Interest Rate of Canara Bank

Interest Rate of Canara Bank

Canara Bank offers FD interest rates of 4.00-7.25% p.a. to the general public and 4.00-7.75% p.a. to senior citizens on tenures ranging from 7 days to 10 years. The interest rate on Canara Bank Tax Saving FDs is 6.70% p.a. to the general public for tenures of 5 years. The bank also offers various fixed deposit products for NRIs, such as NRO, NRE, RFC and FCNR fixed deposits. Canara Bank accepts FCNR fixed deposits and RFC fixed deposits in US Dollars , British Pound Sterling, Euro, Canadian Dollar, and Australian Dollar.

Canara Bank FD Rates

Regular Fix Deposit

• Minimum Investment: Rs 1,000
• Tenure: Minimum 15 days (7-14 days in case of single deposit of Rs.5 lakh and more); Maximum: 10 years.
• Periodicity of interest payment: Half-yearly, Monthly discounted rates, Quarterly or Annual intervals as per depositor’s choice.
• Senior citizens can avail 0.50% additional interest rate on deposits of less than Rs. 2 crores with a tenor of 180 days and more. Additional senior citizen FD rates are not available for NRE, NRO, and Capital Gains Deposit scheme.
• Nomination facility is applicable.
• Loan facility is available for up to 90% of the deposit amount.
• The deposit will be automatically renewed for a similar duration from the date of maturity at the interest rate in effect on the maturity date for the original deposit period.

Kamdhenu Deposit

1. Kamdhenu deposit is a re-investment plan in which the interest component is reinvested and thereby, helps depositors in deriving the power of compounding.
2. Minimum deposit amount: Rs 1,000.
3. Tenure: 5 months to 10 years.
4. The interest is compounded quarterly.
5. Additional 0.50% p.a. interest rate is offered to senior citizen FD depositors.
6. Depositors can avail loan for up to 90% of the deposit amount.
7. The auto-renewal facility is available.

Ashraya Deposit

• Individuals, who have attained the age of 60 years and above, in single/joint names.
• Accounts can be opened jointly with other senior citizens or with others under the age of 60 years in the case of a joint account, provided that the senior citizen is the primary depositor.

1. Minimum investment amount: Rs 1,000
2. Tenure: 15 days-10 years; Minimum 5 months for Kamdhenu Deposit.
3. Periodicity of interest payment: Half-yearly, Monthly (at discounted rates) and Quarterly interest payout options are available.
4. The interest is compounded quarterly on Kamdhenu Deposits and is paid on maturity.
5. Loan facility is available for up to 90% of the deposit amount

Bank Tax Sever

1. Minimum investment amount: Rs.100.
2. Maximum investment amount: Rs. 1.5 lakh.
3. Tenure: 5 years
4. Interest payout: Monthly (discounted) or quarterly; Compounded quarterly on Kamdhenu Deposit
   Nomination facility is available. In the case of an account opened on behalf of a minor, a Company, a Firm, HUF, an Association of Persons, or a Body of Individuals, no nomination can be accepted
   Benefits of income tax deduction up to Rs. 1.5 lakh under Section 80C of the Income Tax Act, 1961.

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