Canara Bank Fixed Deposit Interest Rate: Get all the details here

Published on: 29 August 2023

Canara Bank Fixed Deposit Interest Rate: Get all the details here

The Canara Bank Fixed Deposit interest rate goes up to 7.75% p.a. right now, making it a great investment option. It offers you two types of fixed deposits, callable and non-callable. Callable deposits allow you to withdraw funds early with adjusted rates, while this facility is not available in non-callable deposits. 

Canara Bank FD interest rates for senior citizens are higher by 0.50%. In addition, the fixed deposit rate of Canara Bank changes based on the tenure you choose. You can opt for tenures ranging from 7 days to a maximum of 10 years. 

Read on to learn more about Canara Bank FD interest rates in 2023 and make smart decisions. 

Canara Bank FD Interest Rates for Callable Deposits Below ₹2 Crores

You can grow your money safely and steadily thanks to high Canara Bank Fixed Deposit interest rates. Senior citizens can take advantage of the interest rate benefit on deposits less than ₹2 crores with a tenor of 180 days and above. 

See the table below to know the Canara Bank Fixed Deposit interest rate based on your age and chosen maturity period: 

Tenure of Term Deposits Rate of Interest (% p.a.) for General publicRate of Interest (% p.a.) for Senior Citizens
7 Days to 45 Days4.004.00
46 Days to 90 Days5.255.25
91 Days to 179 Days5.505.50
180 Days to 269 Days6.256.75
270 Days to less than 1 Year6.507.00
1 Year Only6.907.40
444 Days7.257.75
Above 1 Year to less than 2 Years6.907.40
2 Years & above to less than 3 Years6.857.35
3 Years & above to less than 5 Years6.807.30
5 Years & above to 10 Years6.707.20

Canara Bank also offers a Tax Saver Deposit scheme with an attractive rate of 6.70% p.a. This allows you to invest up to ₹1.50 lakhs and enjoy tax exemptions. 

You can also invest more than ₹2 crores in Canara Bank at different rates of interest. Check the latest rates before you invest so you can forecast your returns and make better choices.

In case you choose non-callable deposits to earn higher interest, keep in mind that the minimum investment amount is ₹15 lakhs. 

Also Read: How to get bank statement online

Benefits of Investing in Canara Bank Fixed Deposits 

Here are some of the advantages of starting an FD with Canara Bank. 

  • Flexible Investment Range: You can start investing in a fixed deposit with a minimum amount of ₹1,000. There is no upper limit and this allows you to start your deposit according to your income and preferences.
  • Varied Maturity Timelines: The tenure of a Canara Bank FD ranges from a minimum of 15 days to a maximum of 120 months. This allows you to invest as per your goals and needs. You can also invest for 7 to 14 days with a minimum investment of ₹5 lakhs. 
  • Choice of Earning Frequency: You can enjoy the convenience of interest payouts at various intervals. You can access earnings every month or quarter as well as half-annually or annually. 
  • Loan Facility: You can get instant funds when you need liquidity as Canara Bank offers a loan against FD up to 90% of the value of your deposit. This way, you don’t need to break your investment to access financing.
  • Auto-Renewal Option: Get the benefit of uninterrupted earnings with the convenience of automatic renewal at Canara Bank. This facility renews your deposit for a similar period at the prevailing interest rate. 
  • Part Withdrawal Flexibility: You can enjoy partial withdrawal options in units of ₹1,000. This facility allows you to access some funds while keeping the remaining funds in an FD account uninterrupted.

As you can see, Canara Bank Fixed Deposits offer various advantages, from competitive interest rates to flexible terms and additional benefits. Now that you have in-depth knowledge of Canara Bank’s Fixed Deposit rates, you can make informed choices. 

To ensure that you keep your savings invested for the entire term, try to avoid withdrawing your FD prematurely. If you require instant funds, you can apply for personal loan of up to ₹5 lakhs in just 2 minutes at affordable rates on Fibe. Download our Personal Loan App or register on our website to get started.  

FAQs on Canara Bank FD Interest Rates in 2023

What is the FD rate of Canara Bank?

FD interest rates of Canara Bank vary based on the deposit amount, tenure and type of deposit. You can earn interest ranging from 4% to 7.45% as of August 2023. 

Is Canara Bank safe for fixed deposits?   

Yes, Canara Bank is a reputable and well-established public sector bank in India. Its FDs are also backed by the Deposit Insurance Scheme.

What is the best FD scheme in Canara Bank?   

Canara Bank offers a range of FD schemes tailored to different needs. As a senior citizen, you can get rates that are higher than those offered to regular investors. 

Does Canara Bank give 7.5% interest?   

Canara Bank’s FD interest rates are subject to change based on market conditions and RBI’s repo rates. You can earn up to 7.75% as a senior citizen on a callable deposit under ₹2 crores for 444 days. 

Is Canara Bank good for FD?  

Yes, Canara Bank is a reliable choice for FDs as it has a long-standing presence in the banking sector and has government backing. It also provides various FD options with competitive interest rates. 

What are the Canara Bank FD interest rates in 2023?

The FD rates of Canara Bank in 2023 differ based on factors such as the deposit amount and tenure. However, the current Canara Bank Fixed Deposit interest rate ranges from 4% to 7.45% per annum on callable deposits under ₹2 crores.

Category : Banking

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