Canara Bank FD Scheme : The Reserve Bank of India (RBI) has reduced the repo rate by 1.25% this year. Due to this cut, loan interest rates have come down, and at the same time, fixed deposit (FD) interest rates have also been revised downward. After the reduction in the repo rate, many banks updated the interest rates on their FD schemes.
Public sector Canara Bank is currently offering interest rates ranging from 3.00% to 6.75% on its fixed deposit schemes. Customers can open FD accounts in Canara Bank for tenures ranging from 7 days to 10 years.
Here, we are telling you about a Canara Bank FD scheme in which by depositing just ₹1 lakh, you can earn fixed interest of up to ₹20,983 on maturity.
Canara Bank FD Scheme : Canara Bank Offers the Highest Interest on the 555-Day FD Scheme
Canara Bank is offering attractive interest rates on its 555-day FD scheme:
- 6.15% for general citizens
- 6.65% for senior citizens
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6.75% for super senior citizens
For a 3-year FD, Canara Bank offers:
- 5.90% interest for general citizens
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6.40% interest for senior citizens
In a fixed deposit scheme, depositors receive their principal amount along with fixed interest after a predetermined period. The biggest advantage of an FD is that the interest rate remains stable and does not fluctuate, making it a safe investment option.
Deposit ₹1,00,000 and Get Fixed Interest of ₹20,983
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If you are a general citizen and invest ₹1,00,000 in a 3-year FD, you will receive ₹1,19,209 on maturity, which includes ₹19,209 as fixed interest.
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If you are a senior citizen and invest ₹1,00,000 in a 3-year FD, you will receive ₹1,20,983 on maturity, which includes ₹20,983 as fixed interest.
Canara Bank is a government-owned bank that operates under government control, so the money deposited in the bank is considered safe and secure.
How to Invest in Canara Bank Fixed Deposit
You can invest in a Canara Bank FD using any of the following methods:
1. Through a Bank Branch
- Visit your nearest Canara Bank branch
- Carry your Aadhaar card, PAN card, and photographs
- Fill out the FD application form
- Deposit the desired amount in cash or via cheque
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Choose the FD tenure and interest payout option (monthly/quarterly/on maturity)
2. Online via Net Banking
- Log in to Canara Bank Net Banking
- Go to the “Fixed Deposit” or “Term Deposit” section
- Enter the investment amount and select the tenure
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Confirm the FD booking online
3. Through Mobile Banking App
- Download and log in to the Canara Bank Mobile Banking App
- Select the FD/Term Deposit option
- Enter the amount, tenure, and nominee details
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Confirm the investment
Important Points to Remember
- Senior citizens get higher interest rates than regular customers
- Premature withdrawal may attract a small penalty
- Interest earned on FD is taxable as per income tax rules
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You can also avail a loan against FD if needed