Canara Bank FD Rates 2021

Canara Bank lets you open a fixed deposit account with them. The account can be opened for a period that ranges between 7 days and 10 years. The interest rate offered on Canara Bank fixed deposits range between 2.90% p.a. and 5.35% p.a. for the general public while for senior citizens, it ranges between 2.90% p.a. and 5.85% p.a.

Canara Bank FD Interest Rates for Less than Rs.2 crore - General Citizens

Maturity Period Interest Rate for General Citizens (p.a.) Interest Rate for Senior Citizens (p.a.)
7 days to 45 days 2.90% 2.90%
46 days to 90 days 3.90% 3.90%
91 days to 179 days 3.95% 3.95%
180 days to less than 1 year 4.40% 4.90%
1 year 5.10% 5.60%
Above 1 year to less than 2 years 5.10% 5.60%
2 years and above to less than 3 years 5.10% 5.60%
3 years and above to less than 5 years 5.25% 5.75%
Canara Unique “1111 Days” 5.35% 5.85%
5 years and above to 10 years 5.25% 5.75%

Note: The mentioned interest rates are effective 9 August 2021.

Canara Bank Tax Savings FD Rates for Less than Rs.2 crore

Maturity Period Interest Rate for General Citizens (p.a.)
5 years 5.75%

Canara Bank NRI Fixed Deposit Rates

Canara Bank NRE FD Rates for Less than Rs.2 crore

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

Tenure Interest Rates (p.a.)
1 year 5.10%
Above 1 year to less than 3 years 5.10%
2 years and above to less than 3 years 5.10%
3 years and above to less than 5 years 5.25%
5 years and above to 10 years 5.25%

Note: The mentioned interest rates are effective 9 August 2021.

Canara Bank NRO FD Rates for Less than Rs.2 crore

Maturity Period Interest Rate for General Citizens (p.a.)
7 days to 45 days 2.90%
46 days to 90 days 3.90%
91 days to 179 days 3.95%
180 days to less than 1 year 4.40%
1 year 5.10%
Above 1 year to less than 2 years 5.10%
2 years and above to less than 3 years 5.10%
3 years and above to less than 5 years 5.25%
Canara Unique “1111 Days” 5.35%
5 years and above to 10 years 5.25%

Note: The mentioned interest rates are effective 9 August 2021.

Canara Bank FCNR (B) Interest Rates

Tenure USD GBP EUR CAD AUD
1 year to less than 2 years 0.82 0.59 Nil 0.97 0.51
2 years to less than 3 years 0.94 0.84 Nil 1.21 0.61
3 years to less than 4 years 1.14 0.95 Nil 1.42 0.81
4 years to less than 5 years 1.32 1.02 0.01 1.58 0.97
5 years 1.45 1.07 0.06 1.69 1.16

Note: The mentioned interest rates are effective 7 August 2021.

Features and Benefits of Canara Bank Fixed Deposits

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

  • The minimum amount that must be deposited is Rs.1,000.
  • The tenure of the scheme ranges between 7 days and 10 years.
  • An additional interest rate is offered for senior citizens.
  • Nominations can be added.
  • Loans can be availed.
  • Premature withdrawal is allowed.
  • Auto-renewal option is offered.
  • Joint accounts can be opened.

Eligibility Criteria

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

Documents Required

  • Application form
  • Proof of address as per KYC norms
  • Proof of identity as per KYC norms
  • 2 photographs
  • Copy of Permanent Account Number (PAN) Card
  • Form 60 or Form 61 in case you do not have a PAN Card

Types of Canara Bank Fixed Deposits

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

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%.

FAQs on Canara Bank FD Rates

  1. What is the FD rate of Canara Bank?

    The fixed deposit interest rates for Canara Bank ranges from 2.95% to 5.50% for regular citizens depending on the tenure of the FD chosen. Senior citizens receive an additional interest rate of 0.50% on the regular FD rates.

  2. Is Canara Bank safe for fixed deposit?

    Yes, Canara Bank is among the top banks in the country and offers a wide range of tenure options and competitive interest rates for its fixed deposits.

  3. What is the interest rate for a fixed deposit of Rs.1 lakh?

    Since the amount is below the limit of Rs.2 crore, the interest rate for the fixed deposit will be between 2.95% p.a. and 5.50% p.a. for tenures ranging from 1 week to 10 years for the general public while for senior citizens the rate of interest will range from 2.95% p.a. to 6.00% p.a.

News About Canara Bank FD Rates

  • Special interest rates for Canara Unique Retail Term Deposit Scheme

    Interest rates for fixed deposits below Rs.2 crore have been revised by Canara Bank effective from 9 August 2021. The special FD tenure of 1111 days, called the Canara Unique Retail Term Deposit Scheme, will give 0.10% additional interest rate over the existing interest rate, which is 5.35% p.a. for the general public and 5.85% for senior citizens.

    16 August 2021

  • Canara Bank's revised fixed deposit rates w.e.f. 8 February 2021

    Canara Bank has revised its interest rates on fixed deposits below Rs.2 crore effective from 8 February 2021. The earlier revision on FD interest rates by the bank was on 16 November 2020. Senior citizens continue to get 50 basis points more than what the general public gets for fixed deposits maturing in 180 days up to 10 years. For senior citizens, the revised Canara Bank FD interest rates will range from 2.95% p.a. to 6.00% p.a. for maturities ranging from 7 days to 10 years. For the general public, the latest interest rates are: For 7 days to 45 days, 2.95% p.a.; for 46 days to 90 days, 3.90% p.a.; for 91 days to 179 days, 4.00% p.a.; for 180 days to less than 1 year, 4.45% p.a.; for one year only, 5.20% p.a.; for above 1 year to less than 2 years, 5.20% p.a.; for 2 years and above to less than 3 years, 5.40 % p.a.; 3 years and above to 10 years, 5.50% p.a.

    08 February 2021

  • FD interest rates increased by Canara Bank for select maturities

    With effect from 1 October 2020, the interest rates on Fixed Deposits (FDs) have been revised by Canara Bank. Canara Bank has hiked as well as slashed the interest rates on a few deposits. Following the revision, the interest rates for FDs with a tenure ranging between 7 days and 45 days is 3.00%. The interest rates for tenures of 46-90 days, 91-179 days, and 180 days to less than 1 year are 4.00%, 4.05%, and 4.50%, respectively. For FD ranging between 1 year and less than 3 years, the bank has reduced the interest rates by 10 bps. For FDs with a tenure between three years and 10 years, the interest rates have been hiked by 5 bps.

    01 October 2020

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