Canara Bank FD Interest Rates 2024

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Founded by Shri Ammembal Subba Rao Pai in July 1906, Canara Bank is known for its customer-centricity. After amalgamation with Syndicate Bank, Canara Bank has become India’s fourth largest public sector bank. It has several firsts in its credit, like launching an inter-city network, issuing credit cards to farmers, commissioning a branch exclusively for women etc. In 2006, the bank completed serving its customers for a hundred years. Canara Bank has a huge network of 9,653 branches and 12,114 ATMs.
Canara Bank offers several fixed deposit schemes for different types of customers with different minimum deposits, tenures and interest rates. Following is a detailed guide about Canara Bank FD rates 2024:

Minimum Deposit	₹1000
Maximum Deposit	No ceiling
Minimum Tenure	7 days
Maximum Tenure	10 years
Interest Rates	2.90% to 8.50% (including rates for super senior citizens)
Lock-in Period	15 days in case of normal fixed deposit and 5 years in case of Tax Saver FD.
Senior Citizen	4.50% to 8.40% (deposits less than ₹2 crores) 4.60% to 8.50% (applicable for Super Senior Citizens)
General Citizen	4% to 7.40% (deposits less than ₹2 crores) 2.90% to 6.25% (deposits more than ₹crores)

Table of Contents

Updated Canara Bank FD Interest Rates 2024

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Tenure	General Citizen	Senior Citizen

Features and Benefits of Canara Bank FD Rates

Following are the features and benefits if you are interested in opening a fixed deposit account at Canara Bank:

The bank offers loans against FD of up to 90% of your deposit amount. The tenure of this loan is limited till the tenure of the fixed deposit.
Canara bank FD interest rate includes an additional 0.50% interest for the senior citizens in case their fixed deposit is for an amount below ₹2 crores. However, the tenure of this FD needs to be 180 days or more.
Most of the FD schemes that Canara Bank offers come with an auto-renewal facility.
Premature withdrawal is allowed with most of the FD schemes offered by Canara Bank.
A nomination facility is available.
Depositors can choose either monthly, quarterly, half-yearly or annual intervals for receiving interest payment.
A group of 4 or less (joint) HUFs, guardians on behalf of minors, companies, partnerships, associations and institutions can also open a fixed deposit account apart from individuals.

How to Book Canara Bank FD?

You can open a fixed deposit in Canara Bank both online and offline.

You can open your account using the online method in two different ways. These are as follows:

Online

1. Canara Bank Internet Banking Portal

Here are steps you can follow while investing in a fixed deposit using the Internet banking portal:

Step 1: Log in to your Canara Bank NetBanking account.
Step 2: Visit the term deposit opening window and click on the ‘New Account’ option for opening a fresh term deposit.
Step 3: Choose the type of deposit account you wish to open.
Step 4: Provide all the essential information like nominee information, payment as well as maturity instructions.
Step 5: Verify all the details by clicking on the ‘Open Deposit’ option.
Step 6: After verification, click on ‘Confirm’ to authenticate the transaction. A confirmation message will pop up on the screen to validate the account opening.

2. Canara Bank Mobile App

Let us take a look at the steps to follow to open a fixed deposit account using the Canara Bank Mobile App:

Step 1: First, download the Canara Bank app and sign in.
Step 2: Choose the ‘New Account’ option and select which type of deposit account you want.
Step 3: Provide all the essential information like payment, nominee details, and maturity information.
Step 4: Select the ‘Open Deposit’ option to verify all the details you have provided.
Step 5: After checking all the details, click ‘Confirm’ and authenticate your transaction.
Step 6: Finally, a Confirmation message will pop up on your screen, signifying that your fixed deposit has been successfully opened.

Offline Method

Apart from the online methods, you can also open your Canara Bank FD offline. Here are the steps that you can follow to do so:

Step 1: Visit your nearest Canara Bank branch.
Step 2: Ask the officials for the FD application form.
Step 3: Fill up this form and submit it along with all the necessary documents and the deposit amount.
Step 4: After the officials process your application successfully, you will receive an FD receipt from the official, validating that your FD account has been created.

Documents Required to Book Canara Bank FD

Here is a list of all the documents that you will require to open a Canara Bank FD account:

Proof of Identity as per KYC norms like PAN card, Aadhaar card, voter ID, passport, driving licence etc.
Proof of Address such as an Aadhaar card, passport, voter ID, bank statement and any other documents applicable according to KYC norms.
Form 60 or 61/ copy of PAN card in case you do not have the PAN card.
2 copies of photographs of depositors/joint depositors.
Any other documents that might be asked by the bank in case a proprietorship, HUF, company or partnership firm opens an FD account.

Eligibility to Open Canara Bank FD

If you wish to open an FD account with Canara Bank, you only need to fulfil a handful of eligibility criteria. Following is the list of entities that are eligible for opening an FD account in Canara Bank:

Applicant Type: An individual who is a resident of India or a non-resident Indian, Joint depositor (not more than a group of 4), a guardian on behalf of a minor, Partnership Firm, any company, association or institution, Hindu Undivided Family.
Age of Applicant: You need to be more than 18 years of age to apply for FD.

Types of Canara Bank FD Schemes

Canara Bank offers a wide range of fixed deposit schemes for both residents and NRIs. There are various schemes available for general as well as senior citizens.

Each of these schemes has a different set of interest rates, tenure and benefits. Let us take a look at them in detail and the Canara bank FD rates applicable for each of these schemes:

1. Canara Bank Fixed Deposit

This is the basic fixed deposit scheme for which both the general public and senior citizens are eligible. Your interest rate will depend on the amount and tenure of the scheme. The rate of interest applicable for deposits below ₹2 crores is different from deposits above ₹2 crores.

Minimum Deposit: ₹1000
Maximum Deposit: No ceiling
Tenure: 7 days to 10 years
Interest Rate: 4% to 8.50% (including super senior citizens)
Eligibility: Indian resident

2. Canara Bank Kamadhenu Deposit

It is a reinvestment plan available to individuals, guardians on behalf of minors, joint investors of not more than 4 HUFs, partnership firms, companies, associations, and institutions. For this scheme, senior citizens will receive an additional interest of 0.50% if the deposit is for an amount less than ₹2 crore. A nomination facility and loan against FD facility are also available under this scheme.

Minimum Deposit: ₹1000
Maximum Deposit: No ceiling (you can deposit an odd amount as well)
Tenure: 5 months to 10 years (can be an odd period as well)
Interest Rate: 4% to 8.50% (including super senior citizens)
Eligibility: Indian resident

3. Canara Bank Tax Saver Deposit Scheme

This is a term deposit scheme available under the Kamadhenu scheme. The scheme is highly suitable for taxpayers like salaried individuals, businessmen etc. Both individuals, as well as joint investors are eligible for this scheme. However, in the case of a joint account, deduction under section 80C of the Income Tax Act, 1961 applies to only the first holder of the deposit.

Minimum Deposit: ₹100
Maximum Deposit: ₹1,50,000 per person (can deposit in multiples of 100)
Tenure: 5 years
Interest Rate: 6.70% for the general public and 7.20% for senior citizens
Eligibility: Indian resident

4. Canara Bank Nithya Nidhi Deposit (NND) Scheme

This scheme is for the purpose of saving up all the small savings deposits. People who are daily savers and small means based on daily door collection can highly benefit from this scheme. For this scheme, Canara Bank’s authorised agents will go door to door to collect your savings on a daily basis or at less frequent intervals as per your convenience.

Minimum Deposit: ₹50
Maximum Deposit: ₹1000 in a day and ₹30,000 in a month
Tenure: 63 months
Interest Rate: 2% on maturity (63 months)
Eligibility: Indian resident

5. Canara Bank Ashraya Deposit Scheme

This scheme is exclusively offered to senior citizens who are aged 60 years or above. Both domestic fixed deposits, as well as Kamadhenu deposits are eligible for this scheme. Individual as well as joint deposits are possible; however, in the case of joint investors, the first depositor must be 60 years or above.

Minimum Deposit: ₹1000
Maximum Deposit: No ceiling (can deposit odd amounts as well)
Tenure: 15 days to 10 years
Interest Rate: 4.50% to 8.40%
Eligibility: Indian resident

6. Canara Bank NRO Deposit Scheme

Canara Bank Non-Resident Ordinary (NRO) Rupee Account scheme is an excellent option for NRIs as well as Persons of Indian Origin (PIO). Both individuals, as well as joint depositors are eligible for this scheme. The joint depositor can also be a former NRI. A nomination facility is also available. This scheme is great for NRIs who want to manage all their deposits and income they earn in India.

Minimum Deposit: ₹1000
Maximum Deposit: No Ceiling
Tenure: 7 days to 10 years
Interest Rate: 4% to 8.50% (including super senior citizens)
Eligibility: Non-resident Indian

7. Canara Bank NRE Deposit Scheme

Canara Bank offers this scheme for Non-Resident External investors. They can easily transfer their foreign earnings to India by investing in this scheme. Individuals and joint investors (a maximum of 4 individuals) are eligible for this scheme. Therefore, if you have foreign earnings, you can deposit it in this scheme and withdraw it in Indian rupees.

Minimum Deposit: ₹1000
Maximum Deposit: No ceiling
Tenure: 1 year to 10 years
Interest Rate: 6.70% to 7.25%
Eligibility: Non-resident Indian

8. Canara Bank FCNR (B) Deposit Scheme

FCNR stands for Foreign Currency Non-Resident Account. Canara Bank offers the Foreign Currency Non-Resident Account (Banks) Scheme for NRIs who wish to maintain an FD account in foreign currency. The interest rates offered in the case of FCNR(B) deposits are different from ordinary Canara Bank FD interest. Interest is compounded annually with this scheme.

Minimum Deposit: USD 1000 or equivalent
Maximum Deposit: No ceiling
Tenure: 1 year to 5 years
Interest Rate: 3.50% to 5.25% (for USD)
Eligibility: Non-resident Indian

9. Canara Bank RFC Deposit Scheme

Canara Bank offers a Resident Foreign Currency (RFC) deposit scheme to NRIs who have returned to India but wish to hold their earnings in foreign currencies. Rates applicable for Canara RFC deposits are quite different from Canara Bank fixed deposit interest rates in general. This helps you retain your earnings in foreign currency, so you do not have to convert them as per the conversion rates.

Minimum Deposit: USD 1000 or equivalent
Maximum Deposit: No ceiling
Tenure: 1 month to 3 years
Interest Rate: 0.10% to 5.25% (for USD)
Eligibility: Non-resident Indian

Before investing your money in any particular scheme of Canara Bank, it is best to go through all the advantages and disadvantages of the schemes. You must also have a detailed idea about Canara Bank’s fixed deposit rates. Canara Bank offers different schemes that aim to help different types of customers. Therefore, choose the FD schemes that suit your requirements the most. Now that you are aware of the Canara Bank FD interest rates in 2024, you can make a fair investment decision.

FAQs

What is the highest interest rate I will get for a 1 year FD account at Canara Bank?

The highest interest rate for callable deposits is 6.90% and 7.40% for general and senior citizens, respectively. For non-callable deposits, the highest interest rate is 7.05% and 7.55% for general and senior citizens.

Will I be eligible for any tax benefit in case I invest in Canara Bank FD schemes?

If you opt for the Canara Bank Tax Saver FD scheme, then you can claim a tax deduction on the interest income of up to ₹1.5 lakh under section 80C of the Income Tax Act of 1961.

Can I calculate my returns on FD before investing in any scheme?

Using an online fixed deposit calculator, you can calculate your interest and maturity value before investing in a specific Canara Bank FD plan.

What is the periodicity of interest payment in the Canara Bank Tax Saver Scheme?

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Disclaimer

This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.