Canara Bank FD Rates, August 2019

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Canara Bank lets you open an fixed deposit account with them. The interest offered on term deposits by the bank are very attractive and ranges between 5% p.a. to 6.50% p.a. The tenures offered by the bank when it comes to fixed deposits ranges between 7 days to 10 years.

Canara Bank FD Rates: (Below Rs.2 crore)

Tenure Interest Rate for General Citizens (p.a.) Interest Rate for Senior Citizens (p.a.)
7 days to 45 days 5.00% 5.50%
46 days to 269 days 6.00% 6.50%
270 days to less than 12 months 6.20% 6.70%
12 months to less than 36 months 6.50% 7.00%
36 months to less than 84 months 6.40% 6.90%
84 months to 120 months 6.30% 6.80%
111 days (Canara Khazana Deposit) 6.00% 6.50%
222 days (Canara Khazana Deposit) 6.00% 6.50%
333 days (Canara Khazana Deposit) 6.00% 6.50%
444 days (Canara Shikhar Deposit) 6.50% 7.00%
555 days (Canara Shikhar Deposit) 6.50% 7.00%

Note: The mentioned interest rates are effective 23 August 2019.

 

Canara Shikhar Deposit rates: Below Rs.2 crore

Tenure Interest rate for General Public Interest rate for Senior Citizen

444 days

6.65%

7.15%

555 days

6.70%

7.20%

*The Canara Shikar FD rates tend to change at the discretion of the bank. The interest rates given here are valid as of 23 August 2019.

 

Canara Tax Saver Deposit rates

Tenure Interest rate for General Public Interest rate for Senior Citizen

5 years

6.00%

6.50 %

*The Canara Tax Saver FD rates tend to change at the discretion of the bank. The interest rates given here are valid as of 23 August 2019.

 

Canara Bank NRE FD rates

Listed in the table are the interest rates offered by Canara Bank on NRE fixed deposits:

Tenure Interest Rates (p.a.)
12 months to less than 36 months 6.50%
36 months to less than 84 months 6.40%
84 months to 120 months 6.30%
444 days (Canara Shikhar Deposit) 6.50%
555 days (Canara Shikhar Deposit) 6.50%

Note: The mentioned interest rates are effective 23 August 2019.

 

Term wise Canara Bank FD Interest Rates

Canara Bank Short-term Fixed Deposit Interest Rates (Below Rs.2 crore)

Canara Bank offers you interest in the range of 5.00% p.a. to 6.20% p.a. for opening a short-term fixed deposit. The tenure of a short-term fixed deposit is between 7 days and less than 12 months.

Canara Bank Medium-term Fixed Deposit Interest Rates (Below Rs.2 crore)

Any FD account that has a tenure between a year and 5 years falls under medium-term fixed deposits. The interest offered by Canara Bank on such deposits is between 6.40% p.a. to 6.50% p.a.

Canara Bank Long-term Fixed Deposit Interest Rates (Below Rs.2 crore)

For opening a long-term fixed deposit with Canara Bank, you will get a rate of return that ranges between 6.30% p.a. and 6.40% p.a. Long-term fixed deposits are those which are opened for a period between 5 years and 10 years.

Canara Bank Senior Citizen Fixed Deposit Interest Rates (Below Rs.2 crore)

Senior citizens are offered additional interest of 0.50% on all FD tenures by Canara Bank. The rate of return ranges between 5.50% p.a. and 7.00% p.a.

 

Canara Bank Fixed Deposit Interest Rate Calculator

Canara Bank's FD interest calculator is very useful to the customers. It helps to calculate how much interest a customer can earn on a Fixed Deposit in a given tenure. The calculator also helps to find the value of the investment on maturation based on monthly, quarterly, half yearly or annual frequency when the interest gets compounded. The returns that a customer earns on a FD depends on the following factors:

  • Rate of Interest:Canara Bank offers higher rate of interest on Fixed Deposits that are for longer duration. Shorter duration FDs attract lower interest rate.
  • Deposit Amount:Interest rate sometimes depends on the deposit amount. For instance, Fixed Deposit of amount more than 1 crore attracts higher interest rate than the ones below that amount. The least amount for any fixed deposit is Rs. 1000, while there is no bar on the highest amount.
  • Tenure of Deposit:Fixed Deposit with longer tenure attracts higher interest rate. The minimum duration of deposit should be 15 days and maximum 120 months. In case, an individual makes a deposit for a shorter duration i.e. between 7 and 14 days, it should be a single deposit of Rs. 5 lakh or above. The interest rates are calculated based on the period of deposit as it changes from time to time.
 

Insight on Fixed Deposit Maturity of Canara Bank:

  • Automatic Renewal:If a depositor opts for automatic renewal while opening a deposit account, the deposit gets renewed automatically. On the day of maturity, the deposit gets renewed for a similar duration with an interest rate that's prevailing on that particular day. However, for deposits that come under Canara Tax Saver Scheme, Capital Gains Scheme and Non-callable term deposits automatic renewal option is not available.
  • Overdue Term Deposit:In case a depositor doesn't opt for automatic renewal option, after the maturity amount remains in the Bank. This is termed as overdue term deposit. From the day of maturity till the date of payment/re-investment, the overdue term deposit attracts interest at the prevailing Saving Bank rate.
 

Factors that Impact Fixed Deposit Rate

  • Inflation:With the rise in inflation, Fixed Deposit rates tend to go higher. Normally, a Bank fixes its FD rates higher than the existing inflation rate.
  • Recession:Recession reduces the interest rate on Fixed Deposit. During recession RBI releases funds in the market and offers additional liquidity. Due to rising liquidity and low credit demand, Banks reduce interest rates on FDs.
  • RBIs Policies:RBI indirectly controls Fixed Deposit interest rates. RBI's directives on Cash Reserve Ratio (CPR) and repo rate affect fixed deposit rates.
  • Economic Conditions:The economic condition of a country also greatly affects interest rates on Fixed Deposit. A sound economic condition ensures higher interest rates.
 

Tax Deduction on Fixed Deposit of Canara Bank

TDS (Tax Deducted at Source) is applicable on the interest paid to Canara Bank's Fixed Deposits. Customers holding PAN card as well as those who don't are liable to declare interest income and pay tax thereon. The Bank deducts TDS at 10% rate for the customers who have submitted their PAN details, whereas for those who have not, TDS is deducted at 20%.

 

Canara Bank NRI Fixed Deposit

Canara Bank has made it easy for NRIs to open a Fixed Deposit. Following FD options are available to NRIs:

  • NRO (non-resident ordinary) FD:NRIs can open a joint Fixed Deposit account with an Indian resident. Interests offered are same as the domestic term deposit rates. FD account can be opened with Indian rupee only. Loans can availed against the deposit amount.
  • NRE (non-resident external rupees) FD: This type of account can be opened jointly with a close relative residing in India. This account can be opened in Indian Rupees only and loans can be availed against the deposited amount.
  • FCNR (foreign currency non-resident) FD:This type of FIxed Deposit account can be opened jointly with another NRI only and loans can be availed against the deposited amount. The account can be opened with currencies such as EURO, CAD, USD and JPY. Under Income Tax Laws, interest income is exempted from tax.
 

Key Information before Opening a Fixed Deposit

Eligibility to Open a FD
  • Individual
  • Joint account but not exceeding 4 applicants
  • Minor with a guardian
  • Partnership
  • Company
  • Any association or Institute
  • NRIs
Documents Required
  • Canara Bank Application Form
  • Depositor's photograph (2 copies)
  • Identity proof & Address proof as per KYC Norms
  • PAN Card copy/ Form 60 or 61
  • Aadhaar Card Details
Benefits of a Canara Bank FD
  • Nomination facility
  • Automatic renewal option after maturity
  • Part withdrawal facility on the deposits
  • Avail loan upto 90% of the deposit amount
  • Online operation for the FD account
 

FAQ for Canara Bank Fixed Deposit:

  1. Is it mandatory to have an account with Canara Bank to open an online Fixed Deposit?

    Yes, it is necessary to have an account with the Bank to avail internet banking services and open a FD account.

  2. What are the effects of opening a Fixed Deposit account without a PAN?

    There are numerous implications if a FD account is opened without a PAN like-

    • TDS certificates are not issued
    • Under section 206AA, TDS will be deducted at the rate of 20% instead of 10 %
  3. Can customers change the tenure of an existing fixed deposit?

    Customers cannot change the tenure of an existing Fixed Deposit. However, if they wish to alter the Fixed Deposit tenure, they can close the current one and open a new FD with desired tenure.

  4. Is it possible to deposit extra amount in an existing Fixed Deposit?

    Amount can be deposited only once while opening an account. For additional investment, customers should open a new Fixed Deposit.

  5. Does Canara Bank offer loan to customers holding FDs in other Bank?

    No, a customer should maintain Fixed Deposit with Canara Bank to avail loan facilities.

  6. Is there any penalty for premature closure/part withdrawal/premature extension of deposit?

    For deposit amount less than Rs. 1 Crore, a penalty of 1% is charged on premature closure that are opened or renewed on or before 4 February 2011.

    However, there is no penalty for the deposit amount above Rs. 1 Crore and that are placed or renewed after 13 October 2012.

Know how to Link Your KYC Dcuments to Canara Bank Account

News About Canara Bank FD Rates, August 2019

  • Canara Bank revises interest rate on Fixed Deposits after RBI rate cuts

    From 9 August 2019, as the Reserve Bank of India cut down repo rates by 35 basis points, Canara Bank which is a state-owned bank has revised their interest rates offered on fixed deposits which are less than Rs.2 crore.

    Apart from this, the bank also cut the interest rates sharply for fixed deposits maturing 7 days to 45 days. For a maturity period between 7 days and 45 days, the bank cut down the interest offered from 5.75% per annum to 5.00% per annum.

    The bank also cut down the interest rates for the fixed deposits maturing in one year from 6.70% per annum to 6.50% per annum. However, for the FDs maturing in more than 1 year but less than 3 years, the interest rate was increased to 6.50% per annum. The interest rate will be the same, 6.40% per annum for the fixed deposits maturing in 3 years to less than 5 years.

    Canara Bank has increased the rate of interest for their tax-saver fixed deposit which matures between 5 years and 10 years. For the fixed deposits maturing in 5 years to less than 8 years, the interest rate has been increased from 6.00% per annum to 6.40% per annum. The interest rate for the deposits maturing in 8 years and above to 10 years, the interest rate has increased by 30 basis points from 6.00% per annum to 6.30% per annum.

    Fixed deposit interest rates will be at 50 basis points higher than what regular citizens receive for all maturities. This has been the fourth time the Reserve Bank of India has cut down repo rates, the previous 3 times, the rates were cut down by 25 basis points. Many other banks apart from Canara Bank such as ICICI Bank, the State Bank of India, HDFC Bank, and PNB Bank have cut down their interest rates.

    19 August 2019

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Canara Bank Fixed Deposit Reviews

Page 1 of 2 1 2
  • Canara Bank Fixed Deposit
    "Good nservice"
    CANARA BANK
    0.5 5.0/5 "Blown Away!"
    I am having fixed deposit with Canara Bank ,interest is good .The banking service is good so far .I have not faced any issues so far .Money will be safe on this account .Whenever need money can take and can deposit as well .The banking service is good and satisfied so far .Will get frequent update as well.
    Was this review helpful? 5
    , faridabad
    Reviewed on Apr 30, 2019
  • Canara Bank
    Canara Bank Fixed Deposit
    "Good service"
    CANARA BANK
    0.5 3.0/5 "Satisfactory"
    I had made this Fixed deposit a long time back and the growth of the deposit has been good. The major thing which they should get improved is with their customer support where there should be a good help which should be there. The interest rate with them has not been bad and i had not faced much issues with their services so far.
    Was this review helpful? 4
    , secunderabad
    Reviewed on Nov 11, 2018
  • Canara Bank Fixed Deposit
    "Good service"
    CANARA BANK
    0.5 4.0/5 "Great!"
    I have my Fixed Deposit opened with Canara bank from last 6 months, i am happy with the services provided by Canara bank. I have deposited an amount of Rs 50000 as FD. Customer service is very good and they gave all the right information. I get 6.6% of interest as return on FD.
    Was this review helpful? 18
    , kolkata
    Reviewed on Jun 29, 2018
  • Canara Bank Fixed Deposit
    "3 years old"
    CANARA BANK
    0.5 3.0/5 "Satisfactory"
    This has been good Bank that I have number of relationship with. I started with a Saving Accounts with them, followed by this Fixed Deposit. The Interest rate of 6.5% is not high, but a an alright one. I also have a Credit Card with them on the basis of this account,
    Was this review helpful? 5
    , new delhi
    Reviewed on Nov 25, 2017
  • Canara Bank Fixed Deposit
    "Its okay"
    CANARA BANK
    0.5 5.0/5 "Blown Away!"
    Good to invest in CANARA BANK FD. I feel good banking with them. I am holding this FD for a long time. Its very much convenient. Their branch is in my campus so it is very much easy to walk in to the branch to place a request. They took around one day to complete the process even the documents required too was very simple.
    Was this review helpful? 2
    , bangalore
    Reviewed on Sep 08, 2017
  • Canara Bank Fixed Deposit
    "Good"
    CANARA BANK
    0.5 2.5/5 "Just OK"
    I am having the fixed deposit account with the Canara bank and the rate of interest is around 8.5%, which was very lesser one on that time. Total tenure is around three years of time, also the penalty charges are not really huge. Customer service is not really up to the mark.
    Was this review helpful? 2
    , hyderabad
    Reviewed on Jun 20, 2017
  • Canara Bank Fixed Deposit
    "For common man"
    CANARA BANK
    0.5 5.0/5 "Blown Away!"
    I do have the fixed deposit account with the Canara bank and am using it from the last ten years of time. Customer service aspects are good one with them and the online banking services are not really working in a good according the new generation bankers. The interest rate is around 7.25% as of now.
    Was this review helpful? 1
    , bangalore
    Reviewed on Jun 12, 2017
  • Canara Bank Fixed Deposit
    "The worst bank service in my experience.. "
    CANARA BANK
    0.5 0.5/5 "Unacceptable"
    It is the worst bank ever in my personal experience. From opening a bank account, to drawing money by cheque, to request for a duplicate copy of the FD receipt. One of the most lethargic and uninterested executives ever. They portray a sort of disgusting attitude while dealing with customers, specifically the branch in hebbal and vasanthnagar, Bangalore.
    Was this review helpful? 9
    , bangalore
    Reviewed on Dec 07, 2016
  • Canara Bank Fixed Deposit
    "Satisfactory"
    CANARA BANK
    0.5 5.0/5 "Blown Away!"
    The rates are very competitive with Canara bank. I maintain a fixed deposit account with them. The services are good. It was not a task to get this account. There are no charges taken too. Overall the services and response at the bank for these queries are supportive and helpful.
    Was this review helpful? 11
    , new delhi
    Reviewed on Sep 06, 2016
  • Canara Bank Fixed Deposit
    "Satisfactory"
    CANARA BANK
    0.5 5.0/5 "Blown Away!"
    Not to a big deal, to open a Fixed deposit with Canara bank. It was quite easy and fast. The services offered by them was really good. The rate of interest is satisfactory too. They do not charge any charges for my account and it was a good experience.
    Was this review helpful? 5
    , bangalore
    Reviewed on Jul 01, 2016
  • Canara Bank Fixed Deposit
    "Customer service needs to improve"
    CANARA BANK
    0.5 1.5/5 "Bad"
    I have a Fixed Deposit scheme with Canara bank which offers 7-8%. I have been using this for about 5-6 years by reinvesting in the same scheme after maturity. However their response and delayed way of working has made me change my mind. The executives are not responsive and I may not continue it after this scheme matures.
    Was this review helpful? 3
    , coimbatore
    Reviewed on May 04, 2016
  • Canara Bank Fixed Deposit
    "Excellent rates"
    CANARA BANK
    0.5 5.0/5 "Blown Away!"
    Interest rate offered by Canara bank was 9.5% for the FD. Cumulative interest rate option is there and I have invested the amount through the bank . I personally went to the bank and opted myself for the same. I have just visit the Branch to fill the form for the liquidation. Partial liquidation option is available there.
    Was this review helpful? 12
    , aurangabad
    Reviewed on Apr 15, 2016
  • Canara Bank Fixed Deposit
    "Good "
    CANARA BANK
    0.5 4.0/5 "Great!"
    I have the fixed deposit account with the Canara bank and the interest rate is good for me. The money will be compounded quarterly, so the returns will be good. The response in the branch is a nice one with the Canara bank.
    Was this review helpful? 3
    , bangalore
    Reviewed on Mar 18, 2016
  • Canara Bank Fixed Deposit
    "Very good"
    CANARA BANK
    0.5 4.0/5 "Great!"
    Canara bank is offering 9% interest rate for the fixed deposit for the minimum lock in period of on year. There is no activation charges. The minimum amount to start is Rs.5000.There is no penalty in case we withdraw the money in between the lock in period. I visited the bank for the process and the FD got activated in 2 days.
    Was this review helpful? 14
    , mumbai
    Reviewed on Feb 27, 2016
  • Canara Bank Fixed Deposit
    "Very good bank it is..."
    CANARA BANK
    0.5 5.0/5 "Blown Away!"
    I always keep renewing the fixed deposit and I am doing this for several years. Interest rate depending as on the central government rule. Initially it was less and now it is like 9.25%. Canara bank is very good as using that for 20 years. All my family members are dealing with Canara bank.
    Was this review helpful? 12
    , mumbai
    Reviewed on Feb 05, 2016
  • Canara Bank Fixed Deposit
    "Savings in Money"
    CANARA BANK
    0.5 5.0/5 "Blown Away!"
    I would suggest you to go for Canara Bank because first of all it is Public bank which is good for customer. Public Sector Banks are much better than Private Sector Banks as government having control on it and there are less chances of fraud happening internally within the bank. Canara Bank provides us interest on Fixed Deposit at nominal rate of interest which is beneficial for customer as compared to given by Private Sector Banks. Investing and borrowing from such Public sector banks would create opportunity of great savings of customer interest in terms of money.
    Was this review helpful? 9
    , mumbai
    Reviewed on Nov 29, 2015
  • Canara Bank Fixed Deposit
    "Its nominal"
    CANARA BANK
    0.5 5.0/5 "Blown Away!"
    I am holding this Canara Bank fixed deposit for a period of 12 years. Interest rate offered by them was good.They have provided the best interest rate and they have asked for pan card number and this was opened through the branch and they took around 3 days of time to complete this process.
    Was this review helpful? 8
    , chennai
    Reviewed on Oct 19, 2015
  • Canara Bank Fixed Deposit
    "Not comfortable to access..."
    CANARA BANK
    0.5 4.0/5 "Great!"
    Canara bank is good and the interest rate on fixed deposit is par with the private banks. Concern is that to create the deposit I need to go the branch and to break the plan, need to visit the branch. For working people really it wonâ??t be comfortable. Canara bank need to improve their technology. They mentioning that they have online portal but I never tried of it.
    Was this review helpful? 4
    , bangalore
    Reviewed on Sep 24, 2015
  • Canara Bank Fixed Deposit
    "Wonderful"
    CANARA BANK
    0.5 4.5/5 "Excellent!"
    I am having the fixed deposit with the Canara bank. The rate of interest is around 9% and the minimum lock in period is around 1 year of time. Customer service is good and the manager is assisting me very nicely. Net banking is good with them and I am happy with them.
    Was this review helpful? 7
    , bangalore
    Reviewed on Sep 19, 2015
  • Canara Bank Fixed Deposit
    "Good profit "
    CANARA BANK
    0.5 4.0/5 "Great!"
    I hold an Fixed Deposit account with CANARA BANK for a quite long time. They have offered me 9% interest rate which is nominal with other banks. They are very customer friendly when compared with other banks. Over all it was good experience to me.
    Was this review helpful? 5
    , bangalore
    Reviewed on Sep 07, 2015
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