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Canara Bank FD Rates

About Canara Bank

It was founded in 1906 as the ‘Canara Bank Hindu Permanent Fund’ by late philanthropist Shri Ammembal Subba Rao Pai. This small seed grew into a limited corporation called ‘Canara Bank Ltd.’ in 1910, and then into Canara Bank in 1969 after nationalisation. Canara Bank, based in Bengaluru, is one of India’s largest state-owned commercial banks. Syndicate Bank was merged with Canara Bank on April 1, 2020, making Canara Bank the country’s fourth-largest public sector bank. 

It offers a variety of services to its corporate clients, including Cash Management Services, loans, and IPO monitoring. NRI Banking– In addition to a variety of personal banking products, it provides remittance and consulting services to its NRI clients. It also provides priority and SME clients with a variety of products and services.

Features of Canara Bank FD Rates

  • Loans against FDs: You can borrow up to 90% of the amount of your FD by taking out a loan against it. The loan’s term will be limited to the fixed deposit’s term; however, you may not be able to receive a loan on tax-saving FDs.
  • Minimum deposit of ₹1000: Canara Bank requires a minimum deposit of 1000 to open a fixed deposit. Given the emphasis on rural development, most individuals in the country may easily invest this small amount in a fixed deposit and enjoy the benefits.
  • Schemes for Indians and NRIs: For domestic and NRI customers, the bank offers a variety of fixed deposit options with terms ranging from seven days to ten years. Canara Bank’s current fixed deposit interest rates range from 3% to 5.30 per cent.
  • Range of schemes: Regular Fixed Deposit Scheme, Tax Saver Deposit Scheme, Kamadhenu Deposit Scheme (Reinvestment Plan), and Ashraya Deposit Scheme are some of the fixed deposit schemes offered by Canara Bank (Senior Citizens).

Canara Bank FD Interest Rates 2021  

The fixed deposit rates for the Canara bank is given below based upon the tenure:

Tenure General Public FD Rate Senior Citizens FD Rate
7 – 45 days 2.95% 2.95%
46 – 90 days 3.90% 3.90%
91 – 179 days 4.00% 4.00%
180 days to less than 1 yr 4.45% 4.95%
1 yr to less than 2 yrs 5.20% 5.70%
2 yrs to less than 3 yrs 5.40% 5.90%
3 – 10 yrs 5.50% 6.00%

Benefits of Canara Bank FD

The main features and benefits of the FD account offered by Canara Bank are mentioned below:

  • Senior citizens are eligible for a higher rate of interest.
  • It is possible to add nominations.
  • It is possible to obtain a loan.
  • It is permissible to withdraw early.
  • The option of auto-renewal is available.
  • It is possible to open joint accounts.

Types of Canara Bank FD Rates

The different types of FDs that are offered by Canara Bank are mentioned below:

  • Regular Fixed Deposits: The depositor is allowed to invest in the deposit to earn attractive and higher returns, as well as flexibility and security, under this scheme. On the deposit, there is the option of making partial withdrawals, as well as the option of nominating someone.
  • Canara Tax Saver Scheme: This is a term deposit option that is available through both the ordinary fixed deposit and the Kamadhenu Deposit schemes. The plan is suitable for professionals, business owners, and salaried individuals who are active taxpayers who want to save money on their taxes by making tax saver contributions.

Eligibility of Canara Bank FD

  • Individuals
  • Associations
  • Companies
  • Partnerships
  • Hindu Undivided Families (HUFs)
  • A guardian can open an account on behalf of a minor

How to Calculate Canara Bank FD Rates

A fixed deposit calculator tool is used to predict the maturity amount that an investor should expect at the end of a defined term for a certain deposit amount at the current rate of interest.

A fixed deposit calculator is a tool that calculates the amount of interest that can be earned on a fixed deposit. The maturity amount is calculated using the deposit amount, FD interest rate, and fixed deposit tenure. The maturity amount is the amount received at the end of the term of the FD. It is made up of all of the interest that has been generated on the principal (deposit amount).

Factors Affecting Canara Bank FD Rates

There are multiple factors that can have an effect on the Canara Bank FD rates. Some of these factors are:

  • The rate of inflation
  • Prevailing liquidity scenario in India
  • Demand and Supply
  • Anticipation of a lending rate cut
  • Falling call rates
  • Plummet in the Bank’s fund costs

 

FAQs:

Is Canara Bank a safe place to put money in a fixed deposit?

Yes, Canara Bank is one of the best banks in the country, with a wide choice of fixed deposit term options and attractive interest rates.

Canara Bank's FD will double in how many years?

The interest rate on an FD is determined by the tenure you select. To find out how long it will take for your FD to double in value, divide 72 by 5.25 per cent. The number of years in which your Canara Bank FD will be doubled is 72/5.25 = 14.

Can a customer open a Canara Bank FD account online?

Yes, you can apply for a fixed deposit account on Canara Bank's website. After submitting the application, a bank representative will contact you to complete the next steps, which include filling out an application and submitting KYC papers.

Is there a minimum deposit amount required to start a Fixed Deposit with Canara Bank?

Canara Bank requires a minimum deposit of 1,000 to open a fixed deposit account.

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