Interest Rates
4.75% – 6.60%
Time Period
3 months – 10 years
Min - Max Amount
1,000 - No limit
Compounding
Quarterly
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Expected Rate of Return
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Invested Amount
₹ 10,000
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Canara Bank, one of India’s largest state-owned commercial banks, is headquartered in Bengaluru and has played a pivotal role in the country's banking journey. Established in July 1906 by Shri Ammembal Subba Rao Pai in Mangalore, the Bank has grown significantly over the years. After its nationalisation in 1969, Canara Bank expanded its presence and diversified its business.
A major milestone was the amalgamation of Syndicate Bank into Canara Bank on April 1, 2020, making it the fourth largest public sector bank in India. The merged entity operates over 10,000 branches and nearly 13,000 ATMs, managing a business size of more than ₹16 trillion.
Known for its strong customer focus and technological initiatives, Canara Bank offers a wide range of banking services, including attractive fixed deposit (FD) schemes. These FDs allow customers to invest a lump sum amount for a fixed tenure, offering higher returns than regular savings accounts.
With multiple tenure options and interest rates tailored for regular customers and senior citizens, Canara Bank fixed deposits provide a secure and rewarding way to grow savings.
Tenure | Regular Rate (% p.a.) | Senior Citizen Rate (% p.a.) |
7 days to 45 days | 3.50 | 4.00 |
46 days to 90 days | 4.50 | 5.00 |
91 days to 179 days | 4.75 | 5.25 |
180 days to 269 days | 5.75 | 6.25 |
270 days to less than 1 year | 6.00 | 6.50 |
1 year to 1 year 3 months only | 6.50 | 7.00 |
444 days | 6.60 | 7.10 |
Above 1 year to less than 2 years | 6.50 | 7.00 |
2 years to less than 3 years | 6.50 | 7.00 |
3 years to less than 5 years | 6.50 | 7.00 |
5 years to 10 years | 6.50 | 7.00 |
Note: The data is as of June 9, 2025
These FDs range between 7 days to less than a year, offering interest rates from 3.50% to 6.00% for regular customers and 4.00% to 6.50% for senior citizens. This type of FD can be suitable for short-term savings and quick liquidity.
These FDs range from 1 year to less than 5 years, with an interest rate of 6.50% for regular customers and 7.00% for senior citizens. This can be a suitable option for planned expenses over the medium term.
These FDs range from 5 years to 10 years, offering 6.50% for regular customers and up to 7.00% for senior citizens. This can be suitable for long-term wealth creation with stable and assured returns.
| Tenure | Institution Name | Interest Rate (% p.a.) |
|---|---|---|
 | 15 months to less than 18 months | 7.25› |
 | 365 days | 7.25› |
 | 15 months to less than 16 months | 8.00› |
 | 444 days | 7.30› |
 | 18 months to less than 21 months | 7.25› |
Note: The data is as of July 15, 2025
The Canara Bank Tax Saving FD offers tax benefits under Section 80C, allowing savings of up to ₹1.5 lakh per year. Other Canara Bank FDs do not provide any tax deductions. The interest earned on Canara Bank FDs is taxable as per your income tax slab.
If the total interest crosses ₹40,000 in a year, 10% TDS (Tax Deducted at Source) is applied. For senior citizens, this limit is ₹50,000 per year. If you don’t submit your PAN details, the TDS rate increases to 20%.
Premature withdrawal of Canara Bank FDs attracts a 1% penalty for regular and Kamadhenu deposits below ₹2 crore opened or renewed on or after March 12, 2019. Under the Capital Gains Account Scheme-1988, a 1% penalty applies irrespective of the amount.
Partial withdrawal in multiples of ₹1,000 is allowed. For Ashraya Deposits (senior citizens), a 1% penalty applies to deposits below ₹1 crore (February 4, 2011) and below ₹2 crore ( March 12, 2019). Tax Saver FDs cannot be closed prematurely, except in the event of the depositor’s death. Green Deposits also attract a 1% penalty on early withdrawal.
