Canara Bank Fixed Deposit Interest Rates
- Canara Bank Fixed Deposit Interest Rates 2020
- Canara Bank Interest Rates 2020
- Canara Bank Fixed Deposit Interest Rates Wells Fargo Home Mortgage
- Canara Bank Fixed Deposit Interest Rates 2019
- Canara Bank Fixed Deposit Interest Rates Fixed
- Commercial Bank Fixed Deposit Rates
Table of Contents
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Canara Bank Medium-term Fixed Deposit Rates: Medium-term fixed deposits have their tenures ranging from more than 1 year to less than 5 years. The interest offered by the bank on these deposits ranges from 6.00% p.a.- 6.25% p.a.
- 2 Fixed Deposit Interest Rate
- 2.5 Canara Bank Fixed Deposit Calculator
About Canara Bank Fixed Deposit
Fixed Deposit is the ideal way to invest for a longer period of time and earn solid interest. It’s easy liquidity and high rates of return assure the safety of the depositor’s money. Several banks allow the premature withdrawal of the funds invested. Canara Bank is one amongst them.
- Canara Bank Fixed Deposit Interest Rates (as on 02 Mar 2021) As you know that a Fixed Deposit (FD) is an investment option offered by banks that gives you higher rate of interest than a regular savings.
- Canara Bank minimum investment is Rs.1000 and is for deposits that are RS. 1 crore and above with an annualized rate of interest. The rate of 6.94% is 1.57% higher than the average 5.37%. Also it is 0.51% lower than the highest rate 7.45 Updated Jun, 2018.
It allows the customer to invest the amount for the flexible tenure ranging from 15 days to 10 years. The customer can withdraw the amount in parts as and when he needs or can close the fixed deposit before its maturity. This facility is available on Canara Fixed Deposit and Canara Kamadhenu Deposit. However, this facility is not applicable on Canara Tax Saver Scheme.
Fixed Deposit Interest Rate
On amount less than ₹2 Crore (w.e.f. 26.02.2020)
| Tenure | General | Senior Citizen |
|---|---|---|
| Interest Rate | Interest Rate | |
| 7 days-14 days | 4.50% p.a. | 4.58% p.a. |
| 15 days to 30 days | 4.50% p.a. | 4.58% p.a. |
| 31 days to 45 days | 4.50% p.a. | 4.58% p.a. |
| 46 days to 90 days | 5.00% p.a. | 5.09% p.a. |
| 91 days to 120 days | 5.35% p.a. | 5.46% p.a. |
| 121 days to 179 days | 5.35% p.a. | 5.46% p.a. |
| 180 days to 269 days | 5.75% p.a. | 5.88% p.a. |
| 270 days to less than 1 year | 5.75% p.a. | 5.88% p.a. |
| 1 year | 6.15% p.a. | 6.29% p.a. |
| Above 1 year to less than 2 years | 6.00% p.a. | 6.14% p.a. |
| 2 years & above to less than 3 years | 6.00% p.a. | 6.80% p.a. |
| 3 years & above to less than 5 years | 6.25% p.a. | 6.40% p.a. |
| 5 years & above to less than 8 years | 6.25% p.a. | 6.40% p.a. |
| 8 years & above to 10 years | 6.25% p.a. | 6.40% p.a. |
Types of Fixed Deposit Scheme
- Canara Bank Fixed Deposit
You can invest in the Canara Bank Fixed Deposit with the minimum amount of ₹1,000 and receive interest as per your requirement. You can also avail of the loan facility against the amount of investment.
| Particulars | Description |
|---|---|
| Minimum Deposit Amount | ₹1,000 |
| Maximum Deposit Amount | No ceiling |
| Minimum Tenure | 15 days (7 days in case of single deposit of ₹5 lac and above) |
| Maximum Tenure | 120 months |
| Interest Payment Frequency | Monthly, quarterly, half-yearly or annually |
| Special Rate for Senior Citizen | Additional interest of 0.50% |
| Premature Withdrawal | Permitted |
| Partial Withdrawal | Permissible in units of ₹1,000 |
| Nomination Facility | Available |
| Loan Against Deposit | Available |
- Canara Bank Kamadhenu Deposit (Reinvestment Plan)
Under this scheme, the investor’s deposit is automatically renewed for the same time period. The interest on the fixed deposit is paid at the time of maturity. Senior citizens are entitled to extra interest benefit of 0.50%.
| Particulars | Description |
|---|---|
| Minimum Deposit Amount | ₹1,000 |
| Maximum Deposit Amount | No ceiling |
| Minimum Tenure | 5 Months |
| Maximum Tenure | 120 months |
| Interest Payment | At Maturity |
| TDS | Applicable |
| Premature Withdrawal | Allowed, penalty charged(1% on deposits of less than 1cr.),(No penalty levied on amount of 1cr. & above) |
| Auto-Renewal Facility | Available |
| Nomination Facility | Available |
| Special Rate for Senior Citizen | Additional interest of 0.50% |
| Loan Facility | Available (upto 90%) |
| Eligibility | Individual, Joint(not more than 4), a guardian on behalf of minor, HUF, Partnership & Company, Association or any other institution |
| Documents | Application in the Bank's Prescribed Form Copy of PAN Card/ Form 60 or 61(if customer doesnot have PAN) 2 Photographs of depositor/s Proof of identity & address as per KYC Norms Any other related documents as applicable to proprietorship concern, Partnership Firm, Company, HUF etc. |
- Canara Tax Saver Scheme
The Tax Saver Scheme is beneficial for the salaried class, businessmen, and professionals, who come under the ambit of taxpayers. You can invest in this scheme with the minimum amount of ₹100. The investment can be made individually or combined. However, in case of joint account, the income deduction under Section 80C, of the Income Tax Act 1961, shall be available to the first holder of the deposit.
Eligibility
Individual – Single Accounts, Two or more individuals – Joint Accounts, Sole Proprietary Concerns, Partnership Firms, Limited Liability Companies, Association, Clubs, Societies, Trusts, etc., Minors, Blind Persons, Illiterate Persons, Joint Hindu Families, Municipalities, Panchayats, Govt. & Quasi Government Bodies, Religious, Educational, Charitable Institutions, etc. are eligible to invest in this scheme
Documentation
| Particulars | Details |
|---|---|
| An Individual, Hindu Undivided Family, Sole Proprietorship Concern | ID Proof, Address Proof, A photograph |
| Trusts | Copy of the Trust Deed, Copy of the registration certificate, Copy of the Resolution of The Trustees, Authorising the members concerned to open and operate the account, Photographs of the members operating the account |
| Associations / Clubs | By-laws of the Association, Copy of the Resolution by the board authorising the members concerned to open and operate the account, Photographs of the members operating the account |
| Partnership Firm | Partnership Deed, Letter from partners approving the persons concerned to open and operate the account, Photographs of the persons operating the account |
| ID Proof | Address Proof |
| Passport | Passport |
| PAN Card | Telephone Bill |
| Driving Licence | Electricity Bill |
| Voter ID | ID Card Issued by Post Office |
| Government ID Card | Bank Statement with Cheque |
| Senior Citizen ID Card | Any other ID proof or address proof document can be submitted subject to bank's satisfaction |
How to Apply
You can invest in any of the above schemes as per your eligibility. These schemes are available in all bank branches.
For other details, you can call on the toll-free number 1800 425 0018
Canara Bank Fixed Deposit Interest Rates 2020
Canara Bank Fixed Deposit Calculator
The calculator helps you to calculate the maturity value of the investment. It finds out the amount of interest earned on the principal value over the period of investment.
As you know that a Fixed Deposit (FD) is an investment option offered by banks that gives you higher rate of interest than a regular savings account. By investing in an FD, you can achieve your financial goals comfortably due to higher returns offered by it.
Canara Bank FD provides an option to deposit lump sum amount for a specific period, ranging from 7 days to 10 years. You can choose any of the tenures offered by Canara Bank FD according to your convenience and financial objective. As soon as you select the tenure and deposit the amount in Canara Bank_ FD, it will start earning an interest based on the tenure of the deposit. Customer is allowed to deposit lump sum money into a fixed deposit only once into his FD account at the time of opening the account with the bank and afterwards he cannot deposit additional money in the same FD account.
You can also get tax benefits under section 80C of the Income Tax Act on an amount between Rs. 100 to 1.5 lakh by investing in Canara Bank FD for a tenure of 5 years or more.
Following table provides you Canara Bank FD Rates of various tenors. Also, given below is the facility/ option, through which you can calculate the interest rate and the maturity value of your Canara Bank FD for different tenures by clicking on the 'calculate' button provided in the table.
Canara Bank Fixed Deposit Interest Rates (as on 06 Mar 2021)
Canara Bank Interest Rates 2020
| Maturity Period | Interest Rate (p.a.) | Calculate Interest Rate |
|---|---|---|
| 30 Days | 3.00% | |
| 45 Days | 3.00% | |
| 60 Days | 4.00% | |
| 90 Days | 4.00% | |
| 120 Days | 4.05% | |
| 6 Months | 4.50% | |
| 9 Months | 4.50% | |
| 12 Months | 5.40% | |
| 2 Years | 5.35% | |
| 3 Years | 5.30% | |
| 4 Years | 5.30% | |
| 5 Years | 5.30% | |
| 10 Years | 5.30% |
Features & Benefits: Canara Bank Fixed Deposit
Canara Bank Fixed Deposit Interest Rates Wells Fargo Home Mortgage
- 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.
- No cap on the Maximum Amount of FD
- FD Tenures: 7 days to 10 years
- Different interest payout options such as monthly, quarterly, etc.
- Loan/ Overdraft against FD facility is available upto 85% of the FD amount.
- Easy and fast liquidity options are available.
- Nomination facility is available.
- Tax benefit of amount up to Rs 1,50,000, through tax saving term deposit scheme
- Part withdrawal facility and auto-renewal facilities are also available
- Senior citizens can enjoy higher interest rate as compared to regular citizens
- NRE, NRO and FCNR deposit facility is offered by the bank
Who is Eligible for Canara Bank Fixed Deposit
Any of the following persons is eligible to 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
Important Things to Know Before Investing in Fixed Deposits
- Always compare tenure-wise FD interest rates of different banks before finalizing the bank for opening an FD account, in order to get maximum interest rate on selected tenure.
- The tenure for most bank fixed deposits varies from 7 days to 10 years. You should choose the FD Tenure according to your convenience and objective behind investment.
- Opt for interest payout options such as monthly or quarterly, if required. Otherwise, choose cumulative option so that you can receive lump sum amount when FD gets matured.
- You can also avail loan or overdraft against FD, if you have immediate requirement of funds.
- If your annual income is non-taxable, you can submit Form 15G or Form 15H in order to avoid TDS.
- Don't forget to make nomination in your FD account.
- If you are a senior citizen then open your FD in a bank which offers extra interest of 0.25% to 0.75% to senior citizens.
- When you open fixed deposit online or offline, do not forget to give instructions on what to do on maturity of your FD. If you do not give any instruction, your fixed deposit will be renewed automatically on maturity.
Calculation of Interest on FD of Canara Bank
Canara Bank Fixed Deposit Interest Rates 2019
Interest on FD for different tenures is calculated in following manner:
- Simple interest is paid at maturity for fixed deposit tenure of less than 6 months.
- Interest is calculated on a quarterly basis for fixed deposit tenure of 6 months & above.
- Cumulative Interest/ re-investment interest is calculated every quarter, and is added to the Principal such that Interest is paid on the Interest earned in the previous quarter as well.
- In case of monthly deposit scheme, the interest shall be calculated for the quarter and paid monthly at discounted rate over the Standard FD Rate
Canara Bank FD Interest Calculator
Canara Bank FD Interest Calculator is an online financial tool that allows you to calculate the maturity value of your fixed deposit at the interest rate offered by bank. The amount of FD, interest rate, deposit tenure and compounding frequency of interest together determine the maturity amount of the FD at the end of the tenure.
Automatic Renewal of Bank FD
Bank FD matures on specific date. On maturity, if you have not given any specific instructions such as payout or renewal of FD, most of the banks automatically renew the FD for the same period for which it was initially made at the interest rate prevailing on the date of maturity of FD. This is called Automatic Renewal of Bank FD.
You should choose the option on the account opening form, if you do not want the bank to auto renew your FD. You have 2 options on the account opening form while depositing money in FD, first one is auto renew and second one is deposit of amount to your account after maturity. In case you have not mentioned any option on the account opening form then you will need to visit the bank branch on maturity day of your bank FD and opt for credit of the final proceeds of your bank FD into your savings account if you do not want an auto renewal of your FD.
Bank FD News Mar 2021
13-01-2020: SBI revised FD interest rate
Canara Bank Fixed Deposit Interest Rates Fixed
SBI has announced a cut in retail fixed deposits of FD rates. The latest FD rates on SBI deposits is effective from 10th January 2020. The bank has cut the FD rates by 15 bps on long-term deposits maturing in 1 year to 10 years. Now FD interest rate for 7 to 45 days is 4.50%, for 46 to 179 days is 5.50%, for 180 days to 1 year is 5.80% and for 1 year to 10 years is 6.10%.
09-01-2020: Axis Bank reduced FD interest rate
Axis Bank reduced interest rates by up to 20 bps from January 9. FDs for less than Rs 2 crore and with the tenor of less than 1 year will earn 6.40%, for the tenor of 5 years to up to 10 years, FD rates is 6.50%.
07-01-2020: HDFC Bank deposits up by 25% (YoY) in 2019
Commercial Bank Fixed Deposit Rates
The largest private sector lender HDFC Bank's deposits up by 25% (YoY) in 2019. Its deposits are at Rs 10.67 trillion as of December 31, 2019 growing by 25% as compared to Rs 8.52 trillion as of December 31, 2018.
24-12-2019: HDFC Bank revised FD interest rate
The revised rate for FDs maturing in 9 months 1 day to less than 1 year will be 6.05%. Term deposits maturing in 1 year to 2 years will fetch an interest rate of 6.3%, 2-3 years 6.40%, and 3 years to 10 years 6.3%.
01-12-2019: PNB cuts off FD rates
With effect from December 1, 2019, FDs for less than Rs 2 crore and the tenor of 271 days to below 1 year will be 6% for general customers and 6.5% for senior citizens. For the tenor of 5 years to up to 10 years, PNB has FD rates of 6.3% for general customers and 6.8% for senior citizens.
12-11-2019: ICICI Bank reduces FD interest rate
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The interest rates on ICICI Bank FD for less than Rs 2 crore and the tenor of 185 days to 289 days will be 5.75%, for 5 years to up to 10 years will be 6.40% and 6.9% for senior citizens. Its interest rates will be effective from December 7, 2019.
Public Sector Banks FD Interest Rates
| Allahabad Bank | Andhra Bank | Bank Of Baroda |
| Bank Of India | Bank Of Maharashtra | Canara Bank |
| Central Bank Of India | Corporation Bank | Idbi Bank |
| Indian Bank | Indian Overseas Bank | Oriental Bank Of Commerce |
| Punjab National Bank | Syndicate Bank | Uco Bank |
| Union Bank Of India | United Bank Of India | Vijaya Bank |
| State Bank Of India | State Bank Of Mysore | State Bank Of Patiala |
| State Bank Of Travancore | State Bank Of Bikaner And Jaipur | Punjab And Sind Bank |
Private Sector Banks FD Interest Rates
| Axis Bank | Bandhan Bank Limited | Catholic Syrian Bank Limited |
| City Union Bank Limited | Dcb Bank Limited | Dhanalakshmi Bank |
| Federal Bank | Hdfc Bank | Icici Bank Limited |
| Idfc Bank Limited | Jammu And Kashmir Bank Limited | Indusind Bank |
| Karnataka Bank Limited | Karur Vysya Bank | Kotak Mahindra Bank Limited |
| Laxmi Vilas Bank | The Nainital Bank Limited | Rbl Bank Limited |
| South Indian Bank | Tamilnad Mercantile Bank Limited | Yes Bank |
| Equitas Small Finance Bank Limited | Ujjivan Small Finance Bank Limited | Utkarsh Small Finance Bank |
| Suryoday Small Finance Bank | Au Small Finance Bank Limited | Capital Small Finance Bank Limited |
| Esaf Small Finance Bank Limited | North East Small Finance Bank Limited | Fincare Small Finance Bank Ltd |