Canara Bank FD Interest Rates

About Canara Bank FD

Canara Bank was established in 1906 and is a large public sector bank that went public in 2002. As of March 31st, 2022, the Government of India owned 62.93% of the bank. In April 2020, Canara Bank merged with Syndicate Bank. In addition to banking, Canara Bank offers factoring, asset management, insurance, and retail and institutional broking services through its subsidiaries and associates. The bank has its headquarters in Bengaluru. As of March 2022, the Canara Bank has 9,734 branch offices across India, a presence in 3 foreign countries, and 10,817 ATMs. The total deposits as of March 2022 stood at INR 10,86,340 crores. Canara Bank’s Fixed Deposits have a AAA Credit Rating.

4% - 7.25%

FD Rate

4% - 7.75%

FD Rate for Seniors

₹ 1000

Minimum Deposit

₹ 2 Crores

Maximum Deposit

Lock-in

FD Tenure

Loan against FD

AAA

CRISIL Rating

Maturity Period	Interest Rate for General Citizens (p.a.)	Interest Rate for Senior Citizens (p.a.)
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	6.25%	6.75%
270 Days to less than 1 Year	6.50%	7.00%
1 Year Only	7.00%	7.50%
444 Days	7.25%	7.75%
Above 1 Year to less than 2 Years	6.90%	7.40%
2 Years & above to less than 3 Years	6.85%	7.35%
3 Years & above to less than 5 Years	6.80%	7.30%
5 Years & above to 10 Years	6.70%	7.20%

Note: The mentioned interest rates are effective 05 April 2023.

Maturity Period	Interest Rate for General Citizens (p.a.)
5 years	6.70%

Listed in the table are the interest rates offered by Canara Bank on NRE fixed deposits:

Tenure	Interest Rates (p.a.)
1 year only.	7.00%
444 Days	7.25%
Above 1 year to less than 2 years	6.90%
2 years and above to less than 3 years	6.85%
3 years and above to below 5 years	6.80%
5 years and above to 10 years	6.70%

Note: The mentioned interest rates are effective 05 April 2023.

Types of Canara Bank FD Schemes

Regular Fixed Deposit

Minimum Investment: Rs 1000
Tenure: Minimum 15 days (7-14 days in case of single deposit of Rs.5 lakh and more); Maximum: 10 years
Periodicity of interest payment: Half-yearly, Monthly (at discounted rates), Quarterly or Annual intervals as per depositor’s choice
Senior citizens can avail 0.50% additional interest rate on deposits of less than Rs. 2 crores with a tenor of 180 days and more. Additional senior citizen FD rates are not available for NRE, NRO, and Capital Gains Deposit Scheme
A nomination facility is applicable
A loan facility is available for up to 90% of the deposit amount
The deposit will be automatically renewed for a similar duration from the date of maturity at the interest rate in effect on the maturity date for the original deposit period (except Special deposits, Capital Gains Scheme, NRE deposits, Canara Tax Saver Scheme, Non-callable term deposits, Court Deposits, etc.)

Kamadhenu Deposit – Re-investment Plan

Kamadhenu deposit is a re-investment plan in which the interest component is reinvested and thereby, helps depositors in deriving the power of compounding
Minimum deposit amount: Rs 1,000
Tenure: 5 months to 10 years
The interest is compounded quarterly
Additional 0.50% p.a. interest rate is offered to senior citizen FD depositors
Depositors can avail loan for up to 90% of the deposit amount
The auto-renewal facility is available

Canara Bank Tax Saver Scheme

Minimum investment amount: Rs.100 (thereafter in multiples of Rs.100 )
Maximum investment amount: Rs. 1.5 lakh
Tenure: 5 years
Interest payout: Monthly (discounted) or quarterly; Compounded quarterly on Kamadhenu Deposit
Nomination facility is available. In the case of an account opened on behalf of a minor, a Company, a Firm, HUF, an Association of Persons, or a Body of Individuals, no nomination can be accepted
Benefits of income tax deduction up to Rs. 1.5 lakh under Section 80C of the Income Tax Act, 1961

Canara Bank FD Interest Rates

About Canara Bank FD