Canara Bank FD Interest Rates 2022 June: New Revised Fixed Deposit Rates

You can open a fixed deposit account with Canara Bank. The account can be opened for a length of time ranging from 7 to 10 years. Canara Bank FD Interest Rates range from 2.90 percent per annum to 5.75 percent per annum for the general public and  2.90 percent p.a. and 6.25 percent p.a. for elderly persons. For NRIs, the bank offers a variety of fixed deposit options, including NRO, NRE, RFC, and FCNR (B) fixed deposits. Fixed deposits in US Dollars (USD), Canadian Dollar (CAD), British Pound Sterling (GBP), Euro (EUR), and Australian Dollar (AUD) are accepted by Canara Bank (AUD). Read below to check the detailed information related to Canara Bank Fixed Deposit Rates 2022 June like Features and Benefits, Eligibility Criteria, Required Documents, Application Procedures, and much more. 

Canara Bank FD Interest Rates 2022- Comprehensive Details

Canara Bank Limited is well-known for its customer-focused approach. With its affiliates, sponsored institutions, and joint ventures in India and overseas, the Bank has grown its market position to become a significant ‘Financial Conglomerate.’ Shri Ammembal Subba Rao Pai created Canara Bank in Mangalore, Karnataka, in July 1906. Throughout its hundred-year history, the Bank has gone through numerous stages of its growth trajectory. 7.23 lakh crores as of March 31, 2020 In FY20, the bank made a loss of Rs 2235 crores.

Canara Bank FD Interest Rates 2022

The Canara Bank FD Interest Rates 2022 June are given in the table below:

Tenure	Senior Citizen FD Rate	Normal Citizen FD Rate
7 days – 1 month 15 days	2.9%	2.9%
1 month 16 days – 2 months 29 days	3.9%	3.9%
2 months 30 days – 5 months 26 days	3.95%	3.95%
5 months 27 days – 11 months 30 days	4.9%	4.4%
1 year – 1 year	5.6%	5.1%
1 year 1 day – 1 year 11 months 29 days	5.65%	5.15%
2 years – 2 years 11 months 29 days	5.7%	5.2%
2 years 11 months 30 days – 4 years 11 months 29 days	5.95%	5.45%
4 years 11 months 30 days – 9 years 11 months 28 days	6%	5.5%

PNB Fixed Deposit Rates

Features and Benefits of Canara Bank FD Interest Rates 2022

Some of the key features and benefits of the Canara Bank FD Interest Rates 2022 June are as follows:

• Canara Bank FDs have terms ranging from seven days to ten years. Furthermore, once a Canara Bank FD is started, it cannot be changed.
• The scheme’s duration varies between 7 and 10 years.
• Senior citizens are eligible for a higher interest rate
• Canara Bank FDs include a minimum investment of INR 1,000 and a maximum investment of INR 50,000. Except for Canara Bank’s tax saving FD, which has a restriction of INR 1,50,000, there is no limit on the maximum amount of investment.
• Nominations are welcome.
• Loans are available.
• Except for the tax-saving FD, all Canara Bank FDs can be withdrawn prematurely. An early withdrawal penalty of 1% is imposed by the bank. The penalty, however, may fluctuate depending on Canara Bank’s terms and conditions.
• Investors can choose to have their Canara Bank FDs automatically renewed.
• It is possible to open a joint account.
• All Canara Bank deposits are covered by the RBI’s Deposit Insurance Scheme.

Types of Canara Bank Fixed Deposit Schemes

The various types of Canara Bank FD schemes are as follows:

1. Regular Fixed Deposit Scheme
2. Tax Saver Deposit Scheme
3. Kamadhenu Deposit Scheme (Reinvestment plan)
4. Ashraya Deposit Scheme (Senior Citizens)

Regular Fixed Deposit Scheme

Canara Bank’s regular fixed deposit programs allow investors to invest their money and receive significant returns while taking on absolutely no risk.

• Tenure:
  • a period of 15 days to a period of 120 months
  • Seven days – 120 months (for single deposits of INR 5 lakhs or above)
• Partial withdrawals in multiples of INR 1,000 are permitted under the scheme.
• Up to four people can open a joint account.
• It is possible to get a loan for up to 90% of the deposit amount.
• Senior citizens will receive an additional 0.50 percent interest rate under the scheme.
• This fixed deposit plan also allows for auto-renewal.

HDFC FD Interest Rates

Tax Saver Deposit Scheme

Investments in the Canara Tax Saver deposit scheme (up to INR 1, 50,000) are eligible for income tax deductions under Section 80C of the Income Tax Act.

• The plan has a five-year lock-in period.
• The plan offers interest payments on a monthly or quarterly basis.
• The minimum payment is INR 100, with multiples after that.
• This tax-saving strategy does not allow for loans or early withdrawals.

Kamadhenu Deposit Scheme (Reinvestment plan)

• Kamadhenu Deposit Scheme of Canara Bank (Reinvestment Plan)
• Quarterly, the investment is compounded. It is, however, fully repaid at maturity.
• The Kamadhenu Deposit Scheme provides both regular income and extra funds.
• It is possible to get a loan for up to 90% of the deposit amount.
• The scheme’s duration ranges from 5 to 120 months.
• Withdrawals can be made ahead of schedule. On deposits of less than INR 2 crore renewed or booked on or after March 12, 2019, a 1% penalty is imposed.
• When investments reach maturity, they are automatically renewed.
• It is possible to make partial withdrawals in multiples of INR 1,000.

Ashraya Deposit Scheme of Canara Bank (Senior Citizens)

• The Ashraya Scheme was created with senior folks in mind. Depositors who are 60 years or older are eligible for higher interest rates under the scheme. It gives you two choices:
  • Option with a cumulative effect (interest payment on maturity)
  • The option that is not cumulative (regular interest payment)
• The scheme’s duration ranges from 15 days to 120 months.
• It is possible to get a loan for up to 90% of the deposit amount.
• INR 1,000 is the minimum deposit amount.
• The initiative provides account holders with an additional 0.50 percent return on investment.
• Withdrawals can be made ahead of schedule. On deposits of less than INR 2 crore renewed or booked on or after March 12, 2019, a 1% penalty is imposed.
• Interest is paid on maturity under the Kamadhenu option.

ICICI FD Interest Rates

Eligibility Criteria for Canara Bank FD Interest Rates 2022

The applicants applying for Canara Bank FD Interest Rates 2022 June must fulfill the following eligibility criteria:

• Any individual can open an FD (Resident and NRI)
• A maximum of four investors can open a joint FD
• A guardian can open an account on behalf of a minor
• Hindu Undivided Families (HUFs)
• Company, association, or any other institution
• Partnership

Required Documents

While filling up the application form for Canara Bank FD Interest Rates 2022 June, some important documents will be needed by the applicants, make sure to keep them handy. The documents required for Canara Bank FD Interest Rates 2022 June are as follows:

• Fixed Deposit application form
• 2 photographs
• Address proof as per KYC norms like Aadhar Card, PAN Card, Voter ID Card, Passport, Driving License, etc
• Pan Card or a declaration in Form No. 60 or 61 of the Income Tax Act
• Identity Proof as per KYC norms like PAN Card, Voter ID Card, Aadhar Card, Passport, Driving License, etc
• Senior Citizen ID Card for senior citizens
• Any other documents as applicable for partnership, company, HUF, proprietorship, association, or institution

Steps to Open a Canara Bank FD Deposit Account

A Canara Bank FD account can be opened in a variety of ways, including online banking, mobile banking, and offline banking.

Internet Banking

Applicants need to follow the below-given steps to apply for the Canara Bank FD Deposit Account through Internet Banking:

• First of all, login to the Canara Bank Net Banking account
• The dashboard of your account will open on the screen
• Click on the New Account option and then select the type of deposit account
• A new page will open on the screen
• Now fill in the all the required details like nominee information, payment and maturity instructions, etc
• After that verify your details by clicking on the Open Deposit option
• Now, click on the Confirm and authenticate the transaction.
• A pop-up notification confirming account opening will appear on the screen.

Open a Canara Bank FD Deposit Account Offline

To open an offline Canara Bank FD account, go to the nearby Canara Bank branch.

• Get the Canara Bank FD application from the concerned officials
• Fill in the Canara Bank FD application form with all the required details
• After that send it in with all of the required documentation and the deposit amount
• After the application has been handled correctly, Canara Bank will issue an FD receipt.

Using Canara Bank Mobile App

The steps to open an FD account using the Canara Bank Mobile App are as follows:

• First of all, Log in to the Canara Bank App after downloading it.
• Choose the ‘New Account’ option and the deposit account type.
• Provide all necessary information, including nominee information, payment instructions, and maturity instructions.
• Click on ‘Open Deposit verify your details
• Confirm the transaction by clicking the ‘Confirm’ button. A pop-up notification confirming account opening will appear on the screen.

FAQ’s