Canara Bank FD

Canara bank, a large public sector bank established in 1906, offers Fixed Deposit accounts with multiple tenures and varying interest rates. Canara Bank’s FDs have a AAA credit rating, providing investors with a secure investment option. These FDs can be opened with a minimum investment of INR 1,000, and online and offline modes are available for investment. This article provides comprehensive information about Canara Bank FD, including features and eligibility criteria.

Features of Canara Bank Fixed Deposits

The Canara Bank fixed deposit account offers the following features:

• Minimum Deposit: A minimum deposit of Rs. 1,000 is required to open a fixed deposit account with Canara bank.
• Maximum Deposit: There is no limit to the maximum sum that can be deposited into the FD account. Customers can deposit any amount they desire.
• Deposit Period: The minimum period for a fixed deposit is 15 days, except for 7-14 days, only available for single deposits of Rs. 5 lakhs and above. The maximum deposit period is 120 months (10 years).
• Nomination Facility: Canara bank provides a nomination facility for FD accounts. This allows the account holder to nominate a beneficiary who will receive the deposit amount in case of the account holder’s unfortunate demise.
• Loan Facility: Account holders can avail of a loan against their fixed deposit with Canara bank. They can borrow up to 90% of the FD amount, providing a convenient source of funds when needed.
• Tax Deducted at Source: TDS applies to the interest earned from the fixed deposit. The bank deducts TDS as per the prevailing tax laws.
• Attractive Interest Rates: Canara bank offers competitive interest rates for all FD schemes. These Canara bank FD rates may vary based on the deposit amount, tenure, and prevailing market conditions. The bank strives to provide attractive returns on customers’ fixed deposits.

Eligibility Criteria for Canara Bank FD

To open a fixed deposit with Canara bank, the following eligibility criteria apply:

• Individuals: Both residents and non-residents of India can open an FD with Canara bank.
• Joint FD: Four individuals can jointly open an FD. It can be a combination of residents and non-residents.
• Minor’s FD: A guardian can open an FD for a minor
• Hindu Undivided Family: HUFs can open FDs with the bank.
• Partnership: Partnerships can open FDs with Canara bank.
• Company, Association, or Institution: Companies, associations, and other institutions can open FDs with Canara bank.

Documents Required to Open a Canara Bank Fixed Deposit Account

To open a fixed deposit account with Canara bank, the following documents are required:

• Completed Fixed Deposit application form.
• PAN Card or Form No. 60 or 61 declaration of the Income Tax Act.
• Identity Proof as per KYC norms, including PAN Card, Aadhar Card, Voter ID Card, Passport, or Driving License.
• Address proof as per KYC norms, including PAN Card, Aadhar Card, Voter ID Card, Passport, or Driving License.
• Senior Citizen ID Card (for senior citizens).
• Two recent photographs.
• Any other necessary documents for partnership, proprietorship, company, HUF (Hindu Undivided Family), association, or institution, depending on the case.

Types of Fixed Deposits Offered by Canara Bank

Canara bank, one of India’s leading public sector banks in India, offers various fixed deposit schemes catering to the diverse needs and preferences of customers. Below are a few examples of Canara Bank FD scheme:

How to Open a Canara Bank FD Account?

To open a fixed deposit account in Canara bank, you have multiple options available, including internet banking, mobile app, and offline methods. Below, you will find a comprehensive breakdown of the process for each method:

Method 1: Internet Banking

Step 1: Log in to your Canara Bank NetBanking account

Step 2: Navigate to the Term Deposit page.

Step 3: Select the ‘New Account’ option and choose the type of deposit account you wish to open.

Step 4: Enter all the required details, including nominee information, payment, and maturity instructions.

Step 5: Verify the provided details and click on ‘Open Deposit.’

Step 6: Confirm the transaction and authenticate it as prompted. You will receive an account opening confirmation message.

Method 2: Mobile Banking App

Step 1: Download the Canara bank App on your mobile device and log in.

Step 2: Access the app’s features and select the New Account option.

Step 3: Select the preferred deposit account you wish to open.

Step 4: Fill in all the necessary details, including nominee information, payment, and maturity instructions.

Step 5: Verify the entered information and click on ‘Open Deposit.’

Step 6: Confirm the transaction and authenticate it according to the app’s instructions.

Step 7: You will receive a confirmation message for the account opening.

Method 3: Offline Canara Bank FD Opening

Step 1: Visit the nearest Canara bank branch in person.

Step 2: Request the Canara Bank FD application form from the bank representative.

Step 3: Ensure that the application form is completed with precise and correct details.

Step 4: Submit the completed form, the required documents, and the deposit amount.

Step 5: The bank will process your application, and upon approval, they will provide you with an FD receipt.

Conclusion

In conclusion, Canara Bank offers a secure investment option with attractive features and competitive canara bank fd interest rates. With a minimum deposit of INR 1,000 and a wide range of deposit periods available, individuals, joint account holders, and various entities can benefit from Canara Bank’s FD schemes. The bank provides convenient facilities such as nomination, loans against FDs, and tax deductions at source. Canara Bank’s FDs provide a reliable and rewarding investment avenue for individuals and organisations.

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