Canara Bank Fixed Deposit Interest Rates (as on 2024)
Canara Bank FD Interest Rates (Less than Rs.2 Crores) w.e.f. 16.11.2023
| Tenors | Interest Rate p.a.(%) (General) | Interest Rate p.a.(%) (Senior Citizen) |
|---|---|---|
| 7 days to 45 days * | 4.00 | 4.00 |
| 46 days to 90 days | 5.25 | 5.25 |
| 91 days to 179 days | 5.50 | 5.50 |
| 180 days to 269 days | 6.15 | 6.65 |
| 270 days to less than 1 year | 6.25 | 6.75 |
| 1 year only | 6.85 | 7.35 |
| Above 1 year to less than 2 years | 6.85 | 7.35 |
| 2 years and above to less than 3 years | 6.85 | 7.35 |
| 3 years and above to less than 5 years | 6.80 | 7.30 |
| 5 years and above to 10 years | 6.70 | 7.20 |
* Rates are applicable only for single deposit of Rs.5 lakhs & above.
Canara Bank FD Interest Rates (from Rs.2 Crores to Rs.10 Crore) w.e.f. 16.11.2023
| Tenors | Interest Rate p.a. (%) (General) | Interest Rate p.a.(%) |
|---|---|---|
| 7 days to 45 days | 6.00 | |
| 46 days to 90 days | 6.25 | |
| 91 days to 179 days | 7.20 | |
| 180 days to 269 days | 7.40 | |
| 270 days to less than 1 year | 7.40 | |
| 1 year | 7.40 | |
| Above 1 year to less than 2 years | 6.80 | |
| 2 years and above to less than 3 years | 6.25 | |
| 3 years and above to less than 5 years | 5.00 | |
| 5 years and above to 10 years | 5.00 |
Canara Tax Saver FD Interest Rates (General Public) w.e.f.16.11.2023
| Tenors | Interest Rate p.a. (%) (General) | Interest Rate p.a.(%) (Senior Citizen) |
|---|---|---|
| 5 years & above | 6.70 | 7.20 |
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
| ELIGIBILITY | Individual, Joint (not more than 4), a Guardian on behalf of a minor, HUF, Partnership, a Company, Association or any other Institution |
| INVESTMENT | Minimum: Rs.1,000 & Maximum: No ceiling |
| PERIOD OF DEPOSIT | Minimum: 15 days (7-14 days - Only for single deposit of Rs.5 lakh and above) & Maximum: 120 months |
| PERIODICITY OF INTEREST PAYMENT | Monthly (at discounted rates), Quarterly, Half-yearly or Annual intervals |
| LOAN FACILITY | Available upto 90% of the deposit amount |
| SPECIAL RATE FOR SENIOR CITIZEN | Additional 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.
Eligibility for Canara Bank Fixed Deposit
Any of the following persons can invest in fixed deposits (FD):
- Individual
- Minor
- HUF
- Proprietary Firm
- Partnership Firm
- Limited Liability Partnership (LLP)
- Company
- Association of Persons (AOP)
- Body of Individuals (BOI)
- Local Authority
- Trust
- Non-Resident Indian (NRI)
- Registered Society
Documents Required for Canara Bank Fixed Deposit
Following Documents are required for opening a Fixed Deposit Account
| Category | Documents Required |
|---|---|
| Individual, HUF, Proprietor |
|
| Partnership Firm |
|
| Trust |
|
| Associations, Clubs |
|
| Company |
|
Canara Bank FD Calculator
Types of Canara Bank Fixed Deposit
- 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.
- 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.
- 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.
- 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.
- 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.
- CANARA SHIKHAR DEPOSIT(444 DAYS) :It is a regular FD scheme specially designed for a tenure of 444 days that offers higher rate of interest to the customers. 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.
- CANARA SHIKHAR DEPOSIT(555 DAYS) :It is a regular FD scheme specially designed for a tenure of 555 days that offers higher rate of interest to the customers. 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.
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 Type | Details |
|---|---|
| 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:
| Category | Name of Form | Exemption limit (Male) | Exemption limit (Female) |
| Individuals(upto age of 60) | Form 15G | Rs.2,50,000 | Rs.2,50,000 |
| HUFs, Associations, Trusts | Form 15G | Rs.2,50,000 | Rs.2,50,000 |
| Individual (age 60 years and above but less than 80 years) | Form 15H | Rs.3,00,000 | Rs.3,00,000 |
| Individual (age 80 years and above) | Form 15H | Rs.5,00,000 | Rs.5,00,000 |
| Others | Exemption certificate issued by Income Tax Officer | As per Exemption Certificate | As per Exemption Certificate |
Canara Bank Fixed Deposit FAQ
- 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
- 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
- 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
- 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.
- 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
- Can I deposit additional amount in my FD account?
No, you cannot deposit any additional amount in your existing FD account.
- What is the tenure range for Canara Bank Fixed Deposit?
It is from 7 days to 10 years.
- 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.
- 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.
- 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
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- Global Liquidity: Higher global liquidity results into higher domestic liquidity. In such cases banks will offer lower interest rates on FD.
Canara Bank FD News Apr 2024
- November 16, 2023: Canara Bank Revises Fixed Deposit Interest Rates across tenures w.e.f. 16/11/2023
- April 6, 2023: Canara Bank Revises Fixed Deposit Interest Rates across tenures
- December 18, 2022: Canara Bank hikes interest rates on FD rates across tenors w.e.f. December 19, 2022
- October 7, 2022: Canara Bank hikes interest rates up to 135 bps on FD rates across tenors
- July 13, 2020: Canara Bank has revised interest rates on deposits which are less than Rs. 2 crores with effect from 8 February 2021
- July 13, 2020: Canara Bank has revised its FD rates w.e.f. 13.07.2020
- January 23, 2020: Canara Bank net profit rose 3.8% boosted by a surge in retail loans. Its earnings rose to Rs. 329.62 crore from Rs. 317.52 crore the year ago
- January 20, 2020: The Appointments Committee of the Cabinet (ACC) appointed Lingam Venkat Prabhakar as MD & CEO of Canara Bank
- January 14, 2020: Canara Bank calls off Can Fin Homes stake sale