| Started On | 1906 |
| Head Quarters | Bengaluru |
| CRISIL Rating | NA |
| CEO | Lingam Venkat Prabhakar |
| Listed on exchange as | Canara Bank |
| ICRA Rating | NA |
| Tenure | Regular customers | Senior citizens |
|---|
For a Canara Bank FD with tenure ranging from 7 days to 12 months, the interest rate offered is from 3.25% p.a. to 6.50% p.a. These deposits are known as short-term deposits as their tenure is less than 1 year.
Medium-term fixed deposits have tenures ranging from more than 1 year to less than 5 years. The interest offered by the bank on these deposits is around 6.25% p.a and 6.50% p.a.
These deposits have their tenure ranging from 5 years to 10 years and offer an interest rate of 6.50%.
| Name | Tenure | Interest rate |
|---|
A Canara Bank FD account can be opened through different modes like Mobile App, Internet Banking, and offline.
1) Internet Banking
Follow the below-mentioned steps for opening a Canara Bank FD account via internet banking-
2) Mobile App - Canara Bank App
Follow the steps mentioned ahead to open an FD account via Canara Bank App-
3) Opening Canara Bank FD Offline
For opening a Canara Bank FD account via offline mode, one has to visit the nearest Canara Bank branch. Fill out the Canara Bank FD application form and present all the necessary documents with the deposit amount. On successful processing of the application, an FD receipt will be provided by the Canara bank.
Those who are looking to invest in Canara Bank fixed deposit scheme should meet the following eligibility factors.
Proof of Address
Proof of Identity
An investment in Canara Bank Tax Saving FD entitles to tax saving up to Rs. 1,50,000 p.a. No other Canara Bank FDs entitle to tax saving under Section 80C of the Income Tax Act.
Also, note that the interest income from Canara Bank Fixed Deposit is taxable according to the slab rates of income tax. Also, the interest income is subject to a TDS of 10% if the income from Canara Bank FD exceeds Rs. 40,000 p.a.
For senior citizens, the limit is Rs. 50,000 p.a. Also, if the investor fails to provide PAN Card details to the bank, the TDS rate will be 20%.
Canara Bank provides loans against their Fixed Deposits. Investors can receive up to 90% of the deposit amount as a loan against Fixed Deposit in Canara Bank. The rate of interest will be between 5.5%-7.4%. Moreover, the loan tenure will be similar to the Canara Bank FD tenure.
All Canara Bank Fixed Deposits can be withdrawn prematurely except for the tax-saving Fixed Deposits. Canara Bank levies a penalty of 1% for premature withdrawal. The penalty is subject to modification according to the terms and conditions of Canara Bank.
What is the highest interest rate for Canara Bank FDs?
For regular investors, the maximum interest rate offered is 7.25% per annum, while for senior citizen investors, the highest rate is 7.75% per year.
Does Canara Bank Tax Saver Deposit have flexible tenure?
No. This particular scheme offers a fixed lock-in period of 5 years.
How to resolve queries regarding Canara Bank FD?
Investors can reach out to the bank’s Customer Care division by calling on 1800 425 0018.
What are the minimum and maximum maturity tenure for Canara Bank’s fixed deposits?
The minimum tenure is 7 days, while the maximum period can range up to 10 years based on the scheme you pick.
Can investors deposit an additional sum into an ongoing FD?
No. Adding an additional amount of money to an already existing FD account is not possible. Those looking to increase investment quantum must open a new account altogether.
Can the duration of an ongoing FD be changed midway?
No. You cannot change the tenure of a fixed deposit after an investment has started. Those looking for a different maturity period must begin a separate FD with the preferred tenure.
What is the minimum deposit for opening the Canara Bank fixed deposit scheme?
Investors need to deposit at least Rs. 1000 in their FDs with Canara Bank.
What is the current interest rate range for Canara Bank FDs?
The regular FD rates range between 4.00% and 7.25% annually.
How much loan can investors avail against fixed deposits?
Investors can avail up to 90% of their FD value as loans. For instance, if an FD is worth Rs. 2 Lakh, the investor can avail a credit of up to Rs. 1.80 Lakh.