Table of Contents
- Canara Bank Nre Deposit Rates
- Canara Bank Fixed Deposit Rates Refinance
- Canara Bank Fixed Deposit Rates For Nri
Canara Bank will give you a loan of up to 90% of the deposit amount at the rate of 5.5% to 7.4%. But you should not that the Canara Bank will not give you a loan against the fixed deposits which you have in. CANARA BANK FD calculator online - Calculate CANARA BANK FD Interest rate using CANARA BANK Fixed Deposit calculator 2021. Check CANARA BANK FD rate of interest and calculate FD final amount via CANARA BANK FD Calculator on The Economic Times. Welcome to Canara Bank, Ideal destination for Personal Banking need! We offers wide range of consumer banking services like savings account, fixed deposit, debit card, loan, Mutual funds and many more that helps you meet personal financial needs.
- Canara Bank has revised its fixed deposit interest rates with effect from February 8, 2021, on all deposits less than Rs 2 crore. The bank has cut FD interest rates on deposits maturing in a year.
- The returns on fixed deposits are calculated on a certain rate. This rate of return is known as the fixed deposits interest rate. The rate is determined by the bank at the time of booking the deposit and remain same throughout the term of deposit.
- 2 Fixed Deposit Interest Rate
- 2.5 Canara Bank Fixed Deposit Calculator
About Canara Bank Fixed Deposit
Fixed Deposit is the ideal way to invest for a longer period of time and earn solid interest. It’s easy liquidity and high rates of return assure the safety of the depositor’s money. Several banks allow the premature withdrawal of the funds invested. Canara Bank is one amongst them.
It allows the customer to invest the amount for the flexible tenure ranging from 15 days to 10 years. The customer can withdraw the amount in parts as and when he needs or can close the fixed deposit before its maturity. This facility is available on Canara Fixed Deposit and Canara Kamadhenu Deposit. However, this facility is not applicable on Canara Tax Saver Scheme.
Fixed Deposit Interest Rate
On amount less than ₹2 Crore (w.e.f. 26.02.2020)
| Tenure | General | Senior Citizen |
|---|---|---|
| Interest Rate | Interest Rate | |
| 7 days-14 days | 4.50% p.a. | 4.58% p.a. |
| 15 days to 30 days | 4.50% p.a. | 4.58% p.a. |
| 31 days to 45 days | 4.50% p.a. | 4.58% p.a. |
| 46 days to 90 days | 5.00% p.a. | 5.09% p.a. |
| 91 days to 120 days | 5.35% p.a. | 5.46% p.a. |
| 121 days to 179 days | 5.35% p.a. | 5.46% p.a. |
| 180 days to 269 days | 5.75% p.a. | 5.88% p.a. |
| 270 days to less than 1 year | 5.75% p.a. | 5.88% p.a. |
| 1 year | 6.15% p.a. | 6.29% p.a. |
| Above 1 year to less than 2 years | 6.00% p.a. | 6.14% p.a. |
| 2 years & above to less than 3 years | 6.00% p.a. | 6.80% p.a. |
| 3 years & above to less than 5 years | 6.25% p.a. | 6.40% p.a. |
| 5 years & above to less than 8 years | 6.25% p.a. | 6.40% p.a. |
| 8 years & above to 10 years | 6.25% p.a. | 6.40% p.a. |
Types of Fixed Deposit Scheme
- Canara Bank Fixed Deposit
You can invest in the Canara Bank Fixed Deposit with the minimum amount of ₹1,000 and receive interest as per your requirement. You can also avail of the loan facility against the amount of investment.
| Particulars | Description |
|---|---|
| Minimum Deposit Amount | ₹1,000 |
| Maximum Deposit Amount | No ceiling |
| Minimum Tenure | 15 days (7 days in case of single deposit of ₹5 lac and above) |
| Maximum Tenure | 120 months |
| Interest Payment Frequency | Monthly, quarterly, half-yearly or annually |
| Special Rate for Senior Citizen | Additional interest of 0.50% |
| Premature Withdrawal | Permitted |
| Partial Withdrawal | Permissible in units of ₹1,000 |
| Nomination Facility | Available |
| Loan Against Deposit | Available |
- Canara Bank Kamadhenu Deposit (Reinvestment Plan)
Under this scheme, the investor’s deposit is automatically renewed for the same time period. The interest on the fixed deposit is paid at the time of maturity. Senior citizens are entitled to extra interest benefit of 0.50%.
| Particulars | Description |
|---|---|
| Minimum Deposit Amount | ₹1,000 |
| Maximum Deposit Amount | No ceiling |
| Minimum Tenure | 5 Months |
| Maximum Tenure | 120 months |
| Interest Payment | At Maturity |
| TDS | Applicable |
| Premature Withdrawal | Allowed, penalty charged(1% on deposits of less than 1cr.),(No penalty levied on amount of 1cr. & above) |
| Auto-Renewal Facility | Available |
| Nomination Facility | Available |
| Special Rate for Senior Citizen | Additional interest of 0.50% |
| Loan Facility | Available (upto 90%) |
| Eligibility | Individual, Joint(not more than 4), a guardian on behalf of minor, HUF, Partnership & Company, Association or any other institution |
| Documents | Application in the Bank's Prescribed Form Copy of PAN Card/ Form 60 or 61(if customer doesnot have PAN) 2 Photographs of depositor/s Proof of identity & address as per KYC Norms Any other related documents as applicable to proprietorship concern, Partnership Firm, Company, HUF etc. |
- Canara Tax Saver Scheme
The Tax Saver Scheme is beneficial for the salaried class, businessmen, and professionals, who come under the ambit of taxpayers. You can invest in this scheme with the minimum amount of ₹100. The investment can be made individually or combined. However, in case of joint account, the income deduction under Section 80C, of the Income Tax Act 1961, shall be available to the first holder of the deposit.
Eligibility
Individual – Single Accounts, Two or more individuals – Joint Accounts, Sole Proprietary Concerns, Partnership Firms, Limited Liability Companies, Association, Clubs, Societies, Trusts, etc., Minors, Blind Persons, Illiterate Persons, Joint Hindu Families, Municipalities, Panchayats, Govt. & Quasi Government Bodies, Religious, Educational, Charitable Institutions, etc. are eligible to invest in this scheme
Documentation
| Particulars | Details |
|---|---|
| An Individual, Hindu Undivided Family, Sole Proprietorship Concern | ID Proof, Address Proof, A photograph |
| Trusts | Copy of the Trust Deed, Copy of the registration certificate, Copy of the Resolution of The Trustees, Authorising the members concerned to open and operate the account, Photographs of the members operating the account |
| Associations / Clubs | By-laws of the Association, Copy of the Resolution by the board authorising the members concerned to open and operate the account, Photographs of the members operating the account |
| Partnership Firm | Partnership Deed, Letter from partners approving the persons concerned to open and operate the account, Photographs of the persons operating the account |
| ID Proof | Address Proof |
| Passport | Passport |
| PAN Card | Telephone Bill |
| Driving Licence | Electricity Bill |
| Voter ID | ID Card Issued by Post Office |
| Government ID Card | Bank Statement with Cheque |
| Senior Citizen ID Card | Any other ID proof or address proof document can be submitted subject to bank's satisfaction |
How to Apply
You can invest in any of the above schemes as per your eligibility. These schemes are available in all bank branches.
For other details, you can call on the toll-free number 1800 425 0018
Canara Bank Fixed Deposit Calculator
The calculator helps you to calculate the maturity value of the investment. It finds out the amount of interest earned on the principal value over the period of investment.
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
Canara Bank Nre Deposit Rates
- What is the eligibility for opening a Canara Bank deposit for a minor?
Canara Bank Fixed Deposit Rates Refinance
2. What is the interest rate on fixed deposits for senior citizens?
3. What is the tenure for recurring deposit?