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.
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.
Highlights for 2025 Fixed Deposit Scheme of Canara Bank
Tenure
5 months to 10 years.
Senior Citizen Interest Rates
4.50-7.80% p.a.
Public Interest Rates
4.00% to 7.10%.
Highest Interest Rates for Public
7.1% p.a.
Highest Interest Rates for Senior Citizens
7.80% p.a.
Premature Withdrawal
There is no penalty for deposits up to Rs 5 lakhs. For deposits above Rs 5 lakhs, the penalty is 1% of the applicable IOB FD rate.
Minimum Deposit Amount
Rs 1,00,000
Fixed Deposit Interest Rates 2025 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:
Deposit Tenure
Interest Rate for Regular Customers (% p.a.)*
Interest Rate for Senior Citizens (% p.a.)*
7 days to 45 days
4.00
4.00
46 days to 90 days
5.25
5.25
91 days to 179 days
5.50
5.50
180 days to 269 days
6.15
6.65
270 days to less than a year
6.25
6.75
1 year
6.85
7.35
444 days
7.25
7.75
Above 1 year to less than 2 years
6.85
7.35
2 years and above to less than 3 years
6.85
7.35
3 years and above to less than 5 years
6.80
7.30
5 years and above to 10 years
6.70
7.20
*Interest rates are subject to change from time to time.
Different Types of Canara Bank FD Schemes
Canara Bank Fixed Deposit Schemes Overview
Fixed Deposit
Minimum Deposit: Rs.1,000; no upper limit.
Tenure: 15 days to 120 months (7-14 days for deposits of Rs.5 lakh and above).
Interest Payout: Monthly, quarterly, half-yearly, or annually based on depositor preference.
Purpose: Funds are exclusively allocated toward environmentally friendly projects.
Minimum Deposit:
Rs.1,000 for callable deposits.
Rs.3 crore for non-callable deposits.
Tenure: Fixed periods of 1111, 2222, and 3333 days.
Features: No maximum deposit limit; supports green initiatives alongside savings growth.
Kamadhenu Deposit
Minimum Deposit: Rs.1,000; no maximum limit.
Tenure: 5 months to 120 months.
Interest Payout: Paid upon maturity.
Additional Benefits: Loan facility up to 90% of the deposit and nomination availability.
Canara Dhanvarsha
Deposit Type: Monthly recurring deposit with flexible installment options.
Minimum Installment: Rs.500 per month.
Maximum Installment: Rs.1 lakh per month.
Tenure: 1 year to 10 years.
Features:
Flexible deposits with no penalty for missed installments.
Option for multiple installments in a month.
Nitya Nidhi Deposit (NND) Scheme
Purpose: Encourages daily small savings.
Collection: Savings are collected at your doorstep by an authorized agent daily or at convenient intervals.
Minimum Contribution: Rs.50 per month.
Maximum Daily Collection: Rs.1,000 per account or Rs.30,000 per month.
Tenure: 63 months.
Interest: 2.00% paid upon maturity.
Ashraya Deposit Scheme
Eligibility: Senior citizens with domestic fixed deposits or Kamadhenu deposit accounts.
Minimum Deposit: Rs.1,000; no maximum limit.
Tenure:
Fixed Deposits: 15 days to 120 months.
Kamadhenu Deposits: Minimum 5 months.
Interest Payout:
Compounded monthly, quarterly, or half-yearly for fixed deposits.
Quarterly compounding for Kamadhenu deposits, payable on maturity.
Each of these schemes is designed to cater to diverse savings goals, offering flexibility, sustainability, and financial security. Customers can choose based on their financial needs, investment horizon, and social or environmental goals.
Special Features and Benefits of Canara Bank FD
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.
For general customers, Canara Bank offers interest rates ranging from 4.00% to 7.25% for fixed deposits ranging from 7 days to 10 years. For senior citizens, Canara Bank offers interest rates ranging from 4.00% to 7.75% for tenure between 7 days to 10 years.
What is Canara 444 Days FD?
Canara 444 days is a special deposit scheme with a tenure of 444 days, offering a higher interest rate of 7.25% for investments less than Rs.3 crore for general customers and 7.75% for senior citizens.
What is the interest of 50000 FD in Canara Bank?
The interest rate for a Rs.50,000 fixed deposit in Canara Bank varies depending on the deposit tenure. The interest rate ranges from 4.00% to 7.25% for general customers and from 4.00% to 7.75% for senior citizens.
What is the latest Canara Bank FD rate?
As per the latest interest rates (effective from 11 June 2024), Canara Bank offers interest rates starting from 4.00% to 7.25% for general customers and 4.00% to 7.75% for senior citizens for FDs ranging from 7 days to 10 years.
Is the minimum tenure seven days for all schemes?
No. In fixed deposit schemes, the minimum deposit tenure is seven days for Rs.5 lakh deposits and above. For deposits less than Rs.5 lakh, the minimum deposit period is 15 days. While for the Kamadhenu Deposit scheme, the minimum deposit tenure is five months. In contrast, the Canara Tax Scheme has a tenure of five years.
Do senior citizens get an additional interest rate?
Yes, senior citizens (60 years and above) will get an additional interest rate of 0.5% on fixed deposits in Canara Bank.
Can I open a joint account with a person aged below 60 years for Ashraya Deposit Scheme?
In joint accounts for Ashraya Deposit Scheme, a senior citizen can open with another senior citizen or with another person aged below 60 years. When you open the account in the latter case, the senior citizen must be the first account holder.
What is the penalty applicable to premature withdrawal?
A penalty of 1.00% will be levied for premature withdrawal of domestic/NRO term deposits of less than Rs.3 crore that are accepted/renewed on or after 12 March 2019. Such accounts will earn 1.00% less interest rate as applicable for the relevant amount slab as on the date of opening the account, and as applicable to the period the deposit stayed in the bank account.
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