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Senior Citizens Fixed Deposit Interest Rates in Canara Bank

Updated 11 Jan 2024

Financial security becomes all the more important as you age. Private banks have shown the financial security of senior citizens as a priority through good measures. One of the silver linings for senior citizens is that they can earn higher rates of interest on their FDs in comparison to the general public. Canara Bank's competitive interest rates ensure their senior citizen customers are satisfied.

Features of Canara Bank Senior Citizen FD

  • Enhanced Interest Rates: Senior citizens typically receive a bonus interest rate on top of the regular FD rates. The specific rate hinges on the bank's current offerings.
  • Qualification: Only individuals 60 or older can establish a senior citizen FD account.
  • Duration: Depositors can choose from a diverse range of FD durations, usually between 7 days and 10 years.
  • Early Withdrawal: Although penalties may apply, senior citizens often benefit from more accommodating terms for premature FD closures.
  • Borrowing Options: Senior citizens can secure loans against their FDs like other depositors.
  • Beneficiary Assignment: The bank allows a beneficiary to inherit the FD funds after the account holder's passing.
  • Tax Deduction at Source (TDS) Implications: Earnings from interest are taxable under Indian tax regulations. Yet, by submitting Form 15H, eligible senior citizens can avoid TDS deductions.
  • Automatic Renewal: Canara Bank, among other banks, possibly features an automatic renewal mechanism, ensuring the FD's continuation post-maturity unless directed otherwise.
  • Deposit Limits: The deposit range for a senior citizen FD can differ. While a minimum threshold is often set, a maximum limit might be absent.
  • Unique Offerings: Periodically or based on bank initiatives, exclusive perks or attributes tailored for senior citizens may be presented.

Canara Bank FD Interest Rate for Senior Citizens

Fixed Deposit interest rate less than 2 crore For Domestic/NRO-

Term Deposits (All Maturities)CallableNon-Callable
 Rate of Interest (% p.a.)Rate of Interest (% p.a.)
7 Days to 45 Days4%NA
46 Days to 90 Days5.25%5.35%
91 Days to 179 Days5.5%5.6%
180 Days to 269 Days6.65%6.75%
270 Days to less than 1 Year6.75%6.85%
1 Year Only7.35%7.5%
444 Days7.75%7.9%
Above 1 Year to less than 2 Years7.35%7.5%
2 Years & above to less than 3 Years7.35%7.5%
3 Years & above to less than 5 Years7.3%NA
5 Years & above to 10 Years7.2%NA


  • These rates are valid from 16 Nov 2023.
  • Non-callable term deposits are deposits where Premature withdrawal is not permitted. 
  • The minimum tenure for NRE Deposit is 1 Year.


Eligibility Criteria

  • The individual must be at least 60 on opening the FD account.
  • They should be residents of India to open a senior citizen FD.
  • NRIs can also open accounts through NRE and NRO accounts.

Documents Required

Identity Proofs

  • Aadhar Card
  • Passport
  • Driver’s License


Address Proof

  • Gas Bill
  • Utility Bill
  • Bank Statement
  • Cancelled Cheque

Age proof is mandatory to avail of a Senior Citizen FD account.


How much extra interest do senior citizens get on their FDs?

The additional interest can vary, but senior citizens usually receive a rate of 0.50% higher than the regular rates. However, this can change based on the bank's policies.

Can a senior citizen avail of this benefit on joint accounts?

For joint accounts, if the first account holder is a senior citizen, then the senior citizen FD rate is typically applied.

Is the higher interest rate for senior citizens applicable to Tax-saving FDs as well?

Yes, the preferential rate for senior citizens generally applies to all types of FDs, including Tax-saving FDs.


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Disclaimer: Wint Wealth makes no guarantee or warranty on the accuracy of the data provided on this site, the information displayed is subject to change and are provided on an as-is basis. Nothing contained herein is intended to or shall be deemed to be investment advice, implied or otherwise. You are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions. We accept no liability for any loss arising from the use of information contained on this website.

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