Canara Bank fixed deposit is a great way to save money for a period of time, if you are looking at getting your invested money safely along with good returns on your investment, then fixed deposit. Public sector lender Canara Bank revised its fixed deposit rates with effect from April 5. Here's a comparison of fixed deposit (FD) interest rates paid by SBI, Canara Bank, HDFC Bank and ICICI.
Canara Bank Fixed Deposit Rates
Canara Bank FD Rates: Check Latest updated Best FD Interest Rates, RD (Recurring Deposits) Interest Rates, Single Term Deposit Rates for General, NRI & Senior Citizens Online through Deal4loans.
Latest Updated Deposit rates News:
✓ Bank Offers 5.40 % p.a. for Canara Tax Saver Deposit scheme (General Public). Maximum deposit acceptable is Rs 1.50 Lakh.
✓ You Can Invest As low as Rs.1000/- Per Month
✓ Minimum 15 days (7-14 days – Only for single deposit of Rs.5 lakh and above), Maximum 120 months
✓ Additional interest rate of 0.50% uniformly across all maturities for Senior Citizens
✓ Loan Facility Available upto 90% of the deposit amount
Eligibility:
Individual, Joint (not more than 4), a Guardian on behalf of a minor, HUF, Partnership, a Company, Association or any other Institution
Canara Bank Fixed Deposit Interest Rates February 2021
| For Deposits less than Rs.2 Crore w.e.f. 08.02.2021 | ||
Term Deposits (All Maturities) | General Public | Senior Citizen |
| Rate of Interest (% p.a.) | Rate of Interest (% p.a.) | |
| 7 days to 45 days* | 2.95 | 2.95 |
| 46 days to 90 days | 3.90 | 3.90 |
| 91 days to 179 days | 4.00 | 4.00 |
| 180 days to less than 1 Year | 4.45 | 4.95 |
| 1 year only | 5.20 | 5.70 |
| Above 1 year to less than 2 years | 5.20 | 5.70 |
| 2 years & above to less than 3 years | 5.40 | 5.90 |
| 3 years & above to less than 5 years | 5.50 | 6.00 |
| 5 years & above to 10 Years | 5.50 | 6.00 |
Compare Fixed Deposit Interest Rates
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Latest SBI Fixed Deposit Interest Rates
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Call Canara Bank Toll Free Number – 1800 425 0018
IN THIS ARTICLE
Earn more from your earnings by saving in Canara Bank deposits. The deposits can be made for a short period or for a long period. The tax saving deposits with longer locking period, save you from paying tax on interest earned on the deposit. On the other hand, senior citizens can enjoy 0.5% extra interest on their deposits.Benefits of having Canara Bank Accounts are high when compared to other bank accounts.
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Canara Bank Deposits
Canara Bank provides a wide variety of deposits than the regular fixed deposit. The Ashraya deposit scheme for senior citizens who are aged above 60 years can be opened either singly or jointly. In the case of a joint deposit, the other depositor can be below 60 years of age, however, the senior citizen is the prime depositor. As with the fixed deposit, the ashraya deposit also allows the depositor to take a loan on the deposit. The recurring deposits are those that are paid monthly and are perfect for individuals who wish to make small savings regularly. The minimum amount of RD can be Rs.50 per month and there is no maximum limit. The deposit tenure ranges from 6 months to 120 months. You can withdraw your money with the help of Canara Bank Debit Cards with out visiting the bank. Nomination facility and loan facility is provided along with the deposit. The kamadhenu deposit is the re-investment deposit in which the interest is paid only after the maturity period. The Canara Bank champ deposit scheme is for children aged below 12 years. The Canara Dhanavarsha scheme is another type of recurring deposit beneficial for people planning to deposit Rs.1000 per month. The maximum amount that can be deposited is limited to Rs.1 lac.
Canara Bank Fixed Deposits
Canara Bank Fixed deposit can be opened jointly (with not more than 4 people) or individually. The deposit can also be opened for a minor by a guardian. Partnership companies and other organizations can also make a fixed deposit. The minimum amount has to Rs.1000 with no limit on the maximum deposit. The tenure for the fixed deposit can be as low as 15 days to a maximum of 120 months. Fixed deposits with a very short tenure of fewer than 15 days can also be opened but the limit of the amount is 5 lakhs. TDS is deducted on the interest gained. Customers are given the opportunity to include a nominee for the deposit. A loan of about 90% of the deposit value can be taken. A penalty of 1 % has to be paid for premature withdrawal of the deposit. The deposit amount can be broken into units of Rs.1000 and can be withdrawn as per the requirement. As a result, the depositor will lose interest only on a small portion of the deposit amount. Other Banks like HDFC Bank Deposits, SBI Bank Deposits and Union Bank Of India Deposits also providing different type of Deposits same as the Bank of Baroda.The deposit will be renewed automatically after the date of maturity for the same period as existing. If the customer fails to renew the deposit or withdraw the deposit amount after maturity, the deposited amount will be paid an interest as per the interest rate existing on the savings account. To open a fixed deposit, the application has to be submitted to the bank along with the PAN card, photograph and identity proof.
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Canara Bank Deposits Interest Rates
The interest rate on the deposits is calculated monthly and is disbursed quarterly, half-yearly or annually as directed by the customer. The interest rate on fixed deposits is in the range of 5.50% to 6.90% depending on the tenure for which the deposit is made.
For senior citizens, the interest rate on fixed deposits is 0.5% more than that offered for other customers except for the deposits related to capital gains and NRO fixed deposits. The interest rate on the Canara Champ deposit scheme is that the interest is about 4% per annum. Along with Canara Bank some other banks like Dena Bank Deposits, Citi Bank Deposits and Yes Bank Deposits also provides the best interest rates to their customers.Are you looking for loans at low interest rates then Canara Bank Loans provides loans to their customers at low interest.
FAQ’s Related to Canara Bank Deposits
- What is the eligibility for opening a Canara Bank deposit for a minor?
2. What is the interest rate on fixed deposits for senior citizens?
3. What is the tenure for recurring deposit?