Canara Bank provides us interest on Fixed Deposit at nominal rate of interest which is beneficial for customer as compared to given by Private Sector Banks. Investing and borrowing from such Public sector banks would create opportunity of great savings of customer interest in terms of money. Canara Bank Fixed Deposit Scheme The minimum amount you can deposit in Canara Bank fixed deposit scheme is Rs. There is no maximum limit to the amount of deposit. You can elect to keep your deposit for a period of 15 days to 120 months (10 years). Now deposit your the amount of which you are making FD. Once you have done with depositing your amount in Canara bank, you are done with it. So this was how you can open Fixed Deposit in Canara bank, I hope you are clear with all the steps which I have mentioned in this guide. As I have already mentioned if you have any doubts you. Canara Bank FD Interest Calculator is an online financial tool that allows you to calculate the maturity value of your fixed deposit at the interest rate offered by bank. The amount of FD, interest rate, deposit tenure and compounding frequency of interest together determine the maturity amount of the FD at the end of the tenure.

1. Canara Bank Fixed Deposit
2. Canara Bank Fixed Deposit Rate
3. Canara Bank Fixed Deposit Online
4. Canara Bank Fixed Deposit Rates 2019
5. Canara Bank Fixed Deposit Calculator

As you know that a Fixed Deposit (FD) is an investment option offered by banks that gives you higher rate of interest than a regular savings account. By investing in an FD, you can achieve your financial goals comfortably due to higher returns offered by it.

Canara Bank FD provides an option to deposit lump sum amount for a specific period, ranging from 7 days to 10 years. You can choose any of the tenures offered by Canara Bank FD according to your convenience and financial objective. As soon as you select the tenure and deposit the amount in Canara Bank_ FD, it will start earning an interest based on the tenure of the deposit. Customer is allowed to deposit lump sum money into a fixed deposit only once into his FD account at the time of opening the account with the bank and afterwards he cannot deposit additional money in the same FD account.

You can also get tax benefits under section 80C of the Income Tax Act on an amount between Rs. 100 to 1.5 lakh by investing in Canara Bank FD for a tenure of 5 years or more.

Following table provides you Canara Bank FD Rates of various tenors. Also, given below is the facility/ option, through which you can calculate the interest rate and the maturity value of your Canara Bank FD for different tenures by clicking on the 'calculate' button provided in the table.

Canara Bank Fixed Deposit Interest Rates (as on 06 Mar 2021)

Features & Benefits: Canara Bank Fixed Deposit

• Competitive interest rates are offered with flexible FD tenures to suit your investment plan.
• FD account can be opened online or by visiting your nearest Canara Bank branch.
• No cap on the Maximum Amount of FD
• FD Tenures: 7 days to 10 years
• Different interest payout options such as monthly, quarterly, etc.
• Loan/ Overdraft against FD facility is available upto 85% of the FD amount.
• Easy and fast liquidity options are available.
• Nomination facility is available.
• Tax benefit of amount up to Rs 1,50,000, through tax saving term deposit scheme
• Part withdrawal facility and auto-renewal facilities are also available
• Senior citizens can enjoy higher interest rate as compared to regular citizens
• NRE, NRO and FCNR deposit facility is offered by the bank

Who is Eligible for Canara Bank Fixed Deposit

Any of the following persons is eligible to invest in fixed deposits (FD):

• Individual
• Minor
• HUF
• Proprietary Firm
• Partnership Firm
• Limited Liability Partnership (LLP)
• Company
• Association of Persons (AOP)
• Body of Individuals (BOI)
• Local Authority
• Trust
• Non-Resident Indian (NRI)
• Registered Society

Important Things to Know Before Investing in Fixed Deposits

• Always compare tenure-wise FD interest rates of different banks before finalizing the bank for opening an FD account, in order to get maximum interest rate on selected tenure.
• The tenure for most bank fixed deposits varies from 7 days to 10 years. You should choose the FD Tenure according to your convenience and objective behind investment.
• Opt for interest payout options such as monthly or quarterly, if required. Otherwise, choose cumulative option so that you can receive lump sum amount when FD gets matured.
• You can also avail loan or overdraft against FD, if you have immediate requirement of funds.
• If your annual income is non-taxable, you can submit Form 15G or Form 15H in order to avoid TDS.
• Don't forget to make nomination in your FD account.
• If you are a senior citizen then open your FD in a bank which offers extra interest of 0.25% to 0.75% to senior citizens.
• When you open fixed deposit online or offline, do not forget to give instructions on what to do on maturity of your FD. If you do not give any instruction, your fixed deposit will be renewed automatically on maturity.

Calculation of Interest on FD of Canara Bank

Interest on FD for different tenures is calculated in following manner:

1. Simple interest is paid at maturity for fixed deposit tenure of less than 6 months.
2. Interest is calculated on a quarterly basis for fixed deposit tenure of 6 months & above.
3. Cumulative Interest/ re-investment interest is calculated every quarter, and is added to the Principal such that Interest is paid on the Interest earned in the previous quarter as well.
4. In case of monthly deposit scheme, the interest shall be calculated for the quarter and paid monthly at discounted rate over the Standard FD Rate

Canara Bank FD Interest Calculator

Canara Bank FD Interest Calculator is an online financial tool that allows you to calculate the maturity value of your fixed deposit at the interest rate offered by bank. The amount of FD, interest rate, deposit tenure and compounding frequency of interest together determine the maturity amount of the FD at the end of the tenure.

Automatic Renewal of Bank FD

Bank FD matures on specific date. On maturity, if you have not given any specific instructions such as payout or renewal of FD, most of the banks automatically renew the FD for the same period for which it was initially made at the interest rate prevailing on the date of maturity of FD. This is called Automatic Renewal of Bank FD.

You should choose the option on the account opening form, if you do not want the bank to auto renew your FD. You have 2 options on the account opening form while depositing money in FD, first one is auto renew and second one is deposit of amount to your account after maturity. In case you have not mentioned any option on the account opening form then you will need to visit the bank branch on maturity day of your bank FD and opt for credit of the final proceeds of your bank FD into your savings account if you do not want an auto renewal of your FD.

Bank FD News Mar 2021

13-01-2020: SBI revised FD interest rate

SBI has announced a cut in retail fixed deposits of FD rates. The latest FD rates on SBI deposits is effective from 10th January 2020. The bank has cut the FD rates by 15 bps on long-term deposits maturing in 1 year to 10 years. Now FD interest rate for 7 to 45 days is 4.50%, for 46 to 179 days is 5.50%, for 180 days to 1 year is 5.80% and for 1 year to 10 years is 6.10%.

09-01-2020: Axis Bank reduced FD interest rate

Axis Bank reduced interest rates by up to 20 bps from January 9. FDs for less than Rs 2 crore and with the tenor of less than 1 year will earn 6.40%, for the tenor of 5 years to up to 10 years, FD rates is 6.50%.

07-01-2020: HDFC Bank deposits up by 25% (YoY) in 2019

The largest private sector lender HDFC Bank's deposits up by 25% (YoY) in 2019. Its deposits are at Rs 10.67 trillion as of December 31, 2019 growing by 25% as compared to Rs 8.52 trillion as of December 31, 2018..

24-12-2019: HDFC Bank revised FD interest rate

The revised rate for FDs maturing in 9 months 1 day to less than 1 year will be 6.05%. Term deposits maturing in 1 year to 2 years will fetch an interest rate of 6.3%, 2-3 years 6.40%, and 3 years to 10 years 6.3%.

01-12-2019: PNB cuts off FD rates

With effect from December 1, 2019, FDs for less than Rs 2 crore and the tenor of 271 days to below 1 year will be 6% for general customers and 6.5% for senior citizens. For the tenor of 5 years to up to 10 years, PNB has FD rates of 6.3% for general customers and 6.8% for senior citizens.

12-11-2019: ICICI Bank reduces FD interest rate

The interest rates on ICICI Bank FD for less than Rs 2 crore and the tenor of 185 days to 289 days will be 5.75%, for 5 years to up to 10 years will be 6.40% and 6.9% for senior citizens. Its interest rates will be effective from December 7, 2019.

Public Sector Banks FD Interest Rates

Private Sector Banks FD Interest Rates

Opening a fixed deposit is really good way to invest your money and get good amount of return for the money you have invested. We all want to be rich and to get rich we need to invest our money to increase the amount of money which we have with us. When it comes to investment there many places where you can invest your money where your money grows, but the main thing is when you invest your money anywhere the first thing you need to check is risk. How much risk are you taking with the money which you have invested there?

Canara Bank Fixed Deposit

We should always check the risk level while investing our money somewhere. And today I will tell you a complete new way where your money will grow with time i.e. you will get good amount of returns for your money which you are investing. But the risk level here is very less! Yes you heard it right the risk level is almost zero here. I am talking about Fixed Deposits. If you are searching online for an article in which you will find information about how to open Fixed deposit in Canara Bank. Then let me tell you that you have been landed on the right website here. Because in this guide on Online Indians you will find how you can open fixed deposit in Canara bank.

Contents

Canara Bank Fixed Deposit Rate

Things you should know about Fixed Deposit.

Canara Bank Fixed Deposit Online

But before we proceed to the further part of this guide I would like to tell you few things about Fixed Deposits before you open one for you.

• In this guide you will find the procedure which you need to follow to open fixed deposit in Canara Bank offline process and not online.
• The minimum tenure or term period for which you can make Fixed Deposit is 7 days.
• The maximum tenure or term period is 10 Years.
• When you open a FD and it gets matured, if you don’t visit your home branch where you had opened your FD, it will be automatically renewed.
• The name on the FD account should be exactly same as on the savings bank account to which you want your FD amount to be funded.

How to Open Fixed Deposit in Canara Bank?

Canara Bank Fixed Deposit Rates 2019

So now let us get started with this guide and check out how you can open Fixed deposit in Canara Bank. I have mentioned all the steps which you need to follow, after reading this guide if you have any kind of doubts in your mind you can leave your comment below.

• The first thing you need to do is collecting the FD form, you can download this form online or else you can visit your Canara Bank home branch and ask them for the form. You will get it there.
• Filling FD form, now you need to fill the form with all the details which are asked to you in the form.
• After that you need to collect the documents which you need to submit to your bank.
• Documents: You need to submit photocopies of your PAN card and address proof documents.
• Make sure you make your signature on the photocopies of your documents. Because without your signature on them they will not be considered as valid documents.
• When you have completed filling the form and collecting your documents, visit your home branch.
• Talk with the bank officials and show your form and photocopies of your documents and verify with them if you have taken the right documents and filled the form correctly.
• Now deposit your the amount of which you are making FD.
• Once you have done with depositing your amount in Canara bank, you are done with it.

Final Words.

Canara Bank Fixed Deposit Calculator

So this was how you can open Fixed Deposit in Canara bank, I hope you are clear with all the steps which I have mentioned in this guide. As I have already mentioned if you have any doubts you can comment below. I will respond to your comment as soon as possible. And if you want to get assisted quickly you can visit your Canara bank home branch during working hours. They will assist your with the procedure.