Fixed deposits are one of the most secure investment avenues in today’s financial market. For senior citizens, Canara Bank offers interest rates up to 7.75% p.a. for callable deposits and up to 7.90% p.a. for non-callable deposits. Learn more about Canara Bank senior citizen FD rates, its benefits, features, and other crucial information in this comprehensive guide.
Canara Bank Senior Citizen FD Rates in 2023
Here are the rates of interest for deposits less than ₹2 crores with effect from 5.10.2023:
| Term Deposits | Callable Interest Rates (% per annum) | Non-callable Interest Rates (% per annum) |
| 7 days to 45 days | 4.00 | NA |
| 46 days to 90 days | 5.25 | 5.35 |
| 91 days to 179 days | 5.50 | 5.60 |
| 180 days to 269 days | 6.65 | 6.75 |
| 270 Days to less than 1 Year | 6.75 | 6.85 |
| 1 Year Only | 7.40 | 7.55 |
| 444 Days | 7.75 | 7.90 |
| Above 1 Year to less than 2 Years | 7.35 | 7.50 |
| 2 Years & above to less than 3 Years | 7.35 | 7.50 |
| 3 Years & above to less than 5 Years | 7.30 | NA |
| 5 Years & above to 10 Years | 7.20 | NA |
Features & Benefits of Canara Bank Senior Citizen FD Rates
Here are some of the key features and benefits you can avail by choosing Canara Bank interest rates for senior citizens.
- The minimum amount to open this FD scheme of Canara Bank is ₹1,000 and there is no ceiling for the maximum deposit.
- Senior citizens can avail loans up to 90% of the balance deposit amount.
- Senior citizens can get an additional interest of 0.50% over the rates provided to general citizens.
- Senior Citizens above 80 years of age can enjoy preferential interest rates ranging between 7.85% to 8% on their deposits.
- With Canara Bank’s auto renewal facility, an FD will automatically renew from the date of maturity for the original period of deposit.
How to Book Senior Citizen FD from the Canara Bank?
Here’s how you can apply for a senior citizen FD both online and offline to start earning long-term returns with Canara Bank senior citizen FD rates.
Online
A Canara Bank FD account for senior citizens can be opened through the bank’s mobile app or internet banking portal.
- Through Mobile App
- Step 1: Log in after downloading the Canara Bank App.
- Step 2: Click on the ‘New Account’ option and select the type of deposit account.
- Step 3: Fill in the necessary details such as payment and maturity instructions, nominee information, etc.
- Step 4: Verify the information and click on ‘Open Deposit’.
- Step 5: Select ‘Confirm’ and authenticate the transaction.
- An account opening confirmation message will pop-up on your screen.
- Internet Banking
- Step 1: Log in to the Canara Bank Net Banking account.
- Step 2: On the Term Deposit page, click on the ‘New Account’ option and select the type of deposit account.
- Step 3: Specify the necessary details such as nominee information, payment option and maturity instructions.
- Step 4: Click on ‘Open Deposit’ after verifying the details.
- Step 5: Click on ‘Confirm’ to authenticate the transaction.
- Your screen will display the pop-up message for the account opening confirmation.
Offline
If you face any difficulty with the online booking methods, you can also book a Canara Bank senior citizen fixed deposit by visiting the nearest branch. Go through the steps below to open a senior citizen FD account offline.
- Step 1: Visit your nearest Canara Bank branch.
- Step 2: Get a Canara Bank FD application form from a bank representative.
- Step 3: Fill out the form and attach all the necessary documents.
- Step 4: Submit it with the deposit amount.
After the bank successfully processes your application, your FD account will be opened. The bank will further issue you an FD receipt, confirming the account opening.
Documents Required
Here are the documents required for applying Canara Bank FD interest rates for senior citizens.
- Filled-in Canara Bank FD account opening form.
- PAN card or Form 60/61.
- Bank account details – branch name, account number, and IFSC code.
- 4 passport-size photographs.
- Address proof – Voter ID card, PAN card, Passport, Aadhaar card, etc.
- Identity proof – Voter ID, Aadhaar card, Driving Licence, etc.
- Age proof – Birth Certificate, School Passing/Graduation Certificate.
Eligibility to Open Senior Citizen FD
Here are the minimum eligibility criteria that Canara Bank has set for senior citizens, in case of opening a fixed deposit account.
- Applicant Type: Residents, Non-resident Indians, Hindu Undivided Families, Associations, Institutions, Companies or Partnership Firms.
- Applicant Age: An individual who is 60 years of age and above, can apply for FD.
Now that you know the latest Canara Bank senior citizen FD rates you can choose a scheme according to your financial necessity. It is worth mentioning that every investor should go through all the terms and conditions of their desired FD scheme before making a financial decision.
Frequently Asked Questions
Senior citizens can avail of a maximum of 7.90% interest rate for non-callable deposits above ₹15 lakhs.
Senior citizens can claim income tax exemptions up to ₹50,000 through the FD interest income under Section 80TTB of the Income Tax Act.
The interest rate is 7.50% for senior citizens if they invest in a Canara Bank FD scheme for 666 days.
The maximum interest rate for super senior citizens for 2023 is 7.85% and 8% respectively for callable and non-callable fixed deposits with Canara Bank.
