Canara Bank Fixed Deposit (FD) Rates

Canara Bank offers various fixed deposit (FD) schemes to retail customers where they can deposit a lump sum in the account and earn a competitive interest rate on the deposits. The tenure of an FD account can range from 7 days up to 10 years based on the customer's requirement. Senior citizens may get an additional interest rate based on the tenure chosen.

Here is all that you should know about Canara Bank FD schemes.

Latest Update

RBI has announced a new rule applicable to unclaimed, matured FD accounts. That is the funds in an unclaimed, matured FD account will attract an interest rate as applicable to the savings account or the contracted rate of the matured FD, whichever is lower.

Fixed Deposit Interest Rates 2024 of Canara Bank

The interest rates provided in the table below are applicable to deposits below Rs.3 crore and is effective from 11 June 2024:

*Interest rates are subject to change from time to time.

Different Types of Canara Bank FD Schemes

Fixed Deposit

This is a regular FD scheme with a minimum deposit of Rs. 1,000 and no ceiling value specified. The period of deposit varies from 15 days (7-14 days for single deposits of Rs.5 lakh and above) to 120 days. The interest will be paid monthly, quarterly, half-yearly, or annually, depending on the depositor’s choice.

Canara Green Term Deposit

If you want to make a positive impact on the environment while also increasing your savings, then Green Term Deposit is for you. This is a term deposit, where your funds will be allocated exclusively towards environmentally friendly projects and initiatives. 

The minimum deposit amount for callable deposits is Rs.1,000 and for non-callable deposits is Rs.3 crore. There is no maximum deposit limit. The period of deposit can be 1111, 2222 and 3333 days.

Kamadhenu Deposit

This scheme allows you to make a minimum deposit of Rs.1,000 with no maximum limits. The minimum period for the account is 5 months and can go up to 120 months. The accrued interest will be paid out on maturity. Nomination and loan facility up to 90% of the deposit amount is available.

Canara Dhanvarsha

This is a deposit scheme in which deposits are made every month in monthly installments. However, deposits can be flexible as there is no penalty when you miss an installment and you can make multiple installments in a month. The minimum deposit amount per month is Rs 500 and the maximum is Rs 1 lakh. The deposit period can range from 1 year to 10 years. 

Nitya Nidhi Deposit (NND) Scheme

The Pigmy Deposit Scheme of the erstwhile Syndicate Bank and the New Nitya Nidhi Deposit (NNND) Scheme of Canara Bank were merged and renamed as the Nitya Nidhi Deposit (NND) scheme from 01 April 2020. This is a scheme for small savings and is ideal for daily savers of small means. It is based on daily door collection. 

The bank’s authorized agent will collect your savings at your doorsteps daily or at less frequent intervals as per your convenience. The minimum contribution amount is Rs.50 per month. However, the daily collection per day per account cannot exceed Rs.1,000 while the maximum is Rs.30,000 per month. The deposit period is 63 months, and the rate of interest of 2.00% is paid upon maturity.

Ashraya Deposit Scheme

This scheme is dedicated to senior citizens where both domestic fixed deposit accounts and Kamadhenu deposit accounts are eligible for the scheme’s benefits. Individuals can open accounts singly or jointly. The minimum deposit amount is Rs.1,000, and there is no maximum limit. 

The interest rate is compounded monthly, quarterly or half-yearly on fixed deposits and quarterly on Kamadhenu deposits payable on maturity. The deposit period is 15 days to 120 months for fixed deposits and a minimum of 5 months for Kamadhenu deposits.

Canara Bank FD Special Features and Benefits

• Minimum deposit tenure is seven days.
• Minimum deposit amount is Rs.1,000.
• Get attractive interest rates based on the prevailing bank policy.
• Senior citizens that are resident individuals will get an additional interest rate of 0.5%.
• Nomination facility is available.
• Loan facility is offered up to 90% of the deposit amount.
• Premature withdrawal is allowed subject to certain conditions.

Basic Eligibility Criteria for Canara Bank FD

• Individuals
• Two or more individuals to form a joint account (not more than 4)
• Guardian on behalf of a minor
• Hindu Undivided Families (HUFs)
• Partnership, Company, Association or any other Institution

Tax Benefits on Canara Bank Fixed Deposit

Canara Tax Saver Scheme

This is a scheme offered under the fixed deposit and Kamadhenu deposit schemes. The account is suitable for salaried employees, businessmen, and professionals. Individuals and HUFs are eligible to open this account. The minimum deposit is Rs.100, and the maximum is Rs.1.5 lakh. The tenure is five years. You will get an income tax deduction of up to Rs.1.5 lakh under Section 80C of the Income Tax Act, 1961 upon depositing money in this account.

FD Interest Rate Calculator

Visit our easy-to-use FD calculator page to predict the returns you may receive upon putting your money in a fixed deposit account.