Canara Bank Fixed Deposit Rates 2025
Canara Bank lets you open a fixed deposit account with them. The account can be opened for a period that ranges between seven days and ten years.
The interest rate offered on Canara Bank fixed deposits range between 4.00% p.a. and 7.40% p.a for the general public while for senior citizens, it ranges between 4.00% p.a. and 7.90% p.a.
Canara Bank FD Interest Rates for Less than Rs.3 crore - General Citizens
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 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 1 Year | 6.25% | 6.75% |
1 Year Only | 6.85% | 7.35% |
444 Days | 7.25% | 7.75% |
Above 1 Year to less than 2 Years | 6.85% | 7.35% |
2 Years & above to less than 3 Years | 7.30% | 7.80% |
3 Years & above to less than 5 Years | 7.40% | 7.90% |
5 Years & above to 10 Years | 6.70% | 7.20% |
Note: The mentioned interest rates are effective1 December 2024.
Canara Bank Bulk Term Deposit Rates: (Above Rs.3 crore)
Maturity Period | Callable - Interest Rate (p.a.) |
7 days to 45 days | 4.50% |
46 days to 90 days | 5.00% |
91 days to 179 days | 6.00% |
180 days to 269 Days | 6.80% |
270 days to less than 1 Year | 7.30% |
1 year only | 7.65% |
Above 1 year to less than 2 years | 6.80% |
2 years & above to less than 3 years | 6.25% |
3 years & above to less than 5 years | 5.00% |
5 years & above to 10 Years | 5.00% |
Note: The mentioned interest rates are effective 09 September 2024.
Canara Bank Tax Savings FD Rates for Maximum Deposit of Rs.1.50 lakh
Maturity Period | Interest Rate for General Citizens (p.a.) |
5 years | 6.70% |
Canara Bank NRI Fixed Deposit Rates
Canara Bank NRE FD Rates for Less than Rs.3 crore
Listed in the table are the interest rates offered by Canara Bank on NRE fixed deposits:
Tenure | Interest Rates (p.a.) |
1 year only. | 6.85% |
444 Days | 7.25% |
Above 1 year to less than 2 years | 6.85% |
2 years and above to less than 3 years | 7.30% |
3 years and above to below 5 years | 7.40% |
5 years and above to 10 years | 6.70% |
Note: The mentioned interest rates are effective 1 December 2024.
Canara Bank FCNR (B) Interest Rates
Tenure | USD | GBP | EUR | CAD | AUD |
1 year to less than 2 years | 5.35 | 5.00 | 3.00 | 4.50 | 4.00 |
2 years to less than 3 years | 4.00 | 3.00 | 2.00 | 4.00 | 3.50 |
3 years to less than 4 years | 3.70 | 2.50 | 1.50 | 3.85 | 3.00 |
4 years to less than 5 years | 3,50 | 2.50 | 1.50 | 3.50 | 3.00 |
5 years | 3.50 | 2.50 | 1.50 | 3.50 | 3.00 |
Note: The mentioned interest rates are effective from 12 November 2024.
Features and Benefits of Canara Bank Fixed Deposits
The main features and benefits of the FD account offered by Canara Bank are mentioned below:
- The minimum amount that must be deposited is Rs.1,000.
- The tenure of the scheme ranges between seven days and ten years.
- An additional interest rate is offered for senior citizens.
- Nominations can be added.
- Loans can be availed.
- Premature withdrawal is allowed.
- Auto-renewal option is offered.
- Joint accounts can be opened.
Eligibility Criteria
- Individuals
- Associations
- Companies
- Partnerships
- Hindu Undivided Families (HUFs)
- A guardian can open an account on behalf of a minor
Documents Required
- Application form
- Proof of address as per KYC norms
- Proof of identity as per KYC norms
- Two photographs
- Copy of Permanent Account Number (PAN) Card
- Form 60 or Form 61 in case you do not have a PAN Card
Types of Canara Bank Fixed Deposits
The different types of FDs that are offered by Canara Bank are mentioned below:
- Regular Fixed Deposits
- Canara Tax Saver Scheme
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 - A recession reduces the interest rate on fixed deposit. During a recession, the RBI releases funds in the market and offers additional liquidity. Due to rising liquidity and low credit demand, banks reduce interest rates on FDs.
- RBI's 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.
Tax Deduction on Fixed Deposit of Canara Bank
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%.
FAQs on Canara Bank FD Rates
- What is the minimum deposit amount required to open a fixed deposit account with Canara Bank?
The minimum deposit amount required to open a fixed deposit account with Canara Bank is Rs. 1,000.
- What is the maximum tenure for a fixed deposit account with Canara Bank?
The maximum tenure for a fixed deposit account with Canara Bank is 10 years.
- Is Canara Bank safe for fixed deposit?
Yes, Canara Bank is among the top banks in the country and offers a wide range of tenure options and competitive interest rates for its fixed deposits.
- Is premature withdrawal of Canara Bank fixed deposits allowed?
Yes, premature withdrawal of Canara Bank fixed deposits is allowed.
- Can joint accounts be opened for Canara Bank fixed deposits?
Yes, joint accounts can be opened for Canara Bank fixed deposits.
- Is an auto-renewal option offered for Canara Bank fixed deposits?
Yes, an auto-renewal option is offered for Canara Bank fixed deposits.
- Can companies and partnerships open fixed deposit accounts with Canara Bank?
Yes, companies and partnerships can open fixed deposit accounts with Canara Bank
- Are NRE fixed deposits offered by Canara Bank?
Yes, NRE fixed deposits are offered by Canara Bank.
- Is premature withdrawal allowed in Canara Bank FD?
Yes, premature withdrawal is allowed in Canara Bank FD.
- What is the eligibility criteria to open a Canara Bank FD account?
Individuals, associations, companies, partnerships, and Hindu Undivided Families (HUFs) can open a Canara Bank FD account. A guardian can open an account on behalf of a minor.
- What are the documents required to open a Canara Bank FD account?
The documents required to open a Canara Bank FD account are an application form, proof of address and identity as per KYC norms, two photographs, a copy of the Permanent Account Number (PAN) card, and Form 60 or Form 61 in case the customer does not have a PAN card.
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