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    Overview of Canara Bank Fixed Deposit  and 2 other FDs

    Institution Name
    Deposit Amount Range
    Tenure Range
    Interest Rate
    Up to ₹1Cr
    7 Days to 10 Years
    4.2% - 7.4% Compound yearly
    Response Time Within 30 minutes
    Features
    Highlights
    Documents
    Good to Know
    NRI - FD
    Up to ₹1Cr
    1 Year to 10 Years
    6.5% - 6.9% 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

    Overview of Canara Bank Fixed Deposit is Rated as "Excellent!" by 34 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Fixed Deposit BYTES FROM OUR KITCHEN

    About Canara Bank

    Canara Bank is a government-owned bank with pan-India operations. It was established in 1906 in Mangalore, Karnataka, and is headquartered in Bangalore, Karnataka. Canara Bank has a wide presence with more than 5600 branches and close to 8000 ATMs covering around 4000 centres. It is one of the most successful public-sector banks, and holds the distinction of showing profits every year since its inception.

    Canara Bank Fixed Deposits

    Fixed Deposit schemes from Canara Bank are a great way to channel savings so as to earn high returns with the advantage of capital protection. Canara Bank FDs are safe fixed income options which offer flexible tenures and interest payout options which lets depositors balance liquidity and returns.

    Eligibility for opening FD accounts at Canara Bank

    Individuals, singly and jointly (less than 5), Hindu Unified Families (HUF), companies, guardians on behalf of minors, and other associations and institutions can opt for the different Canara Bank fixed deposit schemes. The following documents have to be produced at the time of opening a Canara Bank fixed deposit account:

    • Duly filled application form
    • PAN Card copy/Form 60 or 61
    • 2 photographs
    • Identity proof as accepted under Know Your Customer (KYC) norms
    • Related documents for proving HUF, company, partnership firm, proprietorship concern etc. status as applicable

    Different fixed deposit schemes from Canara Bank

    • Fixed Deposit: This is the flagship FD product from Canara Bank. There is no maximum ceiling for investment and interests can be paid out in annually, half-yearly, quarterly and monthly (discounted rates) periods.

    • Kamadhenu Deposit: This is a re-investment plan from Canara Bank where customers receive compounded interests quarterly. Interest is paid out on maturity of the scheme.

    • Ashraya Deposit: Meant for senior citizens, the Ashraya fixed deposit scheme from Canara bank is applicable for customers of Kamadhenu and Fixed Deposit schemes.

    • Tax Saver Scheme: This term deposit scheme is applicable under Kamadhenu Deposit and Fixed Deposit schemes. The Tax Saver Scheme is meant for businessmen, salaried individuals, and professionals who are tax payers.

    1.00% penalty is applicable in case of pre-closures of FD accounts of less than ₹ 1 crore. This penalty is not levied on FD values above ₹ 1 crore. Interests will not be paid in case the fixed deposit account has been closed within a week of its inception.

    Minimum and maximum amounts for opening Canara Bank fixed deposit account

    • Fixed Deposit: Minimum deposit of ₹ 1,000. No upper limit.

    • Kamadhenu Deposit: ₹ 1,000 minimum deposit value. No upper ceiling.

    • Ashraya Deposit: ₹ 1,000 minimum deposit value. No upper limit.

    • Tax Saver Scheme: ₹ 100 to ₹ 1 lakh per person (in multiples of ₹ 100).

    Minimum and maximum tenures applicable on FDs from Canara Bank

    • Fixed Deposit: 15 days to 120 months. For individual deposits above ₹ 5 lakhs, minimum tenure ranges from 7-14 days.

    • Kamadhenu Deposit: 5 months to 120 months.

    • Ashraya Deposit: 15 days to 120 months (5 months minimum tenure for customers under Kamadhenu scheme).

    • Tax Saver Scheme: The allowed tenure is 5 years.

    Procedure to open a Canara Bank FD account

    To open a Canara Bank FD account, you have to be eligible for the products according to the eligibility criteria as explained above. All the relevant documents have to be submitted as mentioned earlier, so that the bank can proceed with registration of your FD account. Online registration is currently not available for fixed deposits, though you can use services such as BankBazaar.com to find and compare fixed deposit products, and apply to/get quotes for your choices.

    Interest rates on FD accounts at Canara Bank

    For deposits up to ₹ 1 crore (per annum) interest rates vary from 4% p.a. to 9% p.a. for deposits held for periods between 7 days to 1 year. For deposits above ₹ 1 crore (per annum), rates range from 6.25% p.a. to 8.75% for deposits held between 1 year ot 10 years. Apart from these rates, Canara Bank offers 9.00% p.a. interest rate for tenures of 500/1000 days and 8.75% p.a. interest on tenure of 1200 days. For deposits of tenures of 444 days and 555 days, the bank offers 9.10% p.a. under the Canara Shikhar Deposit Scheme.

    Taxes on Canara Bank FD accounts

    TDS is applicable on interests paid on all Canara Bank fixed deposit schemes. There are two categories of customers who have to pay TDS on fixed deposit accounts – People with PAN card and people without PAN card. Those customers who have submitted their PAN details are to pay 10% TDS on accumulated interests of more than ₹ 10,000. Customers who haven’t submitted their PAN details to the bank have to pay 20% TDS on accumulated interests above ₹ 10,000.

    Main features of FD products from Canara Bank

    • Loans available against FD accounts.
    • Nomination facility available.
    • Closures before maturity.
    • Withdrawal facility available in multiples of ₹ 1,000, while the rest of the amount will continue to attract interests as applicable.

    Availing loans against Canara Bank fixed deposits

    Loans are available against up to 90% of the overall amount in the fixed deposit.

    Special rates for senior citizens

    Senior citizens are provided an additional 0.50% interest on all applicable deposit rates on the various fixed deposit products from Canara Bank. The Ashraya Scheme as described in above sections is primarily meant for senior citizens of India.

    What are the premature withdrawal terms?

    For domestic/NRO deposits, premature withdrawal is allowed at no penal interest for deposits above Rs.1 crore. For deposits below Rs.1 cr, 1% penal rate of interest is applicable. No interest will be payable if the account is withdrawn within 7 days.

    For NRE deposits, premature withdrawal before 1 year will not receive any accrued interests from the period. Withdrawals after 1 year will attract a penal rate of 1%.

    Are NRI fixed deposit schemes available in Canara Bank?

    Yes, NRIs can open fixed deposits with Canara Bank. The deposits are available under NRO (non-resident ordinary), NRE (non-resident external rupees) and FCNR (foreign currency non-resident) accounts.

    1. NRO FDs: These accounts can be opened in Indian Rupees only. The account may be held jointly with a resident Indian. Interest rates are the same as applicable for domestic term deposits. Loans are available against the deposit amount.
    2. NRE FDs: These accounts can be opened in Indian Rupees only. The account may be held jointly only with a close Indian resident relative. Loans can be availed against the term deposits. Interests earned are exempt from income and wealth taxes.
    3. FCNR FD: Accepted currencies include USD, EURO, GBP, CAD and JPY. Account can be held jointly only with other NRIs. Interests are non-taxable under Income Tax laws. Loans can be availed against the deposit amount.
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  • Canara Bank Fixed Deposit Reviews

    • 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
    • Canara Bank Fixed Deposit
      "Can do better!!!"
      0.5 4.0/5 "Great!"
      By visiting the branch of Canara bank I opened the Fixed deposit. I got this FD for tenure of 5 years with the interest of 8.5% but not sure whether it is compounding rate or simple rate. Employees of Canara bank are not much responsive but they are fine so I suggesting them to take ownership and they have to give efficient service.
      Was this review helpful? 17
      , chennai
      Reviewed on Feb 23, 2015
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