The Canara Bank FD interest rates 2023 continue to make Canara Bank FD a compelling investment choice. Let’s take a closer look at the current Canara Bank FD rates:
| Tenure for Canara Bank FD | Regular Canara Bank FD Rates | Canara Bank FD Rates for Senior Citizens |
| 7 days to 45 days | 4.00% | 4.00% |
| 45 days to 90 days | 5.25% | 5.25% |
| 91 days to 179 days | 5.50% | 5.50% |
| 180 days to 269 days | 6. 25% | 6.75% |
| 270 days to less than a year | 6. 50% | 7.00% |
| 1 year | 7.00% | 7.50% |
| 444 days | 7.25% | 7.75% |
| Above 1 year & less than 2 years | 6.90% | 7.40% |
| 2 years to less than 3 years | 6.85% | 7.35% |
| 3 years to less than 5 years | 6.80% | 7.30% |
| 5 years to 10 years | 6.70% | 7.20% |
Eligibility Criteria for Canara Bank Fixed Deposit Accounts
You must fulfil specific eligibility criteria to open a fixed deposit account with Canara Bank. The requirements are as follows:
- Individuals: Both residents and Non-Resident Indians can open an FD with Canara Bank.
- Joint FD: Canara Bank allows a maximum of four investors to open a joint FD account.
- Minors: A guardian can open an FD on behalf of a child.
- Hindu Undivided Family (HUF): Hindu undivided families can open an FD with Canara Bank.
- Partnerships: Partnerships can also open FD accounts with Canara Bank.
- Companies and Institutions: Canara Bank accepts FD applications from companies, associations, and other institutions.
Documentation Required for Canara Bank Fixed Deposits
To open a fixed deposit account with Canara Bank, you must gather the following documents:
- Completed FD application form
- PAN Card or Form No. 60 or 61 declaration of the Income Tax Act
- Identity Proof as per Know Your Customer (KYC) norms, such as PAN card, Aadhar card, voter ID, passport, or driving license
- Address proof per KYC norms, which can be fulfilled with documents like PAN card, Aadhar card, voter ID, passport, or driving licence
- Senior citizen ID card (specifically for senior citizens)
- Two recent passport-sized photographs
- Additional documents may be required for partnership, proprietorship, company, HUF, association, or institution accounts
Canara Bank FD Rates for Deposits Less than 2 Crore
Below is a comprehensive analysis of Canara Bank FD interest rates.
| FD Tenure | Regular Citizens (%) | Senior Citizens (%) |
| 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 | 6.25 | 6.75 |
| 270 days to less than 1 year | 6.50 | 7.00 |
| 1 year | 7.00 | 7.50 |
| 444 days | 7.25 | 7.75 |
| Above 1 year to less than 2 years | 6.90 | 7.40 |
| 2 years to less than 3 years | 6.85 | 7.35 |
| 3 years to less than 5 years | 6.80 | 7.30 |
| 5 years to 10 years | 6.70 | 7.20 |
Canara Bank Bulk Term Deposit Rates (Above ₹2 crore)
Here is a detailed analysis of Canara Bank Bulk Term Deposit rates.
| Maturity Period | Callable – Interest Rate (p.a.) | Non-Callable – Interest Rate (p.a.) |
| 7 days to 45 days | 2.90% | NA |
| 46 days to 90 days | 3.10% | 3.15% |
| 91 days to 179 days | 3.35% | 3.40% |
| 180 days to 269 days | 3.35% | 3.40% |
| 270 days to < 1 year | 5.75% | 5.80% |
| 1 year only | 6.00% | 6.15% |
| > 1 Year to < 2 years | 6.00% | 6.25% |
| 2 years & above to < 3 years | 6.00% | 6.25% |
| 3 years & above to < 5 years | 6.00% | 6.25% |
| 5 years & above to 10 years | 3.40% | 3.65% |
Canara Bank Tax Savings FD Rates (Less than ₹2 crore)
Below is a detailed analysis of Canara Bank tax savings FD rates.
| Maturity Period | Interest Rate for General Citizens (p.a.) |
| 5 years | 6.70% |
Canara Bank FCNR (B) Interest Rates
Here is a detailed analysis of FCNR (B) interest rates.
| Tenure | USD | GBP | EUR | CAD | AUD |
| 1 year – < 2 years | 5.25 | 4.25 | 1.50 | 4.30 | 3.50 |
| 2 years – < 3 years | 4.25 | 3.00 | 1.50 | 4.10 | 3.25 |
| 3 years – < 4 years | 4.00 | 3.00 | 1.50 | 3.85 | 3.25 |
| 4 years – < 5 years | 4.00 | 3.00 | 1.50 | 3.50 | 3.25 |
| 5 years | 3.90 | 3.00 | 1.50 | 3.50 | 3.25 |
Different Canara Bank Fixed Deposit Schemes
Canara Bank offers a range of FD schemes catering to various needs of investors. Each scheme has unique features and benefits, which allows individuals to choose the one that best suits their financial requirements.
| Scheme Name | Features |
| Regular Fixed Deposit Scheme | Tenure: 15 days – 120 months |
| Joint account for up to 4 individuals | |
| Auto-renewal options | |
| Loan of up to 90% of the deposit amount | |
| Partial withdrawals in multiples of INR 1,000 | |
| Additional 0.50% interest for senior citizens | |
| Tax Saver Deposit Scheme | The lock-in period of 5 years |
| Qualifies for deductions under Section 80C | |
| Minimum deposit amount: INR 100 | |
| Monthly or quarterly interest payments | |
| Kamadhenu Deposit Scheme | (Reinvestment Plan) |
| Tenure: 5 – 120 months | |
| Compounded quarterly, paid on maturity | |
| Loan of up to 90% of the deposit amount | |
| Partial withdrawals in multiples of INR 1,000 | |
| Auto-renewal upon maturity | |
| Ashraya Deposit Scheme | (Senior Citizens) |
| Tenure: 15 days – 120 months | |
| Two options: Cumulative and Non-Cumulative | |
| Minimum deposit amount: INR 1,000 | |
| Loan of up to 90% of the deposit amount | |
| Additional 0.50% ROI for account holders | |
| Premature withdrawals with a penalty | |
| Nitya Nidhi Deposit Scheme | (Promoting small savings) |
| Tenure: 63 months | |
| Minimum monthly collection: INR 50 | |
| Maximum daily deposit: INR 1,000 | |
| Loan facility available on up to 75% of deposit |
Canara Bank provides attractive interest rates on FDs. For the general public, the interest rates range from 4.0% to 7.25% per annum, depending on the tenure of the deposit, which can be as short as 7 days or as long as 10 years. Senior citizens enjoy even higher rates, ranging from 4.0% to 7.75% per annum.
The tax saver FD scheme offered by Canara Bank rewards regular citizens with an annual interest rate of 7.0% and senior citizens with a higher rate of 7.75%. This scheme allows individuals to invest their money for a duration of five years. The individuals can avail rebates under 80C of the Income Tax Act.
To determine the doubling time for a Canara Bank FD, you can employ the 72 rule. By dividing 72 by the interest rate, you can ascertain the number of years it will take for the FD to double. At present, the highest Canara Bank FD interest rate is 7.25%. Therefore, investors can anticipate their investment to double in approximately 9.93 years. Similarly, senior citizen depositors benefiting from the highest FD rate of 7.75% can expect their FD investment to double in around 9.29 years.
A minimum deposit of ₹ 1,000 is required to open a Canara Bank fixed deposit account. Unlike the minimum amount, there is no maximum limit on the investment amount for Canara Bank FDs.
Canara Bank offers a range of interest rates for senior citizens’ fixed deposits, starting from 4%, going up to 7.75% per annum. These rates are applicable for various investment durations, with minimum and maximum options available.
Canara Bank does not restrict the number of FDs you can open. You can open as many FDs as you need with Canara Bank.
You have two options to check your Canara Bank FD balance: online and offline. Simply log in to the Canara Bank internet banking portal for online access. If you prefer the offline method, visit your nearest Canara Bank branch and update your passbook to inquire about your FD balance.
Canara Bank 666 days FD interest rate has been reduced from 7.75% to 7.55%. On the other hand, for deposits maturing in 444 days, the bank has increased the interest rate for super senior citizens by 45 basis points (bps) to 8.05% from 7.60%.
Yes. You can apply for Canara Bank FD via internet banking.
