 7 days to 10 years.

  8. What is the benefit to senior citizen in Canara Bank FD?

    Senior citizens get a 0.50% higher rate on their deposits compared to normal FD rates for all tenures for investment amount less than Rs 1 crore.

  9. What interest payment options are available under Term Deposit with Canara Bank?

    Interest payment on Monthly (discounted), Quarterly and Annual rest is available under Canara Bank Term Deposit.

  10. Can I change the tenure of my existing FD?

    No, you are not allowed to change the tenure of FD.

Tax Implications and TDS in FD

  • An amount invested in fixed deposits in a scheduled bank is eligible for tax deduction under section 80C. Only the interest earned on the deposit is taxable.
  • Tax will be deducted at source (TDS), if the interest income on a fixed deposit per annum exceeds Rs.10,000
  • A person can exempt from TDS, if he/ she submits Form 15G/ Form 15H in the beginning of each financial year

Factors affecting Fixed Deposit Interest Rates

  1. Change in Policies Rates by RBI: If there is a change in Cash Reserve Ratio (CRR) and/ or Repo Rate, it affects the fixed deposit interest rate.

  2. Inflation: As FD interest rate has to be kept higher than inflation by the banks, hence if inflation increases then FD interest rates also go higher. When inflation decreases, banks offer lower interest rates so that people can borrow and spend more.

  3. Demand and Supply of Credit: With the increase in demand of the credit/ loan, interest rates of fixed deposit also go higher. When the supply is more than the demand of credit, banks offer lower interest rates on fixed deposit.

  4. Growth Uncertainty: If there is any uncertainty of future economic growth, the banks need to offer higher interest rates on FD as a compensation for higher default risks.

  5. State of Economy: If a country's economic state is very good then the banks of that country offer higher interest rate on fixed deposits in order to attract more investments to extend more credits/ loans.

  6. Recession: Whenever there is a situation of recession in an economy, it always results into a decrease in the fixed deposit interest rate, as in case of situation of recession, the RBI needs to increase the liquidity in the market by releasing the funds i.e. by lowering CRR and hence, banks reduce the FD interest rates.

  7. Global Liquidity: Higher global liquidity results into higher domestic liquidity. In such cases banks will offer lower interest rates on FD.

Bank Recurring Interest Rates (as on 17 Oct 2018)

Bank NameRecurring Interest RatesCalculate
Allahabad Bank6.50% to 7.00%
Andhra Bank6.50% to 7.00%
Axis Bank6.75% to 7.00%
Bandhan Bank Limited7.00% to 8.00%
Bank Of Baroda6.50% to 7.00%
Bank Of India6.90% to 7.00%
Bank Of Maharashtra6.00% to 6.50%
Canara Bank6.90% to 6.90%
Catholic Syrian Bank Limited6.50% to 6.75%
Central Bank Of India6.90% to 7.00%
City Union Bank Limited6.70% to 7.10%
Corporation Bank6.90% to 7.00%
Dcb Bank Limited7.20% to 7.10%

Co-Operative Banks Interest Rates

Ahmedabad Mercantile Cooperative BankKalupur Commercial Cooperative BankThe Mehsana Urban Cooperative Bank
Rajkot Nagrik Sahakari Bank LimitedSardar Bhiladwala Pardi Pepls Co BkThe Surath Peoples Cooperative Bank Limited
Amanath Cooperative Bank Ltd. BangaloreThe A.p. Mahesh Cooperative Urban Bank LimitedAbhyudaya Cooperative Bank Limited
Apna Sahakari Bank LimitedBassein Catholic Cooperative Bank LimitedBharat Cooperative Bank (mumbai) Ltd., Mumbai
Bharati Sahakari BankBombay Mercantile Co Op Bank LtdCitizen Credit Cooperative Bank Limited
The Cosmos Co Operative Bank LimitedDombivli Nagari Sahakari Bank LimitedThe Goa Urban Co Op Bank Ltd
G P Parsik BankThe Greater Bombay Cooperative Bank LimitedJalgaon Janata Sahakari Bank Limited
The Jalgaon Peopels Cooperative Bank LimitedJanakalyan Sahakari Bank LimitedJanalaxmi Coop Bank
Kallappanna Awade Ichalkaranji Janata Sahakari Bank LimitedKalyan Janata Sahakari BankKapol Cooperative Bank Limited
The Karad Urban Cooperative Bank LimitedMahanagar Cooperative BankThe Mapusa Urban Coop Bank Of Goa Ltd
Nagar Urban Co Operative BankNasik Merchants Cooperative Bank Ltd.New India Cooperative Bank Limited
Nkgsb Cooperative Bank LimitedPravara Sahakari Bank LtdPunjab And Maharshtra Cooperative Bank
Rajarambapu Sahakari Bank LtdRupee Cooperative Bank Ltd.Sangli Urban Co Op Bank Ltd Sangli
Saraswat Cooperative Bank LimitedThe Shamrao Vithal Cooperative BankSolapur Janata Sahakari Bank Limited
The Thane Bharat Sahakari Bank LimitedTjsb Sahakari Bank LtdThe Zoroastrian Cooperative Bank Limited
Nagpur Nagarik Sahakari Bank LimitedShikshak Sahakari Bank LimitedThe Akola Janata Commercial Cooperative Bank Ltd., Akola.
Akola Urban Coop Bank Khamgaon Urban Co Op Bank LtdJanata Sahakari Bank Limited
Idukki District Cooperative Bank  

Upcoming Bank Holidays

2018 October 18 is a bank holiday in Andaman And Nicobar Island due to Durga Puja/Ayudhapooja/Dussehra (Mahanavami/Vijaya Dashmi).
2018 October 19 is a bank holiday in Andaman And Nicobar Island due to Durga Puja/Dussehra (Vijaya Dashmi)/Kati Bihu.
2018 October 24 is a bank holiday in Andaman And Nicobar Island due to Lakshmi Puja/Maharshi Valmiki Jayanthi.
2018 October 27 is a bank holiday in Himachal Pradesh due to Karva Chauth.
2018 October 31 is a bank holiday in Sikkim due to Lhabab Duechen.
2018 November 01 is a bank holiday in Karnataka due to Kannada Rajyostsava/Kut.

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