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    Canara Bank: Offering Best Fixed Deposit Rates
     and 2 other FDs
    Institution Name
    Deposit Amount Range
    Tenure Range
    Interest Rate
    Up to ₹1Cr
    7 Days to 10 Years
    4.2% - 7% Compound yearly
    Response Time Within 30 minutes
    Features
    Highlights
    Documents
    Good to Know
    NRI - FD
    Up to ₹1Cr
    1 Year to 10 Years
    6% - 6.5% Compound yearly
    Response Time Within 30 minutes
    Features
    Highlights
    Documents
    Good to Know
    Up to ₹25L
    1 Year to 5 Years
    7.49% - 8.19% Monthly compounding
    Response Time Within 30 minutes
    Features
    Documents
    Good to Know
    Up to ₹25L
    1 Year to 5 Years
    7.75% - 8.5% Monthly compounding
    Response Time Within 30 minutes
    Features
    Highlights
    Documents
    Good to Know
    Canara Bank: Offering Best Fixed Deposit Rates is Rated as "Excellent!" by 35 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Fixed Deposit BYTES FROM OUR KITCHEN

    Canara Bank: Offering Best Fixed Deposit Rates

    Canara Bank is one of leading public sector banks in India along with offices in Hong Kong, London, Doha, New York, Dubai etc.. Owned by the Government of India, the bank was incorporated in 1906 in Mangalore. Canara Bank presently offers various Fixed Deposit (FD) options to its customers to help them earn good returns on their investments.

    Compared to many other leading banks, Canara Bank offers competitive interest rate on its FD. The bank offers 0.5% higher interest rate from the prevailing rates to senior citizens aged 60 years or above.

    Fixed Deposit (FD) Rates of Canara Bank

    Tenure Regular FD Rates Senior Citizen FD Rate
    7 days to 14 days 4.20% 4.70%
    15 days to 30 days 4.20% 4.70%
    31 days to 45 days 4.50% 5.00%
    46 days to 60 days 4.75% 5.25%
    61 days to 90 days 4.75% 5.25%
    91 days to 120 days 5.50% 6.00%
    121 days to 179 days 5.75% 6.25%
    180 days to 364 days 6.50% 7.00%
    1 year to 10 years 6.90% 7.40%

    Note: The above mentioned rates are applicable for deposits of below 1 Crore.

    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

    Fixed Deposit Interest Calculator

    Minimum and Maximum Canara Bank fd interest rates 2017 for Regular and Senior Citizen
    Canara Bank FD Rates

    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:

    • Automatic RenewalIf 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.

    Tax Deduction on Fixed Deposit

    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%.

    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.

    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.

    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 Fixed Deposit Rates

    • Interest Rates Slashed in Canara Bank Domestic Deposits

      One of the oldest banks in the country, Canara Bank has revised its interest rates, for regular as well as senior citizen deposits. These new rates are effective from April 13, 2016.

      Canara Bank offers interest rates that starts from 5.25% and 5.75%, per annum for regular and senior citizen deposits, for the shortest tenure of 7 to 14 days. The next term slab of 15 to 30 days, the interest rate for regular and senior citizens deposits remains the same as the previous slab, at 5.25% and 5.75% per annum, respectively. The rate increases to 6.50% per annum (regular deposits) and 7.00% per annum (senior citizens deposits) for the next tenor slab of 46 to 60 days and 91 to 179 days.

      For fixed deposits of 180-269 days, the rate of interest applicable is 7% (regular deposits) and 7.50% (senior citizens). Interest rates for tenors ranging 270 days up to less than 1 year and 1 year only are offered at 7.50% and 8.00% p.a., for regular and senior citizens term deposits respectively. There are three different slabs for tenors above 1 year to less than 2 years; 2 years & above to less than 3 years; and 3 years & above to less than 5 years. All these slabs are available at 7.55% p.a. and 8.05% p.a. interest rate for regular domestic deposits and senior citizen deposits.

      For tenors 5 years & above to less than 8 years, and 8 years & above to less than 10 years, the rate of interest applicable on general and senior citizens deposits are 7.25% and 7.75% per annum respectively.

      26th April, 2016

    • Canara Bank Fixed Deposit Rates

      A popular household name in South India, Canara Bank has dealt major cuts to the interest rates of its products. Owing to the repo rate reduction and the subsequent directive by the Reserve Bank of India, Canara Bank has been doing successive deductions, albeit fractional, to its interest rates. While savings accounts have not been affected in any major way, the traditional investment tool of fixed deposits has faced the brunt of interest downsizing.

      The second month of the last quarter of 2015, November, has seen the lowest interest rate of 4.5% per annum for fixed deposits with Canara Bank. This interest rate is applicable for deposit tenures of 7 days to 45 days. An affable increase of 1.5% is observed for the next tenure slab of 46 days to 90 days and from 91 days to 179 days, the rate of interest goes up a 0.5% notch to 6.5% per annum. Another nominal increase of 0.25% happens for the deposit tenure of 180 days to 269 days and repeats for the tenure of 270 days to 363 days bringing the rate of interest to 7% per annum. The highest rate of interest currently on offer is for the deposit tenure of 364 days to 13 months, at 7.25% per annum. Tenures more than 13 months get a reduced rate of 7% per annum again.

      4th November, 2015

    Canara Bank Fixed Deposit Reviews

    • Canara Bank Fixed Deposit
      "Its okay"
      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? 0
      , bangalore
      Reviewed on Sep 08, 2017
    • Canara Bank Fixed Deposit
      "Good"
      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? 0
      , hyderabad
      Reviewed on Jun 20, 2017
    • Canara Bank Fixed Deposit
      "For common man"
      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? 0
      , bangalore
      Reviewed on Jun 12, 2017
    • Canara Bank Fixed Deposit
      "The worst bank service in my experience.. "
      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? 6
      , bangalore
      Reviewed on Dec 07, 2016
    • Canara Bank Fixed Deposit
      "Satisfactory"
      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? 9
      , new delhi
      Reviewed on Sep 06, 2016
    • Canara Bank Fixed Deposit
      "Satisfactory"
      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"
      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"
      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? 10
      , aurangabad
      Reviewed on Apr 15, 2016
    • Canara Bank Fixed Deposit
      "Good "
      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? 2
      , bangalore
      Reviewed on Mar 18, 2016
    • Canara Bank Fixed Deposit
      "Very good"
      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? 13
      , mumbai
      Reviewed on Feb 27, 2016
    • Canara Bank Fixed Deposit
      "Very good bank it is..."
      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"
      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? 8
      , mumbai
      Reviewed on Nov 29, 2015
    • Canara Bank Fixed Deposit
      "Its nominal"
      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..."
      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"
      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 "
      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? 4
      , bangalore
      Reviewed on Sep 07, 2015
    • Canara Bank Fixed Deposit
      "Better "
      0.5 4.0/5 "Great!"
      I had the experience of the fixed deposit with the canara bank. The rate of interest 8.5% for the minimum lockin period of 3 years. The services are good with them like they dint have the online banking facilities on that time. I would say its the kind of service which meant to be good.
      Was this review helpful? 6
      , jaipur
      Reviewed on Aug 25, 2015
    • Canara Bank Fixed Deposit
      "Good one"
      0.5 5.0/5 "Blown Away!"
      Canara Bank fixed deposit is fine, I have been holding this deposit for quite some time now. This was taken for a period of 6 years. I am getting tax benefit on this deposit. For opening this deposit. I have provided my pan card and id proof. They took around 3 to 4 days of time to open this FD.
      Was this review helpful? 2
      , bangalore
      Reviewed on Aug 13, 2015
    • Canara Bank Fixed Deposit
      "Wonderful"
      0.5 4.5/5 "Excellent!"
      I had the experience of the fixed deposit with the canara bank.The rate of interest is 9% per year.The locking period is around one year.I felt happy with their service.They provided me with the customer service, and its the good banking service.
      Was this review helpful? 14
      , mumbai
      Reviewed on Jun 18, 2015
    • Canara Bank Fixed Deposit
      "Good !!!"
      0.5 4.0/5 "Great!"
      No specific reason to choose Canara bank for fixed deposit and the benefits are same here like other banks. Interest rate is 8.25% but Canara bank has flexibility of tenure starting from five days to n number of years. I did not open the deposit via online instead visited bank directly and the employees were proactive in helping. No much interaction with Canara bank so did not know how they would respond the customers.
      Was this review helpful? 12
      , bangalore
      Reviewed on Mar 27, 2015
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