Canara Bank Fixed Deposit Interest Rates

  • Updated on: 12 Mar 2024
  • Published on: 29 Aug 2023
Canara Bank Fixed Deposit Interest Rates

The current Canara Bank FD interest rate goes up to 7.90% p.a., making it a great investment option. It offers you two types of FDs:

  • Callable: Allows you to withdraw funds early with adjusted rates
  • Non-Callable: You cannot withdraw your funds early 

Here are some other key features of Canara Bank FDs:

  • The interest rates for senior citizens are higher by 0.50%
  • The rate changes based on the tenure and the type of deposit you choose
  • You can opt for tenures ranging from 7 days to a maximum of 10 years

Read on to know the Canara Bank FD rates in 2024. 

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

High Canara Bank FD rates help you grow your money safely and steadily. See the table below to know the Canara Bank FD rates for deposits of up to ₹2 crores with premature withdrawal facility: 

Tenure of Term Deposits Interest Rate (% p.a.) for General publicInterest Rate (% 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 Days6.156.65
270 Days to less than 1 Year6.256.75
1 Year Only6.857.35
444 Days7.257.75
Above 1 Year to less than 2 Years6.857.35
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

Disclaimer: The above rates are subject to change at the bank’s discretion.

Here are some crucial points to note before you invest:

  • Canara Bank also offers a Tax Saver Deposit scheme with tax exemptions and an attractive rate of 6.70% p.a. for investments of up to ₹1.50 lakhs
  • 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 invest accordingly
  • 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 pros of choosing Canara Bank FD:

  • Flexible Investment Range 

You can start investing with a minimum amount of ₹1,000 and there is no upper limit. This allows you to start your deposit according to your income and preferences.

  • Varied Maturity Timelines

The Canara Bank FD tenure ranges from 15 days to 120 months and you can also invest for 7 to 14 days with a minimum investment of ₹5 lakhs. This allows you to invest as per your goals and needs.

  • 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 

With Canara Bank’s loan against FD option, you can access financing of up to 90% of the value of your deposit without breaking your FD.

  • Auto-Renewal Option 

Get the benefit of uninterrupted earnings with the convenience of automatic renewal. This facility renews your deposit for a similar period at the prevailing interest rate. 

  • Part Withdrawal Flexibility 

Depending on the deposit you choose, you can enjoy partial withdrawal options in units of ₹1,000. This allows you to access some funds while keeping the remaining funds in an FD account uninterrupted. 

Now that you know the Canara Bank’s FD rates and benefits, you can make informed choices. Try to avoid withdrawing your FD prematurely to get maximum returns. 

If you require instant funds, you can get an Online Personal Loan of up to ₹5 lakhs at affordable rates and in just 2 minutes on Fibe. Download our Personal Loan App or register on our website to get started. 

FAQs on Canara Bank FD Interest Rates in 2024

What is the FD rate of Canara Bank?

As of February 2024, the rates range from 4% to 7.90%. They vary based on:

  • Deposit amount
  • Tenure
  • Type of deposit

Is Canara Bank safe for fixed deposits?   

Yes, it is a reputable and well-established public sector bank in India. The FDs are also backed by the Deposit Insurance and Credit Guarantee Corporation (DICGC).

What is the best FD scheme in Canara Bank?   

Canara Bank offers various FD schemes tailored to different needs, so the ideal option will depend on your goals. Remember, senior citizens get higher rates than regular investors. 

Does Canara Bank give 7.5% interest?   

Senior citizens can earn up to 7.75% on a callable deposit under ₹2 crores for 444 days. The rates are subject to change based on:

  • Market conditions
  • RBI’s repo rates

Is Canara Bank good for FD?  

Yes, it is a reliable option because it:

  • Has a long-standing presence in the banking sector
  • Comes with government backing
  • Provides various FD options
  • Offers competitive interest rates
  • Provides loan facility
  • Has an auto-renewal option
  • Comes with various maturity timelines

What are the Canara Bank FD interest rates in 2024?

The current Canara Bank FD rates range from 4% to 7.90% p.a. on callable and non-callable deposits under ₹2 crores. The rates differ based on:

  • Deposit amount
  • Type of Deposit
  • Tenure

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