• Canara Bank Savings Account Interest Rate 2019
• Which Bank Has Best Savings Account Interest Rate
• Canara Bank Interest Rates 2020
• Canara Bank Online Account
• Canara Bank Savings Account Interest Rates

List of Savings Account Banks Minimum Balance Required (INR) Savings Account Interest Rates (Per Annum) Allahabad Bank: 1000: 3.00% - 3.15%: Andhra Bank. Canara Bank Savings Account Interest Rates and Charges The rate of interest offered on the account is between 3.25% and 3.75%. This is a fixed rate and remains static through the period of account’s operation. Canara Bank Savings Account: Check eligibility, interest rates, documents required and apply online for Canara Bank Savings Account at Paisabazaar.com. Here's a comparison of fixed deposit (FD) interest rates paid by SBI, Canara Bank, HDFC Bank and ICICI Bank: Canara Bank. The following FD interest rates are applicable on deposits below Rs.

IN THIS ARTICLE

Earn more from your earnings by saving in Canara Bank deposits. The deposits can be made for a short period or for a long period. The tax saving deposits with longer locking period, save you from paying tax on interest earned on the deposit. On the other hand, senior citizens can enjoy 0.5% extra interest on their deposits.Benefits of having Canara Bank Accounts are high when compared to other bank accounts.

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Canara Bank Deposits

Canara Bank provides a wide variety of deposits than the regular fixed deposit. The Ashraya deposit scheme for senior citizens who are aged above 60 years can be opened either singly or jointly. In the case of a joint deposit, the other depositor can be below 60 years of age, however, the senior citizen is the prime depositor. As with the fixed deposit, the ashraya deposit also allows the depositor to take a loan on the deposit. The recurring deposits are those that are paid monthly and are perfect for individuals who wish to make small savings regularly. The minimum amount of RD can be Rs.50 per month and there is no maximum limit. The deposit tenure ranges from 6 months to 120 months. You can withdraw your money with the help of Canara Bank Debit Cards with out visiting the bank. Nomination facility and loan facility is provided along with the deposit. The kamadhenu deposit is the re-investment deposit in which the interest is paid only after the maturity period. The Canara Bank champ deposit scheme is for children aged below 12 years. The Canara Dhanavarsha scheme is another type of recurring deposit beneficial for people planning to deposit Rs.1000 per month. The maximum amount that can be deposited is limited to Rs.1 lac.

Canara Bank Fixed Deposits

Canara Bank Savings Account Interest Rate 2019

Canara Bank Fixed deposit can be opened jointly (with not more than 4 people) or individually. The deposit can also be opened for a minor by a guardian. Partnership companies and other organizations can also make a fixed deposit. The minimum amount has to Rs.1000 with no limit on the maximum deposit. The tenure for the fixed deposit can be as low as 15 days to a maximum of 120 months. Fixed deposits with a very short tenure of fewer than 15 days can also be opened but the limit of the amount is 5 lakhs. TDS is deducted on the interest gained. Customers are given the opportunity to include a nominee for the deposit. A loan of about 90% of the deposit value can be taken. A penalty of 1 % has to be paid for premature withdrawal of the deposit. The deposit amount can be broken into units of Rs.1000 and can be withdrawn as per the requirement. As a result, the depositor will lose interest only on a small portion of the deposit amount. Other Banks like HDFC Bank Deposits, SBI Bank Deposits and Union Bank Of India Deposits also providing different type of Deposits same as the Bank of Baroda.The deposit will be renewed automatically after the date of maturity for the same period as existing. If the customer fails to renew the deposit or withdraw the deposit amount after maturity, the deposited amount will be paid an interest as per the interest rate existing on the savings account. To open a fixed deposit, the application has to be submitted to the bank along with the PAN card, photograph and identity proof.

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Canara Bank Deposits Interest Rates

The interest rate on the deposits is calculated monthly and is disbursed quarterly, half-yearly or annually as directed by the customer. The interest rate on fixed deposits is in the range of 5.50% to 6.90% depending on the tenure for which the deposit is made.

For senior citizens, the interest rate on fixed deposits is 0.5% more than that offered for other customers except for the deposits related to capital gains and NRO fixed deposits. The interest rate on the Canara Champ deposit scheme is that the interest is about 4% per annum. Along with Canara Bank some other banks like Dena Bank Deposits, Citi Bank Deposits and Yes Bank Deposits also provides the best interest rates to their customers.Are you looking for loans at low interest rates then Canara Bank Loans provides loans to their customers at low interest.

FAQ’s Related to Canara Bank Deposits

1. What is the eligibility for opening a Canara Bank deposit for a minor?

2. What is the interest rate on fixed deposits for senior citizens?

3. What is the tenure for recurring deposit?

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

Which Bank Has Best Savings Account Interest Rate

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.

Canara Bank Interest Rates 2020

Public Sector Banks FD Interest Rates

Canara Bank Online Account

Private Sector Banks FD Interest Rates

Canara Bank Savings Account Interest Rates