Canara Bank FD Interest Rates 2025

Canara Bank has revised its fixed deposit interest rates for deposits below ₹3 crore, effective from December 1, 2024. The rates vary based on the tenure of the deposit and the investor category (general public, senior citizens, or super senior citizens). Below is a summary of the latest FD rates for callable deposits, where premature withdrawal is permitted (subject to penalties):

Interest Rates for General Public

• 7 to 45 days: 4.00% p.a.
• 46 to 90 days: 5.25% p.a.
• 91 to 179 days: 5.50% p.a.
• 180 to 269 days: 6.25% p.a.
• 270 days to < 1 year: 6.25% p.a.
• 1 year: 6.85% p.a.
• 444 days (Special Scheme): 7.25% p.a.
• > 1 year to < 2 years: 6.85% p.a.
• 2 years to < 3 years: 7.30% p.a.
• 3 years to < 5 years: 7.40% p.a. (highest rate for general public)
• 5 years to 10 years: 6.70% p.a.

Interest Rates for Senior Citizens (60 years and above)

Senior citizens receive an additional 0.50% p.a. on domestic deposits with tenures of 180 days and above (except for NRO/NRE and Capital Gains Accounts).

• 7 to 45 days: 4.00% p.a.
• 46 to 90 days: 5.25% p.a.
• 91 to 179 days: 5.50% p.a.
• 180 to 269 days: 6.75% p.a.
• 270 days to < 1 year: 6.75% p.a.
• 1 year: 7.35% p.a.
• 444 days (Special Scheme): 7.75% p.a.
• > 1 year to < 2 years: 7.35% p.a.
• 2 years to < 3 years: 7.80% p.a.
• 3 years to < 5 years: 7.90% p.a. (highest rate for senior citizens)
• 5 years to 10 years: 7.20% p.a.

Interest Rates for Super Senior Citizens (80 years and above)

For the Canara-444 Deposit Scheme, super senior citizens receive an additional 0.60% p.a. over the general public rates:

• 444 days (Callable): 7.85% p.a.
• 444 days (Non-Callable): 8.00% p.a.

Note: Non-callable deposits do not permit premature withdrawal, and rates for bulk deposits (₹10 crore and above) can be obtained by contacting the nearest Canara Bank branch.

Canara Bank Tax Saver FD Rates

The Canara Tax Saver Scheme offers a fixed tenure of 5 years with the following rates:

• General Public: 6.70% p.a.
• Senior Citizens: 7.20% p.a.

This scheme allows tax deductions of up to ₹1.5 lakh per annum under Section 80C of the Income Tax Act, 1961. However, premature withdrawal is not permitted, except in the case of the depositor’s death.

Key Features of Canara Bank Fixed Deposits

• Minimum Deposit: ₹1,000 (except for Canara Tax Saver Scheme, where the minimum is ₹100 and maximum is ₹1.5 lakh).
• Maximum Deposit: No upper limit for most schemes, except for specific schemes like the Canara Tax Saver Scheme (max ₹1.5 lakh).
• Tenure Range: 7 days to 10 years.
• Interest Payout Options: Monthly, quarterly, half-yearly, or annually for non-cumulative FDs; cumulative FDs (e.g., Kamadhenu Deposit) reinvest interest quarterly for compounding benefits.
• Loan Facility: Up to 90% of the deposit amount can be availed as a loan (except for Tax Saver FDs).
• Premature Withdrawal: Allowed for most schemes with a 1% penalty for deposits below ₹3 crore accepted/renewed on or after March 12, 2019. No interest is paid if withdrawn before 7 days.
• Auto-Renewal: Available for most schemes, except non-callable deposits, Tax Saver FDs, and certain special schemes.
• Nomination Facility: Available for all FD schemes.
• Safety: Deposits are insured up to ₹5 lakh under the Deposit Insurance and Credit Guarantee Corporation (DICGC).

Types of Canara Bank FD Schemes

1. Regular Fixed Deposit: Suitable for all investors, offering flexible tenures and competitive rates.
2. Kamadhenu Deposit: A cumulative FD where interest is compounded quarterly and paid at maturity.
3. Canara Tax Saver Scheme: A 5-year FD with tax-saving benefits under Section 80C.
4. Ashraya Deposit Scheme: Designed for senior citizens, offering an additional 0.50% p.a. interest rate.
5. Canara Green Deposit: Funds are allocated to environmentally friendly projects, with premature withdrawal permitted (1% penalty).
6. Canara-444 Deposit: A special 444-day scheme with higher rates (7.25% for general public, 7.75% for senior citizens, and up to 8% for super senior citizens on non-callable deposits).
7. NRI FD Schemes: Includes NRO, NRE, FCNR (B), and RFC deposits, with rates aligned with domestic rates for NRO/NRE accounts.

Taxation on Canara Bank FDs

• Tax Deducted at Source (TDS): Interest income exceeding ₹40,000 p.a. (₹50,000 for senior citizens) is subject to 10% TDS if PAN details are provided. Without PAN, TDS is deducted at 20%.
• Tax-Saving FD: Only the Canara Tax Saver Scheme qualifies for tax deductions up to ₹1.5 lakh under Section 80C. Interest income is taxable as per the investor’s income tax slab.

Frequently Asked Questions (FAQs)

1. What is the minimum deposit amount required to open a Canara Bank FD?

The minimum deposit amount is ₹1,000 for most FD schemes. For the Canara Tax Saver Scheme, the minimum is ₹100, and the maximum is ₹1.5 lakh.

2. What is the tenure range for Canara Bank FDs?

The tenure ranges from 7 days to 10 years, depending on the scheme. The Canara Tax Saver Scheme has a fixed 5-year tenure.

3. Can senior citizens get higher interest rates?

Yes, senior citizens (60 years and above) receive an additional 0.50% p.a. on domestic deposits with tenures of 180 days and above. Super senior citizens (80 years and above) get an additional 0.60% p.a. on the Canara-444 Deposit Scheme.

4. Is premature withdrawal allowed?

Yes, premature withdrawal is allowed for most FD schemes, except for the Canara Tax Saver Scheme (unless in case of depositor’s death). A 1% penalty is levied for deposits below ₹3 crore accepted/renewed on or after March 12, 2019. No interest is paid if withdrawn before 7 days.

5. Can I open a joint FD account?

Yes, joint accounts can be opened with up to four individuals. For the Ashraya Deposit Scheme, a senior citizen must be the primary depositor if the joint account includes a non-senior citizen.

6. Are NRIs eligible to open Canara Bank FDs?

Yes, NRIs can open NRO, NRE, FCNR (B), and RFC fixed deposits. NRO and NRE accounts follow domestic FD rates, while FCNR (B) and RFC rates vary based on the currency (e.g., USD, GBP, EUR, CAD, AUD).

7. What documents are required to open a Canara Bank FD?

• • Application form
  • Proof of identity and address (as per KYC norms)
  • Two photographs
  • PAN card copy or Form 60/61 (if PAN is unavailable)
  • Additional documents for proprietorships, partnerships, companies, or HUFs, as applicable

8. Is there a loan facility against Canara Bank FDs?

Yes, loans up to 90% of the deposit amount are available for most FD schemes, except the Canara Tax Saver Scheme. The loan tenure aligns with the FD tenure, and interest rates range from 5.5% to 7.4%.

9. Does Canara Bank offer an auto-renewal facility?

Yes, an auto-renewal facility is available for most FD schemes, except non-callable deposits, Canara Tax Saver Scheme, and certain special deposits. The deposit is renewed at the prevailing interest rate on the maturity date.

10. How can I calculate the maturity value of my FD?

Canara Bank provides an online FD calculator on its website. Enter the principal amount, tenure, and applicable interest rate to estimate interest earned and maturity value. Alternatively, third-party platforms like Paisabazaar and Groww offer similar calculators.

11. Is there a monthly income scheme?

Canara Bank does not offer a specific “Monthly Income Scheme.” However, investors can opt for the non-cumulative FD with a monthly interest payout option, paid at discounted rates due to quarterly compounding.

12. Are Canara Bank FDs safe?

Yes, Canara Bank FDs are safe, with deposits insured up to ₹5 lakh under the Deposit Insurance and Credit Guarantee Corporation (DICGC), as mandated by the RBI.

13. How can I open a Canara Bank FD?

• • Offline: Visit a Canara Bank branch, fill out the FD application form, submit KYC documents, and deposit the amount. You’ll receive an FD receipt upon processing.
  • Online: Use Canara Bank’s mobile banking or internet banking platforms to open an FD by selecting the scheme, tenure, and amount, and completing authentication.

14. What is the penalty for premature withdrawal?

A 1% penalty is applied for premature closure, part withdrawal, or extension of domestic/NRO FDs below ₹3 crore accepted/renewed on or after March 12, 2019. For deposits of ₹2 crore and above, the penalty may be waived in some cases.

15. How long will it take for my FD to double?

Using the Rule of 72, divide 72 by the interest rate to estimate the doubling time. For the highest rate of 7.40% (general public), the FD doubles in approximately 9.73 years. For senior citizens at 7.90%, it takes about 9.11 years.

For more information visit : https://canarabank.com/pages/deposit-interest-rates

Also visit : https://postofficefd.com/bank-of-baroda-home-loan-interest-rates/