Canara Bank offers various fixed deposit (FD) schemes to retail customers where they can deposit a lump sum in the account and earn a competitive interest rate on the deposits. The tenure of an FD account can range from 7 days up to 10 years based on the customer's requirement. Senior citizens may get an additional interest rate based on the tenure chosen.
Here is all that you should know about Canara Bank FD schemes.
RBI has announced a new rule applicable to unclaimed, matured FD accounts. That is the funds in an unclaimed, matured FD account will attract an interest rate as applicable to the savings account or the contracted rate of the matured FD, whichever is lower.
Highlights for 2025 Fixed Deposit Scheme of Canara Bank
Tenure | 5 months to 10 years. |
Senior Citizen Interest Rates | 4.50-7.80% p.a. |
Public Interest Rates | 4.00% to 7.10%. |
Highest Interest Rates for Public | 7.1% p.a. |
Highest Interest Rates for Senior Citizens | 7.80% p.a. |
Premature Withdrawal | There is no penalty for deposits up to Rs 5 lakhs. For deposits above Rs 5 lakhs, the penalty is 1% of the applicable IOB FD rate. |
Minimum Deposit Amount | Rs 1,00,000 |
Fixed Deposit Interest Rates 2025 of Canara Bank
The interest rates provided in the table below are applicable to deposits below Rs.3 crore and is effective from 11 June 2024:
| Deposit Tenure | Interest Rate for Regular Customers (% p.a.)* | Interest Rate for Senior Citizens (% p.a.)* |
| 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 | 6.15 | 6.65 |
| 270 days to less than a year | 6.25 | 6.75 |
| 1 year | 6.85 | 7.35 |
| 444 days | 7.25 | 7.75 |
| Above 1 year to less than 2 years | 6.85 | 7.35 |
| 2 years and above to less than 3 years | 6.85 | 7.35 |
| 3 years and above to less than 5 years | 6.80 | 7.30 |
| 5 years and above to 10 years | 6.70 | 7.20 |
*Interest rates are subject to change from time to time.
Different Types of Canara Bank FD Schemes
Canara Bank Fixed Deposit Schemes Overview
Fixed Deposit
- Minimum Deposit: Rs.1,000; no upper limit.
- Tenure: 15 days to 120 months (7-14 days for deposits of Rs.5 lakh and above).
- Interest Payout: Monthly, quarterly, half-yearly, or annually based on depositor preference.
- Features: Regular FD scheme offering flexible tenures and interest payout options.
Canara Green Term Deposit
- Purpose: Funds are exclusively allocated toward environmentally friendly projects.
- Minimum Deposit:
- Rs.1,000 for callable deposits.
- Rs.3 crore for non-callable deposits.
- Tenure: Fixed periods of 1111, 2222, and 3333 days.
- Features: No maximum deposit limit; supports green initiatives alongside savings growth.
Kamadhenu Deposit
- Minimum Deposit: Rs.1,000; no maximum limit.
- Tenure: 5 months to 120 months.
- Interest Payout: Paid upon maturity.
- Additional Benefits: Loan facility up to 90% of the deposit and nomination availability.
Canara Dhanvarsha
- Deposit Type: Monthly recurring deposit with flexible installment options.
- Minimum Installment: Rs.500 per month.
- Maximum Installment: Rs.1 lakh per month.
- Tenure: 1 year to 10 years.
- Features:
- Flexible deposits with no penalty for missed installments.
- Option for multiple installments in a month.
Nitya Nidhi Deposit (NND) Scheme
- Purpose: Encourages daily small savings.
- Collection: Savings are collected at your doorstep by an authorized agent daily or at convenient intervals.
- Minimum Contribution: Rs.50 per month.
- Maximum Daily Collection: Rs.1,000 per account or Rs.30,000 per month.
- Tenure: 63 months.
- Interest: 2.00% paid upon maturity.
Ashraya Deposit Scheme
- Eligibility: Senior citizens with domestic fixed deposits or Kamadhenu deposit accounts.
- Minimum Deposit: Rs.1,000; no maximum limit.
- Tenure:
- Fixed Deposits: 15 days to 120 months.
- Kamadhenu Deposits: Minimum 5 months.
- Interest Payout:
- Compounded monthly, quarterly, or half-yearly for fixed deposits.
- Quarterly compounding for Kamadhenu deposits, payable on maturity.
Each of these schemes is designed to cater to diverse savings goals, offering flexibility, sustainability, and financial security. Customers can choose based on their financial needs, investment horizon, and social or environmental goals.
Special Features and Benefits of Canara Bank FD
- Minimum deposit tenure is seven days.
- Minimum deposit amount is Rs.1,000.
- Get attractive interest rates based on the prevailing bank policy.
- Senior citizens that are resident individuals will get an additional interest rate of 0.5%.
- Nomination facility is available.
- Loan facility is offered up to 90% of the deposit amount.
- Premature withdrawal is allowed subject to certain conditions.
Basic Eligibility Criteria for Canara Bank FD
- Individuals
- Two or more individuals to form a joint account (not more than 4)
- Guardian on behalf of a minor
- Hindu Undivided Families (HUFs)
- Partnership, Company, Association or any other Institution
Tax Benefits on Canara Bank Fixed Deposit
Canara Tax Saver Scheme
This is a scheme offered under the fixed deposit and Kamadhenu deposit schemes. The account is suitable for salaried employees, businessmen, and professionals. Individuals and HUFs are eligible to open this account. The minimum deposit is Rs.100, and the maximum is Rs.1.5 lakh. The tenure is five years. You will get an income tax deduction of up to Rs.1.5 lakh under Section 80C of the Income Tax Act, 1961 upon depositing money in this account.
FD Interest Rate Calculator
Visit our easy-to-use FD calculator page to predict the returns you may receive upon putting your money in a fixed deposit account.