Canara Bank Revises Fixed Deposit (FD) Interest Rates Effective 1st December

Canara Bank, a public sector bank in Bangalore, India, which was founded in 1906, has revised the interest rates on fixed deposits under Rs 3 Cr. The bank is now offering interest rates ranging from 4% to 6.70% on maturity periods ranging from 7 days to 10 years, after the modification. The highest interest rate that Canara Bank is currently giving to non-senior individuals on the tenure bucket of three years and above to less than five years is 7.40%, while the maximum interest rate for senior citizens is 7.90%. As per the official website of Canara Bank, the latest FD rates are effective as of 1st December 2024.

Canara Bank FD Rates

The bank is giving an interest rate of 4.00% on fixed deposits that mature in 7 to 45 days, and 5.25% on those that mature in 46 to 90 days, according to Canara Bank. Interest rates offered by Canara Bank are 5.50% for fixed deposit tenures ranging from 91 to 179 days and 6.15% for tenures ranging from 180 to 269 days. Fixed deposits that mature in 270 days to less than a year will now earn 6.25% interest, while those that mature in a year will get 6.85%.

The bank is providing 7.25% interest on fixed deposits that mature in 444 days, and Canara Bank is offering 6.85% interest on those that mature in more than a year but less than two years. For deposits that are two years or longer but less than three years, Canara Bank is giving an interest rate of 7.30%; for deposits that are three years or longer but less than five years, the rate is 7.40%. The interest rate for Canara Bank fixed deposits maturing in 5 years & above to 10 years will now be 6.70%.

For deposits under Rs. 3 Cr and with a tenor of 180 days or more, senior citizens can receive an additional interest rate of 0.50%. The highest amount that may be deposited to qualify for tax deductions under Section 80C is Rs 1.50 lakh. Canara Bank offers 6.70 per cent p.a. for the Canara Tax Saver Deposit plan (general public) and 7.20% for senior citizens.

Only the Canara-444 product offers an additional rate of interest of 0.60% for super senior Citizens 80 years of age and over, which is 7.85% for callable deposits and 8% for non-callable deposits. The interest rate also applies to recurring deposits.

"A penalty of 1.00% shall be levied for premature closure/part withdrawal/ premature extension of Domestic/NRO term deposits of less than Rs.3 Crore that are accepted /renewed on or after 12.03.2019. For premature closure/part withdrawal/premature extension of Domestic/NRO term deposits, the Bank imposes a penalty of 1.00%. Such prematurely closed/part withdrawn/prematurely extended deposits will earn interest at 1.00% below the rate as applicable for the relevant amount slab as ruling on the date of deposit and as applicable for the period run OR 1.00% below the rate at which the deposit has been accepted, whichever is lower." However, no interest will be payable on term deposits prematurely closed/prematurely extended before completion of 7th day," mentioned Canara Bank on its website.

In lieu of Shri. Karunakara Shetty on the Canara Bank board, effective November 30, 2024, for a three-year term. On November 29, 2024, Shri Karunakara Shetty's term came to an end.