Canara Bank Deposit Rates
ELIGIBILITY | Individual, Joint (not more than 4), a Guardian on behalf of a minor, HUF, Partnership, a Company, Association or any other Institution |
INVESTMENT | Minimum - Rs.1000 |
PERIOD OF DEPOSIT | Minimum 15 days (7-14 days – Only for single deposit of Rs.5 lakh and above) |
INTEREST RATE | Depending upon the period of the deposit as prevailing from time to time. |
PERIODICITY OF INTEREST PAYMENT | Monthly (at discounted rates), Quarterly, Half-yearly or Annual intervals as per depositor's choice |
SPECIAL RATE FOR SENIOR CITIZEN | Additional interest rate of 0.50% will be paid for domestic term deposits (including RD and except for NRO, NRE and Capital Gains Deposit scheme) of less than Rs. 2 Cr and with tenor of 180 Days and above, over and above the rate offered for General public. The system will automatically enable preferential ROI of 0.50% to all existing eligible Domestic Term Deposits and RD Deposits from the date of Customer attaining Senior Citizen status w.e.f. 24.07.2018 In case of death of the Senior Citizen before the date of maturity, the deposit may be continued with the contracted interest rate only if there is no change to the other contracted terms. |
TDS ON INTEREST | Applicable |
NOMINATION FACILITY | Available |
LOAN FACILITY | Available upto 90% of the deposit amount |
PENALTY FOR PREMATURE CLOSURE/ PART WITHDRAWAL / PREMATURE EXTENSION OF DEPOSIT: | A penalty of 1.00% shall be levied for premature closure/part withdrawal/premature extension of Domestic/NRO term deposits of less than Rs. 2 Crore that are accepted /renewed on or after 12.03.2019. For premature closure/part withdrawal/premature extension of Domestic/NRO term deposits, the Bank imposes a penalty of 1.00%. Such prematurely closed/part withdrawn/prematurely extended deposits will earn interest at 1.00% below the rate as applicable for the relevant amount slab as ruling on the date of deposit and as applicable for the period run OR 1.00% below the rate at which the deposit has been accepted, whichever is lower.” A penalty of 1.00% is waived in case of premature closure/part withdrawal/ premature extension of Domestic/NRO CALLABLE term deposit of Rs. 2 Crore & above that are accepted/renewed on or after 12.03.2019. However, a penalty of 1.00% shall be levied for premature closure/part withdrawal/premature extension of Domestic/NRO term deposits of Rs.1 Crore & above that are accepted /renewed from 04.02.2011 to 12.10.2012 Such prematurely closed/part withdrawn/prematurely extended deposits will earn interest at the rate as applicable for the amount slab of Rs.2 Crore & above as ruling on the date of deposit and as applicable for the period run OR the rate at which the deposit has been accepted, whichever is lower No interest will be payable on term deposits prematurely closed/prematurely extended before completion of 7th day. A penalty of 1.00% is applicable on Term Deposits under Capital Gains Account Scheme-1988, which are prematurely converted/withdrawn/closed, irrespective of the size of the deposit amount. |
EXTRA FACILITY | Facility of part withdrawal of deposits in units of Rs.1,000/- keeping the rest of the deposit to earn contracted rate of interest. |
AUTO RENEWAL OF DEPOSIT | Deposit shall be renewed automatically for a similar period on the date of maturity at the rate of interest applicable for the period as on the date of maturity, in the absence of any renewal instructions well in advance. Auto Renewal facility is not available for Canara Tax Saver Deposits, Capital Gains Accounts, Canara Samriddhi deposits(discontinued w.e.f. 01.10.2015), Canara Khazana and Shikhar Deposits (discontinued w.e.f. 26.03.2020) and Non-callable deposits. |
OVERDUE DEPOSITS | a) The deposit will be renewed automatically from the date of maturity for a similar period at the interest rate prevailing on the date of maturity for the period of deposit, if automatic renewal has been opted by the depositor at the time of opening of the deposit account (except deposits opened under Capital Gains Scheme, Canara Tax Saver Scheme & Non-callable term deposits). b) If automatic renewal of the deposit is not opted by the depositor and the deposit remains with the Bank after the date of maturity (even if the CBS system renews the deposit automatically), the same will be treated as an overdue term deposit from the date of maturity of the original deposit. The overdue term deposit will be paid interest at prevailing Savings Bank rate for the overdue period, i.e. from the date of maturity of the original deposit till the date of payment/ re-investment. |
APPLICATION & DOCUMENTS | Application in the Banks’ prescribed form. Copy of PAN Card / Form 60 or 61 (if customer does not have PAN Card). Photograph of Depositor/s (2 copies). Proof ofIdentity and address as per KYC Norms. Any other related documents as applicable to proprietor ship concern, Partnership Firm, Company, HUF etc. |
Canara Bank Fixed Deposit Interest Rate Calculator calculates the interest earned on a fixed deposit with the help of outlined components:
(1) Deposit Amount
It is an amount which an FD account holder wants to invest in the fixed deposit. It is also called principal. It is to be remembered that this amount can be deposited only once hence you have to decide the amount to be invested according to your investment objectives.
Canara Bank, established in 1906 and nationalized in the year 1969, is one of the largest public sector banks under the Government of India. The Canara Bank Recurring Deposit is one of the most popular investment schemes offered by the bank which allows individuals to build a significant savings corpus through monthly deposits. It offers competitive interest rates up to 5.50% on its fixed deposits. Canara Bank FD Calculator helps you estimate how much interest you will earn on your hard-earned money parked in the FD account.
(2) Interest Rate
It is the rate of interest offered by the bank where you open the FD. It differs for different tenures. Once FD is opened for a specific tenure then the interest rate will remain the same for the whole tenure.
(3) Term of Deposit (FD Tenure)
It is the duration for which the amount is invested in an FD which may vary from 7 days to 10 years. In the calculator, you can select the tenure in days, months or year.
Canara Bank NRE FD Interest Rates (as On 03 Mar 2021 ...
(4) Compounding of Interest
Canara Bank Deposit Fee
Interest can be compounded on monthly, quarterly, half yearly or annual basis. It can be a simple interest as well. You need to enter it based on the offer by the bank.