Canara Bank is one of the oldest banks in India It was founded in July 1906 in Mangalore and it got nationalized in the year 1969. Canara bank has a network of 9,706 branches and 12,130 ATMs/Recycler spread across all Indian states and Union Territories.
Fixed Deposits are one of the traditional methods of investing where you get a fixed rate of return and also it is one of the safest investment options.
Canara bank provides various types of FD schemes where a customer can choose the best-suited scheme for themselves. This article gives you detailed insights into Canara Bank's fixed deposits.
|Tenure||For General Citizens (p.a.)||For Senior Citizens (p.a)|
|7 Days to 45 Days||4%||4%|
|46 Days to 90 Days||5.25%||5.25%|
|91 Days to 179 Days||5.5%||5.5%|
|180 Days to 269 Days||6.25%||6.75%|
|270 Days to less than 1 Year||6.5%||7%|
|1 Year Only||7%||7.5%|
|Above 1 Year to less than 2 Years||6.9%||7.4%|
|2 Years & above to less than 3 Years||6.85%||7.35%|
|3 Years & above to less than 5 Years||6.8%||7.3%|
|Note: All interest rates are updated as of 1st Aug 2023|
Canara Tax Saver Scheme
The motive of this FD is to offer both earnings and tax benefits.
Ashraya Deposit Scheme
To invest in Canara Bank Fixed Deposits, the following are eligible-
Banks require the below-listed documents for completing the Mandatory Know Your Customer (KYC) procedure before opening an account for its customer
If the investor has a saving account or current account with Canara Bank, then, Fixed deposit account can be opened in both online and offline way-
Step 1- Login to the Canara Bank Net banking option
Step 2- Enter the user ID and password
Step 3- Fill the required details
Step 4- Enter the amount of deposit and select the tenure of FD. Also enter the nominee details.
Step 5- Click confirm and continue.
Step 1- Visit the bank branch.
Step 2- Take the FD application form.
Step 3- Fill the required details and submit the necessary documents.
Step 4- Submit the form to the branch.
In case of premature withdrawal, the lower of the below two amounts will be applicable as interest rates on them-
As per the Income-tax Act of India 1961(I-T Act), taxpayers can seek deductions under Section 80C if they have FDs.
According to the current laws, a taxpayer can avail tax benefits to a maximum of ₹ 1.5 lakh a year from their gross taxable income, provided the following conditions are fulfilled-
At the time of filing the Income Tax Returns (ITR), the taxpayer can provide supporting documents to avail tax benefits on FDs.
One can open ₹1000/- minimum amount FD with Canara bank.
No, investors cannot secure a loan against Canara Tax saver term deposit scheme.
Canara Bank fixed deposits are secure as they are insured for up to ₹ 5 lakh, which includes both the principal and interest amount, under the Deposit Insurance and Credit Guarantee Corporation (DICGC) as per RBI guidelines.
Disclaimer: The calculator and the results of the same are based on information inputted by you and extracted from third party sources. The information on this page is for illustrative purposes only and does not amount to any investment advice or recommendation. Wint Wealth has no commercial interest or gain in or from the actions resulting from the information displayed on this page. The information displayed on this page does not constitute an invitation to invest in any product nor is it a promise of performance. Interest rates are not updated in real time and you are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions.