Canara Bank FD Rates, Earn up to massive 8.0% effortlessly (12 Jan, 2024)

Canara Bank had introduced non-callable deposits (Premature withdrawal NOT permissible) including individuals and HUF for Domestic term deposits of above Rs.15 lakhs and revised the interest rates for Canara Bank FD w.e.f. 16-11-2023. Also, to augment Retail Term Deposits, a Special Canara Bank FD scheme of 444 days with higher Rate of interest is introduced.

Additional rate of interest 0.60% for Super Senior Citizen (80 years and above) is introduced under Canara-444 product only i.e. 7.85% for callable deposits and 8% for non callable deposits.

Canara Bank FD Rates – Domestic

SLABS	PERIOD OF DEPOSIT	RATE OF INTEREST (% P.A.)
		Callable Deposits		Non-Callable Deposits
		Less than Rs.2 Crore		Rs. 1 Crore – Rs. 2 Crore
		General Public	Sr. Ciitizen	General Public	Sr. Citizen
1	7 – 45 Days	4.00	4.00	NA @	NA @
2	46 – 90 Days	5.25	5.25	5.35	5.35
3	91 – 179 Days	5.50	5.50	5.60	5.60
4	180 – 269 Days	6.15	6.65	6.25	6.75
5	270 Days – 1 Year	6.25	6.75	6.35	6.85
6	1 Year Only	6.85	7.35	7.00	7.50
7	444 Days	7.25	7.75	7.40	7.90
8	1 – 2 Years	6.85	7.35	7.00	7.50
9	2 – 3 Years	6.85	7.35	7.00	7.50
10	3 – 5 Years	6.80	7.30	NA	NA
11	5 – 10 Years	6.70	7.20	NA	NA

Note: The above Canara Bank FD interest rates are effective 16-11-2023.

* The above Rate of interest is applicable to RD (Recurring Reposit) also.

Canara Bank Tax Savings FD Rate

Maturity Period	Interest Rate (p.a.)
5 years	6.70%

Maximum deposit acceptable is Rs 1.50 Lakh for Canara Tax Saver Deposit scheme (General Public).

Q&A

What are non-callable term deposits?

Non-callable term deposits are deposits above 15 lakhs where PREMATURE WITHDRAWAL IS NOT PERMITTED.

What is Canara Bank FD Scheme of 444 Days?

Special Retail Term Deposit Scheme of 444 days is introduced for Domestic/NRO/NRE Retail Term deposits of below Rs. 2 Crore without automatic renewal facility for both callable and non-callable deposits.

Is premature withdrawal allowed in Canara Bank FD?

Yes, premature withdrawal is allowed in Canara Bank FD (Fixed Deposit) with a penalty of 1.00% will be levied for premature closure/part withdrawal/premature extension of Domestic / NRO term deposits of less than Rs.2 Crore. No penalty will be levied for premature closure/part withdrawal/premature extension of Domestic / NRO

term deposits of Rs.2 Crore & above that are placed / renewed on or after 12.03.2019. No interest will be payable on Canara Bank FD prematurely closed/prematurely extended before completion of 7^th day.

Is an auto-renewal facility available for Canara Bank FD?

Yes, an auto-renewal facility is available for Canara Bank callable FD. Auto Renewal facility is not available for Canara Samriddhi, Canara Unique Deposits, Canara Tax Saver Deposits, Capital Gains Accounts, Non-KYC complied term deposits, non-callable deposits, Canara Samriddhi deposits and Canara Khazana & Shikhar deposits (which are discontinued).

What is NRO Account?

An NRO (Non-Resident Ordinary) account is a bank account opened in India in the name of an NRI, to manage the income earned by him in India. These incomes include rent, dividend, pension, interest, etc.

Which Canara Bank FDs are discontinued?

Canara Amrit – 75 Retail Term Deposit Scheme for “75 Months” discontinued w.e.f. 26.01.2022 & Canara Unique of 1111 Days discontinued w.e.f. 31.03.2022. 666 Days and 400 Days discontinued w.e.f. 05.04.2023.

Is interest payable on overdue deposit?

Overdue deposits (i.e., matured deposits) will be paid interest as applicable to Savings account or the contracted rate of interest on the matured TD, whichever is lower from the date of maturity till the date of payment/ re-investment.

Canara Bank FD Rates – NRI

Canara Bank NRO FD Rates

Same as applicable to Domestic Term Deposits

Canara Bank NRE FD Rates

SLABS	PERIOD OF DEPOSIT	RATE OF INTEREST (% P.A.)
		Callable Deposits		Non-Callable Deposits
		Less than Rs. 2 Crore	Rs. 2 Crore – 10 Crore	Rs. 1 Crore – 2 Crore	Rs. 2 Crore – 10 Crore
1	1 Year only	6.90	6.15	7.05	6.15
2	444 Days	7.25	NA	7.40	NA
3	1 – 2 years	6.90	6.25	7.00	6.25
4	2 – 3 years	6.85	6.25	7.00	6.25
5	3 – 5 years	6.80	6.25	NA	6.25
6	5 – 10 years	6.70	3.65	NA	3.65

Note: The above interest rates are effective 05 October 2023.

What is NRE Account?

An NRE (Non-Resident External) account is a bank account opened in India in the name of an NRI, to park his foreign earnings.

Notes:

1. Senior Citizens are not eligible for additional interest on NRE term deposits.
2. No interest will be payable for the period run on NRE Canara Bank FD prematurely closed/prematurely extended before completion of one year from the effective date of the deposit.
3. The NRE term deposit is auto renewed only once, as the Non-resident status is to be confirmed periodically.

Canara Bank FCNR (B) Interest Rates

Revise the interest rates on FCNR(B) deposits of amount less than USD 1 million (or its equivalent in other currencies):

PERIOD	CURRENCY OF DEPOSITS (% p.a.)
	USD	GBP	EUR	CAD	AUD
1 – 2 years	5.50	5.00	3.00	4.50	4.00
2 – 3 years	4.30	3.00	2.00	4.00	3.50
3 – 4 years	4.00	2.50	1.50	3.85	3.00
4 – 5 years	4.00	2.50	1.50	3.50	3.00
5 years only	4.00	2.50	1.50	3.50	3.00

Note: The above interest rates are effective 12-01-2024.

* Senior Citizens are not eligible for additional interest rate for their FCNR (B) Deposits.

What is FCNR (B) Account?

An FCNR (Foreign Currency Non-Resident) account is a type of term deposit that NRIs can hold in India in a foreign currency. The FCNR (A) account does not exist anymore. It was replaced by the FCNR (B) account in 1993.

Canara Bank RFC Interest Rates

Revised interest rates on RFC Term deposits of amount less than USD 1 million (or its equivalent in other currencies) and RFC saving bank deposits:

PERIOD OF DEPOSIT	CURRENCY OF DEPOSITS (% p.a.)
	USD	GBP	EUR	CAD	AUD
SAVINGS BANK	0.10	0.10	NIL	NIL	NIL
1 – 3 months	0.10	NA	NA	0.10	0.10
3 – 6 months	0.10	NA	NA	0.10	0.10
6 months – 1 year	0.10	NA	NA	0.10	0.10
1 – 2 years	5.50	5.00	3.00	4.50	4.00
2 – 3 years	4.30	3.00	2.00	4.00	3.50
3 years only	4.00	2.50	1.50	3.85	3.00

Note: The above interest rates are effective 12-01-2024.

* Senior Citizens are not eligible for an additional interest rate for their RFC deposits.

What is RFC Account?

An RFC (Resident Foreign Currency) Account can be opened by an NRI who has returned for permanent settlement in India for a continuous period of not less than one year. You can keep your money in Foreign Currency even post turning resident.