• Overview of Canara Bank Fixed Deposit

    Fixed Deposits (FDs) are one of the most popular modes of investment among the masses. FD schemes offered by Canara Bank provide attractive interest rates as well as returns.

    Types of Canara Bank Term Deposit schemes

    • Fixed Deposit scheme
    • Kamadhenu Deposit scheme
    • Canara Tax Saver scheme
    • Ashraya Deposit scheme

    Features of Canara Bank FD scheme

    • Joint accounts allowed
    • Automatic renewal of the deposit
    • Maturity period range: 15 days to 10 years
    • Fixed Deposit rates: 4.00% p.a. to 5.70% p.a.
    • Loans can be secured for up to 90% of the FD value.
    • Partial withdrawals allowed in multiples of Rs.1,000
    • Overdue deposits will be treated with rates similar to Savings Account
    • Interest income subject to taxation according to Tax Deducted at Source (TDS) of the Income Tax Act, 1961.

    Features of Canara Bank Kamadhenu Deposit (Re-investment)

    • Lower limit of deposit: Rs.1,000
    • Time Period: 5 months to 10 years
    • FD interest rates: Effective annualised rate of return based on quarterly compounding of interest ranges from 4.06% to 5.82%.
    • Interest payment: On maturity date
    • Depositor can avail the nomination facility
    • One can make partial withdrawals in multiples of Rs.1,000
    • Senior citizens get special rates which is 0.50% more than standard FD rates
    • One can apply for loans against the deposit for up to 90% of the deposit amount
    • The interest rates of overdue deposits are same as interest rates for Savings Account

    Features of Canara Tax Saver scheme

    • Tenure of FD: 5 years
    • Tax Saver FD rate: 5.70% p.a.
    • Interest payout: Monthly/Quarterly
    • TDS is applied to the interest income
    • Minimum amount of investment: Rs.100
    • No loans can be availed against the Tax Saver FD
    • One cannot prematurely close or withdraw funds from the FD
    • Nomination facility is available but not for an account maintained by a minor
    • Tax benefits up to Rs.1.50 lakh available as per Section 80C of the Income Tax Act, 1961

    Features of Canara Bank Ashraya Deposit scheme

    • TDS is applied to the interest income
    • This scheme is exclusive for individuals of 60 years and above i.e. senior citizens
    • Account holders can apply for loans against the deposit for up to 90% of the FD amount
    • As per the scheme, senior citizens are eligible for a 0.50% higher interest rate on all domestic Fixed Deposits
    • Tenure range:
      • Fixed Deposit: 15 days to 10 years
      • Kamadhenu Deposit: 5 months to 10 years
    • Frequency of interest payment:
      • Fixed Deposit: Half-yearly/Quarterly/Monthly
      • Kamadhenu Deposit: Upon Maturity

    Penalty for premature withdrawal of Canara Bank FD

    • 1% penal interest is applicable for deposits below Rs.1 crore.
    • Penalty will be waived for deposits of Rs.1 crore and above.
    • In case the depositor withdraws an FD after 7 days of opening the account, they will not receive an interest income.

    Canara Bank FD rates: Below Rs.1 crore

    Maturity Period Interest Rate for General Citizens (p.a.) Interest Rate for Senior Citizens (p.a.)
    7 days to 45 days 4.00% 4.00%
    46 days to less than 1 year 4.50% 4.50%
    1 year 5.75% 6.25%
    Above 1 year and less than 3 years 5.75% 6.25%
    3 years and above to 10 years 5.70% 6.20%

    Note: The mentioned interest rates are effective 7 May 2020.

    Eligibility criteria to open a Canara Bank FD account

    • Individuals
      • Indian citizen
      • Karta of Hindu Undivided Family (HUF)
    • Collective unit
      • Limited Companies
      • Partnership Companies
      • Government body
      • Society associations

    Documents required to open a Canara Bank Fixed Deposit account

    • Individuals
      • Form 60/61 (in absence of PAN)
      • Canara Bank FD application form
      • Permanent Account Number (PAN)
      • 2 recent color passport-size photographs
      • Government-approved identity proof and residential proof
    • Additional documents for Senior Citizens
      • Papers related to LIC Policy
      • Voter ID Card
      • Pension Card
      • Passport
      • Birth Certificate
      • SSC Certificate

    FAQs on Canara Bank Term Deposit schemes

    1. What is the minimum amount needed to maintain an FD account?

      The minimum deposit amount required is Rs.1,000.

    2. What is tenure range for Kamadhenu Deposit scheme?

      The maturity period for Kamadhenu Deposits range between 15 months and 10 years.

    3. What is the maximum interest rate that one can get on Canara Bank FD?

      One can get an interest rate of up to 5.75% p.a. for a tenure from 1 year to less than 2 years.

    4. Is the interest on Canara Tax Saver FD free from taxation?

      No, TDS is applicable on Canara Tax Saver Fixed Deposit.

    5. Can I apply for a loan against all Canara Bank Fixed Deposit schemes?

      No, one cannot secure a loan against Canara Tax Saver Term Deposit scheme.

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    Canara Bank Fixed Deposit Reviews

    • Canara Bank Fixed Deposit
      "Good nservice"
      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? 18
      , faridabad
      Reviewed on Apr 30, 2019
    • Canara Bank
      Canara Bank Fixed Deposit
      "Good service"
      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? 7
      , secunderabad
      Reviewed on Nov 11, 2018
    • Canara Bank Fixed Deposit
      "Good service"
      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? 26
      , kolkata
      Reviewed on Jun 29, 2018
    • Canara Bank Fixed Deposit
      "3 years old"
      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? 7
      , new delhi
      Reviewed on Nov 25, 2017
    • 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? 5
      , bangalore
      Reviewed on Sep 08, 2017
    • Canara Bank Fixed Deposit
      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? 4
      , 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? 2
      , 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? 12
      , bangalore
      Reviewed on Dec 07, 2016
    • Canara Bank Fixed Deposit
      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? 14
      , new delhi
      Reviewed on Sep 06, 2016
    • Canara Bank Fixed Deposit
      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? 7
      , 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? 4
      , 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? 14
      , 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? 4
      , 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? 16
      , 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? 13
      , 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? 10
      , 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? 11
      , 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? 6
      , bangalore
      Reviewed on Sep 24, 2015
    • Canara Bank Fixed Deposit
      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? 9
      , 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? 10
      , bangalore
      Reviewed on Sep 07, 2015
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