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List of fixed deposit rates across all banks in India
A Fixed Deposit (FD) is among the most popular financial instruments for investment. There are several reasons for this, the most significant being that FDs are a secure and flexible investment which provide a reasonable return on investment. Interest income on FDs is taxable unless you fill out the declaration in form 15G/H. However, your interest is guaranteed, and your principal is secure, and these two factors are extremely important for people with low risk appetite.
FDs are created for a specific term and the investor cannot generally withdraw the amount during the term except in special circumstances. A penalty is applicable for premature withdrawal. Most banks specify a minimum amount to be deposited. Fixed deposit terms range from 7 days to 10 years.
Different banks offer different variations of fixed deposit schemes. The following types of fixed deposits are available with Canara Bank.
About Canara Bank Fixed Deposit Rate
This is a special type of fixed deposit available specifically for the purpose of claiming deduction under section 80 C of the Income Tax Act. A single individual or two individuals jointly can open an account under the Canara Tax Saver Scheme. The Karta of an HUF can also open an account in the name of the HUF. The minimum amount required is Rs. 100 and the maximum is 1,50,000. Deposits must be made in multiples of 100 only. The minimum term is 5 years. Interest rates are as applicable to Canara Bank Fixed Deposits.
The minimum amount you can deposit in Canara Bank fixed deposit scheme is Rs. 1000. 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). Interest under this scheme is payable as per rates declared from time to time.
This is a cumulative deposit - re-investment plan. There are no interest pay-outs under the scheme. Investors will receive a lump sum inclusive of principal + interest at the end of the term.
The minimum deposit under this scheme is Rs. 1000 with no maximum limit. There is also no requirement to deposit even amounts. Investors are free to deposit in odd amounts if they wish. The minimum term under this scheme is 5 years and the maximum is 10 years.
An additional interest at 0.5% is applicable for senior citizens.
This is another specialized term deposit product designed specifically for senior citizens of India. Under this scheme, citizens of India who have crossed age 60 can open a fixed deposit with a minimum deposit of Rs. 1000 (no maximum limit) either in their single name or jointly with his/her spouse, children or any other individual who may or may not be a senior citizen. The minimum term under this scheme is 15 days and the maximum is 10 years. If you wish to take Ashraya Deposit under the Kamdhenu Deposit plan, then the minimum term would be 5 months. Interest rates would apply as per the type of deposit selected.
Fixed deposits are popular because of the low risk and steady return. Interest paid on fixed deposits varies from bank to bank. Interest rates also vary depending on amount invested and term of deposit.
Here are the rates offered by Canara Bank. It is important to understand that these are the current rates of interest and are subject to change at any time.
Canara Bank Fixed deposit interest rates
Like other banks, Canara Bank also offers an enhanced interest rate to senior citizens - individuals over age 60 - in conformity to government requirements. Here are the rates offered to senior citizens under the Canara Bank fixed deposit scheme -
*Rates are applicable only for single deposit of Rs.5 lakhs & above.
** Approximate Annualized Yield in % terms at the beginning of the slab. Effective Annualized rate of return on Bank’s Re-investment Deposit Plan (Kamadhenu Deposit) is based on quarterly compounding of interest.
Canara Bank offers an additional interest of 0.50% p.a to deposits of Senior Citizens for all maturity slabs.
Canara Bank Offers 7.05 % p.a and 7.10% p.a for periods of 444 days and 555 days respectively under Canara Shikhar Deposit Scheme for General Public.
Canara Bank Offers 6.20 % p.a for Canara Tax Saver Deposit scheme (General Public). Maximum deposit acceptable is Rs 1.50 lacs.
Interest rates are quoted as a percentage of deposit amount payable annually. The following is the formula to compute interest rates paid under Canara Bank fixed deposit.
A = P x (1 + r/n)nt
I = A - P
A = Maturity Value
P = Principal Amount
r = Rate of Interest
t = Number of Years
n = Compounded Interest Frequency
I = Interest Earned
Computing this for various amounts and terms can be complex. Canara Bank therefore offers an online interest calculator on their official website, which computes the annual, monthly, quarterly, and half yearly interest - depending on the frequency you choose - for various amounts and terms. All you need to do is enter the details and the interest amount will be displayed. You can also compute maturity amount under the re-investment plan using this calculator.
FDs are popular not just because of their reliability, but also because they are highly flexible. It is easy to withdraw money by breaking a fixed deposit with Canara Bank in case you are in an emergency situation and need cash quickly.
Some FDs allow partial withdrawal while others require complete withdrawal. Canara Bank charges a small penalty for premature withdrawal of fixed deposits.
Penalty is expressed as a reduction on rate of interest for the period during which the deposit amount remained with the bank. Canara Bank charges a penalty of 1.00% on all fixed deposits.
1. What is the eligibility for opening an FD account with Canara Bank?
Any individual who is a resident of India can open a fixed deposit account with Canara Bank. In case the said individual is a minor - below age 18 - a guardian must be appointed to operate the account on his behalf. FD accounts can be jointly opened by 2 or 3 individuals. Most banks limit the joint holders to 3. HUF, sole proprietorships, partnerships and corporates can also open FD accounts with Canara Bank.
2. How are Canara Bank fixed deposits taxed?
Tax is applied on fixed deposits with Canara Bank and other banks according to the provisions of the income tax act. In case of joint accounts, tax is applied to the account of the first holder. In case the first holder is a minor, tax will be applied to the guardian’s account. Tax will be applied to corporates and other businesses as per provisions in the income tax act.
3. I file my own returns can I ask the bank not to deduct tax?
Yes. The income tax department provides for this. You may fill out a declaration form - 15G for citizens below age 60 and 15H for senior citizens - and submit it to the bank branch. The forms are available for download on the official website of the bank. The tax rules for business deposits are different.
4. How do I know that the bank has paid my tax to the Income Tax Department?
Canara Bank issues a TDS certificate in form 16 as per the provisions of the Income Tax Act. This form is issued by the income tax department to the bank as proof of tax paid on your behalf. You can also check this by visiting the website of the income tax department and checking your account by entering your PAN number.
5. Who gets the proceeds in case the holder dies?
In case of the death of the first holder - in a joint FD - the proceeds will be paid to the remaining holder/s. In case of a single account the proceeds will be paid to the nominee. In case there is no nomination in a single account, proceeds will be paid to the legal heirs on production of proof of claim.
Increase in Fixed Deposit Interest Rates at Canara Bank7 Dec 2020
Happy news for Canara Bank customers, your fixed deposits can now fetch higher returns. The state-owned bank has increased the interest rates of fixed deposits by 0.2%. Earlier, the bank was offering interest rates of 5.2% on FDs with tenures over th...
Happy news for Canara Bank customers, your fixed deposits can now fetch higher returns. The state-owned bank has increased the interest rates of fixed deposits by 0.2%. Earlier, the bank was offering interest rates of 5.2% on FDs with tenures over than two years but less than three years. Now, these FDs will fetch interests of 5.4%. The interests on FDs with tenures ranging from 3 to 10 years has also been revised from 5.3% to 5.5%. For senior citizens, FD interest rates have been increased by 0.5%. With this revision, Canara Bank now offers the highest interests on fixed deposits among all public-sector banks.
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