Canara Bank Fixed Deposit
Last Updated : March 27, 2017, 4:24 p.m.
About Canara Bank Fixed Deposit
Fixed Deposit is the ideal way to invest for a longer period of time and earn solid interest. It’s easy liquidity and high rates of return assure the safety of the depositor’s money. Several banks allow the premature withdrawal of the funds invested. Canara Bank is one amongst them.
It allows the customer to invest the amount for the flexible tenure ranging from 15 days to 10 years. The customer can withdraw the amount in parts as and when he needs or can close the fixed deposit before its maturity. This facility is available on Canara Fixed Deposit and Canara Kamadhenu Deposit. However, this facility is not applicable on Canara Tax Saver Scheme.
Fixed Deposit Interest Rate
On amount less than ₹2 Crore (w.e.f. 26.02.2020)
| Tenure | General | Senior Citizen |
|---|---|---|
| Interest Rate | Interest Rate | |
| 7 days-14 days | 4.50% p.a. | 4.58% p.a. |
| 15 days to 30 days | 4.50% p.a. | 4.58% p.a. |
| 31 days to 45 days | 4.50% p.a. | 4.58% p.a. |
| 46 days to 90 days | 5.00% p.a. | 5.09% p.a. |
| 91 days to 120 days | 5.35% p.a. | 5.46% p.a. |
| 121 days to 179 days | 5.35% p.a. | 5.46% p.a. |
| 180 days to 269 days | 5.75% p.a. | 5.88% p.a. |
| 270 days to less than 1 year | 5.75% p.a. | 5.88% p.a. |
| 1 year | 6.15% p.a. | 6.29% p.a. |
| Above 1 year to less than 2 years | 6.00% p.a. | 6.14% p.a. |
| 2 years & above to less than 3 years | 6.00% p.a. | 6.80% p.a. |
| 3 years & above to less than 5 years | 6.25% p.a. | 6.40% p.a. |
| 5 years & above to less than 8 years | 6.25% p.a. | 6.40% p.a. |
| 8 years & above to 10 years | 6.25% p.a. | 6.40% p.a. |
Types of Fixed Deposit Scheme
- Canara Bank Fixed Deposit
You can invest in the Canara Bank Fixed Deposit with the minimum amount of ₹ 1,000 and receive interest as per your requirement. You can also avail of the loan facility against the amount of investment.
| Particulars | Description |
|---|---|
| Minimum Deposit Amount | ₹1,000 |
| Maximum Deposit Amount | No ceiling |
| Minimum Tenure | 15 days (7 days in case of single deposit of ₹5 lac and above) |
| Maximum Tenure | 120 months |
| Interest Payment Frequency | Monthly, quarterly, half-yearly or annually |
| Special Rate for Senior Citizen | Additional interest of 0.50% |
| Premature Withdrawal | Permitted |
| Partial Withdrawal | Permissible in units of ₹1,000 |
| Nomination Facility | Available |
| Loan Against Deposit | Available |
- Canara Bank Kamadhenu Deposit (Reinvestment Plan)
Under this scheme, the investor’s deposit is automatically renewed for the same time period. The interest on the fixed deposit is paid at the time of maturity. Senior citizens are entitled to extra interest benefit of 0.50%.
| Particulars | Description |
|---|---|
| Minimum Deposit Amount | ₹1,000 |
| Maximum Deposit Amount | No ceiling |
| Minimum Tenure | 5 Months |
| Maximum Tenure | 120 months |
| Interest Payment | At Maturity |
| TDS | Applicable |
| Premature Withdrawal | Allowed, penalty charged(1% on deposits of less than 1cr.),(No penalty levied on amount of 1cr. & above) |
| Auto-Renewal Facility | Available |
| Nomination Facility | Available |
| Special Rate for Senior Citizen | Additional interest of 0.50% |
| Loan Facility | Available (upto 90%) |
| Eligibility | Individual, Joint(not more than 4), a guardian on behalf of minor, HUF, Partnership & Company, Association or any other institution |
| Documents | Application in the Bank's Prescribed Form Copy of PAN Card/ Form 60 or 61(if customer doesnot have PAN) 2 Photographs of depositor/s Proof of identity & address as per KYC Norms Any other related documents as applicable to proprietorship concern, Partnership Firm, Company, HUF etc. |
- Canara Tax Saver Scheme
The Tax Saver Scheme is beneficial for the salaried class, businessmen, and professionals, who come under the ambit of taxpayers. You can invest in this scheme with the minimum amount of ₹100. The investment can be made individually or combined. However, in case of joint account, the income deduction under Section 80C, of the Income Tax Act 1961, shall be available to the first holder of the deposit.
Eligibility
Individual – Single Accounts, Two or more individuals – Joint Accounts, Sole Proprietary Concerns, Partnership Firms, Limited Liability Companies, Association, Clubs, Societies, Trusts, etc., Minors, Blind Persons, Illiterate Persons, Joint Hindu Families, Municipalities, Panchayats, Govt. & Quasi Government Bodies, Religious, Educational, Charitable Institutions, etc. are eligible to invest in this scheme
Documentation
| Particulars | Details |
|---|---|
| An Individual, Hindu Undivided Family, Sole Proprietorship Concern | ID Proof, Address Proof, A photograph |
| Trusts | Copy of the Trust Deed, Copy of the registration certificate, Copy of the Resolution of The Trustees, Authorising the members concerned to open and operate the account, Photographs of the members operating the account |
| Associations / Clubs | By-laws of the Association, Copy of the Resolution by the board authorising the members concerned to open and operate the account, Photographs of the members operating the account |
| Partnership Firm | Partnership Deed, Letter from partners approving the persons concerned to open and operate the account, Photographs of the persons operating the account |
| ID Proof | Address Proof |
| Passport | Passport |
| PAN Card | Telephone Bill |
| Driving Licence | Electricity Bill |
| Voter ID | ID Card Issued by Post Office |
| Government ID Card | Bank Statement with Cheque |
| Senior Citizen ID Card | Any other ID proof or address proof document can be submitted subject to bank's satisfaction |
How to Apply
You can invest in any of the above schemes as per your eligibility. These schemes are available in all bank branches.
For other details, you can call on the toll-free number 1800 425 0018
Canara Bank Fixed Deposit Calculator
The calculator helps you to calculate the maturity value of the investment. It finds out the amount of interest earned on the principal value over the period of investment.