Canara bank provides decent interest rates to its investors for fixed deposits. For a year the maximum interest rate is 7.00 percent but for over a year, it’s 6.70 and slightly lower than 6.20 in a few cases. If carefully observed, the interest rates are the same for over 5 years.
The rates are even less in some cases as they approach the maximum tenure of 10 years, this is because of the estimation of repo rates which might fall in a few years.
Check Also: Dena bank Fixed deposit interest rates
So, the bank keeps the scope of these declining rates and puts the interest rates slightly low as a fallback security in long term cases ranging from 5 to 10 years. Interest Rates for Canara bank saving account is 3.50% for the amount below 50 lakh and 4.00% for balance above 50 lakh same like other Indian Banks. The below interest rates are effective from 1 November 2018.
Canara Bank Fixed deposit interest rates Feb 2019 (Domestic/NRO):
| TIME PERIOD | INTEREST RATES (% p.a.) | |
|---|---|---|
| For Deposits Below 1 Crore | For Deposits Above 1 Crore | |
| 7 Days to 14 Days | 5.75% | Contact Nearest Branch |
| 15 Days to 30 Days | 5.75% | “ |
| 31 Days to 45 Days | 5.75% | “ |
| 46 Days to 60 Days | 6.25% | “ |
| 61 Days to 90 Days | 6.25% | “ |
| 91 Days to 180 Days | 6.25% | “ |
| 181 Days to 270 Days | 6.35% | “ |
| 271 Days to 1 Year | 6.40% | “ |
| 1 Year | 7.00% | “ |
| 1 Year to 2 Years | 7.00% | “ |
| 2 Years to 3 Years | 6.70% | “ |
| 3 Years to 5 Years | 6.20% | “ |
| 5 Years to 10 Years | 6.20% | “ |
Canara Bank NRE Term deposits Rate Feb 2019:
| Deposit Period | Less than 1 crore (%p.a.) | Above 1 crore (%p.a.) |
|---|---|---|
| 1 Year | 7.00% | Contact Branch |
| 1 Year to 2 Years | 7.00% | “ |
| 2 Years to 3 Years | 6.70% | “ |
| 3 Years to 4 Years | 6.20% | “ |
| 4 Years to 5 Years | 6.20% | “ |
| 5 Years to 6 Years | 6.20% | “ |
| 6 Years to 7 Years | 6.20% | “ |
| 7 Years to 8 Years | 6.20% | “ |
| 8 Years to 9 Years | 6.20% | “ |
| 9 Years to 10 Years | 6.20% | “ |
| 10 Years | 6.20% | “ |
Updated: 31 January 2019
From Tables, you can understand Canara Bank provides high interest rates for the duration above 6 months.
Important Notes:
- Bank Offers 7.05% interest rate for periods of 444 days and 555 days under Canara Shikhar Deposit.
- Bank Offers 6.20% interest rate for Canara Tax Saver Deposit scheme.
- 1% penalty will be charged for premature withdrawal for both term and NRE deposits.
Canara Bank Fixed Deposit Interest Calculator
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For more details regarding Canara bank fixed deposit interest rates visit @ http://www.canarabank.com/english/quick-access/interest-rates/deposit-accounts-rates-at-a-quick-glance-as-per-rbi-format/
View Comments (8)
Would like to deposit 842000 in Canara bank for 1 year, I don't have an account with them. How can I deposit?
I am a senior citizen and I want to invest Rs. 5 lakhs as FD account. I have also holding account in canara bank. Shall I apply for through net banking for FD voucher.
Yes you can apply sir...
CANARA BANK FR/RD FORM IS VERY MUST BE SIMPLE AS SBI
DINESH PRAKASH
Please give me more details about nre fd, i want to deposit 25 lakh from nre account to nre fd.
i am not a member of canara bank. i am sr.citizen. if i want to purchase fd certificate on this bank what are the rules to be followed.
RECENTLY CANARA BANK OPENED BRANCH AT KIIT SQUARE THERE IS A ADVERTISEMENT TO BECOME LAKHYAPATI,LIMITED PERIOD OFFER,LET ME KWOW ABOUT THE DETAIL SCHEME OFFERED BY THIS BRANCH,THANK YOU
In the field of application, sr.citizen n Indian option is available,but ex employee option not incorporate. So, if I apply for a Fixed deposit online, i will not be eligible..for 1% +.50% benefit this moment.