Canara Bank is a leading public sector bank in India. It offers a variety of fixed deposit products with attractive interest rates for the general public and senior citizens both. With tenures ranging from 7 days to 10 years, customers can choose the deposit term that best suits their financial goals.
Canara Bank also provides tax-saving fixed deposits with competitive interest rates for a tenure of 5 years. For NRIs, the bank offers a range of fixed deposit products such as NRO, NRE, RFC, and FCNR (B), denominated in various currencies such as USD, GBP, EUR, CAD, and AUD.
With flexible options and attractive interest rates, Canara Bank’s fixed deposit products are a reliable investment option for customers looking to grow their savings.
Canara Bank Fixed Deposit Rates
The fixed deposit rates for the Canara Bank vary according to the amount deposited by the individual. The amount for fixed deposits can be segregated into two categories— FD below INR 2 crores and FDs ranging between INR 2 and 10 crore.
Canara Bank Domestic FD Interest Rates – Below Rs.2 Crore
Have a look at the table below to understand the Canara Bank FD rates pertaining to fixed deposits made below INR 2 crores.
| Maturity Period | Interest Rate for General Citizens (p.a.) | Interest Rate for Senior Citizens (p.a.) |
| 7 to 45 Days | 4 Percent | 4 Percent |
| 46 to 90 Days | 5.25 Percent | 5.25 Percent |
| 91 to 179 Days | 5.5 Percent | 5.5 Percent |
| 180 to 269 Days | 6.25 Percent | 6.75 Percent |
| 270 Days to less than a Year | 6.5 Percent | 7 Percent |
| One-Year | 7 Percent | 7.5 Percent |
| 444 Days | 7.25 Percent | 7.75 Percent |
| Above One Year to less than Two Years | 6.9 Percent | 7.4 Percent |
| Two Years to Below Three Years | 6.85 Percent | 7.35 Percent |
| Three Years & above to Below Five Years | 6.8 Percent | 7.3 Percent |
| Five Years & above to Ten Years | 6.7 Percent | 7.2 Percent |
Note:- The above-mentioned FD interest rates are based on the rates updated on the bank’s website on 05 April 2023.
Canara Bank Domestic Term Deposit FD Rates Between Rs.2 Crore and Rs.10 Crore
| Maturity Period | Callable – Interest Rate applicable per annum | Non-Callable – Interest Rate applicable per annum |
| 7 to 45 days | 2.9 Percent | Not Applicable |
| 46 to 90 days | 3.1 Percent | 3.15 Percent |
| 91 to 179 days | 3.35 Percent | 3.4 Percent |
| 180 to 269 Days | 3.35 Percent | 3.4 Percent |
| 270 days to below One year | 5.75 Percent | 5.8 Percent |
| One year | 6 Percent | 6.15 Percent |
| Above One year to below Two years | 6 Percent | 6.25 Percent |
| Two years & above below Three years | 6 Percent | 6.25 Percent |
| Three years & above to below Five years | 6 Percent | 6.25 Percent |
| Five years up to Ten years | 3.4 Percent | 3.65 Percent |
Note:- The above mentioned FD interest rates are based on the rates updated on the bank’s website on April 5, 2023.
Canara Bank Fixed Deposit Rates for NRI
Canara Bank offers different interest rates for NRIs and other categories not included in the general citizen category. Let’s have a look at the rates provided.
Canara Bank Fixed Deposit Rates for NRO Deposits of Less than Rs.2 crore
| FD Investment Tenure | Interest Rates (in percent per annum) | |
| For Regular Citizens | For Senior Citizens | |
| 7 days to 45 days (*) | 4 Percent | 4 Percent |
| 46 to 90 days | 5.25 Percent | 5.25 Percent |
| 91 to 179 days | 5.5 Percent | 5.5 Percent |
| 180 to 269 days | 6.25 Percent | 6.75 Percent |
| 270 days < One year | 6.5 Percent | 7 Percent |
| One year | 7 Percent | 7.5 Percent |
| 444 days | 7.25 Percent | 7.75 Percent |
| Above One year < Two years | 6.9 Percent | 7.4 Percent |
| Two years, Three years | 6.85 Percent | 7.35 Percent |
| Three years < Five years | 6.8 Percent | 7.3 Percent |
| Five years to Ten years | 6.7 Percent | 7.2 Percent |
Canara Bank Fixed Deposit Rates for NRE Deposits for Less Than ₹2 crores
| Tenure | Interest Rates (p.a.) |
| One year only | 7 Percent |
| 444 Days | 7.25 Percent |
| Above One year < Two years | 6.9 Percent |
| Two years and above < Three years | 6.85 Percent |
| Three years and above < Five years | 6.8 Percent |
| Five years and above to Ten years | 6.7 Percent |
Canara Bank Fixed Deposit Rates for NRE Deposits From ₹2 crores Less Than ₹10 crores
| Tenure | Interest Rates (p.a.) |
| One year only | 6.15 Percent |
| 444 Days | NA |
| Above One year < Two years | 6.25 Percent |
| Two years and above < Three years | 6.25 Percent |
| Three years and above < Five years | 6.25 Percent |
| Five years and above to Ten years | 3.65 Percent |
Canara Bank Fixed Deposit Interest Rates for FCNR (B)
| Tenure | USD | GBP | EUR | CAD | AUD |
| One year < Two years | 5.25 | 4.25 | 1.50 | 4.30 | 3.50 |
| Two years < Three years | 4.25 | 3.00 | 1.50 | 4.10 | 3.25 |
| Three years < Four years | 4.00 | 3.00 | 1.50 | 3.85 | 3.25 |
| Four years < Five years | 4.00 | 3.00 | 1.50 | 3.50 | 3.25 |
| Five years | 3.90 | 3.00 | 1.50 | 3.50 | 3.25 |
How to Open a Canara Bank FD Account?
Opening a Canara Bank fixed deposit account is accessible without a complicated documentation process. The stepwise application process to apply for a Canara Bank FD online is:-
Step 1: Head to the official website of Canara Bank and log in with your username and password to use Internet banking.
Step 2: Head to the term deposit opening window and choose the ‘New Account’ tab to open a new term deposit.
Step 3: A drop-down menu opens; select the ‘Deposit Product’ and the source account from where the funds will be deposited.
Step 4: Select details like the investment amount, tenure range, and deposit type.
Step 5: Select the interest payment plan.
Step 6: Choose the interest payment mode under the ‘Interest Instructions’ option. Head to the ‘Account Transfer’ and select ‘Add to Principal’.
Step 7: Select the account where interest will be credited. Also, provide the account number.
Step 8: Head to the option ‘Principal Instructions’ and select the instructions for where and how the money should be transferred upon maturity.
Step 9: Verify the details and then select ‘Open Deposit’.
Step 10: Click ‘Confirm’ and enter the transaction password. A confirmation message of the account opening will display on your screen.
Offline Method
To open a fixed deposit account offline, visit the Canara Bank branch near you.
Fill in the required information in the FD application form and submit it with the necessary documents.
Canara Bank Loan Against FD
Canara Bank provides the feature of taking a loan against FD. Any citizen of India can apply for a loan against FD. The key features are:-
| Loan Type | Overdraft |
| Overdraft/loan amount | Minimum amount – ₹1000Maximum amount – No bar |
| Interest Rate | Competitive |
| Deposit Period | Minimum – 15 days (7 days if the deposit is ofRs 5 lakh or above) Maximum: 10 years or 120 months |
| Premature withdrawal | Allowed |
| Nomination Facility | Available |
Type of Canara Bank Fixed Deposit Schemes
● Fixed Deposit scheme
● Kamadhenu Deposit scheme
● Canara Tax Saver scheme
● Ashraya Deposit scheme
Canara Bank Fixed Deposit Schemes
There are many schemes provided by Canara Bank for the fixed deposits made by individuals. One of them is the Kamadhenu deposit scheme. Have a look at the characteristics of this scheme.
Canara Bank Kamadhenu Deposit
Eligibility for Kamadhenu Deposit
- Individual
- Joint (4 or less than 4 people)
- A guardian for a minor
- HUF
- Partnership
- A company
- Association or any institution
Features of the scheme
● A minimum investment of ₹1,000, and there is no limit to the maximum amount.
● The amount has to be invested for a minimum period of at least 5 months and a maximum of 120 months.
● The Canara Bank FD interest rates on the Kamadhenu deposit are compounded quarterly and vary according to the deposit time.
● Senior citizens are provided with an extra rate of 0.50% on the domestic term deposits for an amount of fewer than ₹2 crores.
● An amount of up to 90% of the fixed deposit can be availed as a loan.
Features of Canara Bank
● A minimum amount of ₹1,000 has to be deposited.
● The scheme’s tenure varies from 7 days to 10 years.
● Senior citizens are offered an extra interest rate.
● Nominations can also be added.
● Individuals can also avail of loans on a fixed deposit.
● You can also withdraw before the maturity date.
● The option of auto-renewal is provided.
● Individuals can also open joint accounts.
Eligibility Criteria
● Individuals
● Associations
● Companies
● Partnerships
● Hindu Undivided Families (HUFs)
● An account can be initiated for a minor by a guardian
Documents Required for Canara Bank
● Application Form
● Address proof according to KYC norms
● Identity proof according to KYC norms
● 2 photographs
● Copy of PAN Card or Permanent Account Number
● Form 61 or Form 60 if you do not own a PAN Card
Interest Rate for Senior Citizens
An additional rate of 0.50% will be provided as an interest to the senior citizens for the domestic term deposits of less than ₹2 crores with a tenure of 180 days and above. This rate is offered over and above the rate offered to the General public.
If the Senior Citizen passes away before the maturity date, the deposit might continue with the original interest rate, provided no contracted terms are altered.
Penalty on Premature Withdrawal
A total penalty of 1% will be levied on the part withdrawal/premature closure/NRO term deposits of less than ₹2 crores that are accepted/part withdrawal renewed on or post March 12, 2019. These prematurely closed/prematurely extended deposits/part withdrawn will attract interest at the same rate as that applicable for the slab of ₹2 crores and above as on the date of deposit and as applicable for the period run or the rate at which the deposit has been accepted, whichever is lower.
How to Close Canara Bank FD?
The Canara Bank fixed deposits can be withdrawn on maturity as well as prematurely.
Closing your Canara Bank Fixed Deposit Account on Maturity
The Canara Bank fixed deposit account can be closed on maturity by going to the nearest local branch. You will have to provide the FD certificate along with your signature. If the account is jointly held, signatures of all the depositors are required. You might also have to provide an application form to finalise the FD account, after which the accumulated amount will be credited to your savings account. With the auto-liquidation feature, the matured fixed deposit account will automatically be transferred to the linked account on the maturity date.
Closing your Canara Bank Fixed Deposit Account Before Maturity
Step 1: Visit the Canara Bank branch nearest to you.
Step 2: Get an application form for premature withdrawal.
Step 3: Fill out the form with the relevant details like name, bank account details, FD account number, etc.
Step 4: Submit the form.
Your savings account will be credited with the funds once your request is processed.
You May Also Like
FAQ’s:-
Q1. What are the current Canara Bank fixed deposit rates?
Ans: The current interest rate for FD is 2.90% for general citizens.
Q2. Which bank has the highest FD rate in 2021?
Ans: Axis Bank provides the highest interest rate on an FD, 5.75%.
Q3. Can FD be broken online in Canara Bank?
Ans: Yes, but a penalty of 1% is levied for premature withdrawals of the domestic term deposits, which are less than ₹2 crores.
Q4. Is Canara Bank Good for FD?
Ans: Canara Bank provides a higher rate of interest in comparison to its savings account.
Q5. Is the maturity of FD taxable?
Ans: Yes, the interest income earned on an FD is fully taxable.
Q6. Is 5-year FD tax-free?
Ans: Minimum tenure of 5 years is required for a term deposit according to the terms of the Tax Saving Scheme. You can receive a tax exemption of ₹1.5 lakh.
Q7. What is a fixed deposit in Canara Bank?
Ans: A fixed deposit in Canara Bank is a secure, reliable, and beneficial investment option that offers multiple benefits like Government insurance, flexible fixed deposit tenure, loan borrowing facility, and guaranteed returns.
