Published on: 29 August 2023
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.
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 public | Rate of Interest (% p.a.) for Senior Citizens |
---|---|---|
7 Days to 45 Days | 4.00 | 4.00 |
46 Days to 90 Days | 5.25 | 5.25 |
91 Days to 179 Days | 5.50 | 5.50 |
180 Days to 269 Days | 6.25 | 6.75 |
270 Days to less than 1 Year | 6.50 | 7.00 |
1 Year Only | 6.90 | 7.40 |
444 Days | 7.25 | 7.75 |
Above 1 Year to less than 2 Years | 6.90 | 7.40 |
2 Years & above to less than 3 Years | 6.85 | 7.35 |
3 Years & above to less than 5 Years | 6.80 | 7.30 |
5 Years & above to 10 Years | 6.70 | 7.20 |
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
Here are some of the advantages of starting an FD with Canara Bank.
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.
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.
Yes, Canara Bank is a reputable and well-established public sector bank in India. Its FDs are also backed by the Deposit Insurance Scheme.
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.
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.
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.
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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