Fixed Deposit or FD is a good interest rate investment option. Canara Bank offers a Fixed Deposit Account with a high interest rate. Fixed Deposit can open for the duration of a minimum of 7 days and a maximum of ten years. Fixed Deposit gives you a high-interest rate on your deposit amount. The Deposit minimum amount is depending upon the bank.

Benefits of Canara Bank Fixed Deposit

  • You get a higher interest rate on your fixed Deposit while comparing with saving accounts.
  • Multiple fixed deposits can open.
  • Canara Bank also gives a loan on your fixed Deposit so that, you don’t need to break your Deposit for your need.
  • You can get an Rs.1.5 lakh exemption under Section 80 C of the Income Tax Act, 1961.
  • If you are a senior citizen, then you will get a high-interest rate on your Fixed Deposit account.

Fixed Deposit Eligibility

  • Fixed Deposits can open the name of Individual, Joint, Society, Company, Partnership, etc.
  • The applicant must have a savings account in the bank.

Income Tax Facts on Canara Bank Fixed Deposit Interest

If you are looking for income tax fact on Fixed Deposit interest, then you can check below:

  • If Fixed Deposit interest is less then Rs. 40, 000/-, then the Canara Bank will deduct TDS on interest.
  • Interest earned on Fixed Deposit is taxable. It will treat as Income from Other Sources.
  • If you don’t want to pay any TDS on Fixed Deposit, then you have to submit Form 15G and Form 15H in Canara Bank.

Canara Bank Tax Benefit Fixed Deposit

  • Interest Rate is 6.5% for 5 years term deposits.
  • The amount can not withdraw before five years.
  • The deposit account can not transfer to another bank.

Canara Bank Fixed Deposit Interest Rate

A. DomesticRate of Interest (%) p.a.
For Deposits less than Rs.2 Crore
w.e.f. 17.01.2020
Term Deposits (All Maturities)General PublicSenior Citizen
Rate of Interest (% p.a)Annualised Interest yield **Rate of Interest (% p.a)Annualised Interest yield **
7 days to 14 days *4.504.58%5.005.09%
15 days to 30 days4.504.58%5.005.09%
31 days to 45 days4.504.58%5.005.09%
46 days to 60 days5.005.09%5.505.61%
61 days to 90 days5.005.09%5.505.61%
91 days to 120 days5.505.61%6.006.14%
121 days to 179 days5.505.61%6.006.14%
180 days to 269 days5.906.03%6.406.56%
270 days to less than 1 year5.906.03%6.406.56%
1 year only6.306.45%6.806.98%
Above 1 year to less than 2 years6.006.14%6.506.66%
2 years & above to less than 3 years6.006.14%6.506.66%
3 years & above to less than 5 years6.256.40%6.756.92%
5 years & above to less than 8 years6.256.40%6.756.92%
8 years & above to 10 years6.256.40%6.756.92%
~ 111 days (Canara Khazana Deposit)5.505.61%6.006.14%
~ 222 days (Canara Khazana Deposit)5.906.03%6.406.56%
~ 333 days (Canara Khazana Deposit)5.906.03%6.406.56%
444 Days (Canara Shikhar Deposit)6.006.14%6.506.66%
555 Days (Canara Shikhar Deposit)6.006.14%6.506.66%

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