Canara Bank FD Rate: The lender pays a 6.9% return to senior citizens on one-year fixed deposits
Canara Bank pays interest rates to the tune of 4.5-6.9 per cent to customers on fixed deposits up to Rs 2 crore. These fixed deposits, also known as retail term deposits, are available in 20 maturity options ranging from seven days to 10 years at the state-run bank. Canara Bank pays higher interest rates to senior citizens among its depositors. For example, on a fixed deposit up to Rs 2 crore of one year, Canara Bank pays interest at the rate of 6.9 per cent to senior citizens and 6.4 per cent to other customers, according to its website – canarabank.com. (Also Read: Compare Bank FD Rates Paid By Peers Here)
Canara Bank pays the following interest rates on retail fixed deposits:
Canara Bank Fixed Deposit Rates
| Maturity Period | Interest Rate (With Effect From November 18) | |
|---|---|---|
| Public | Senior Citizen | |
| Seven to 14 days | 4.5% | 5% |
| 15 to 30 days | 4.5% | 5% |
| 31 to 45 days | 4.5% | 5% |
| 46 to 60 days | 5.5% | 6% |
| 61 to 90 days | 5.5% | 6% |
| 91 to 120 days | 5.5% | 6% |
| 121 to 179 days | 5.5% | 6% |
| 180 to 269 days | 5.95% | 6.45% |
| 270 days to less than one year | 5.95% | 6.45% |
| One year | 6.4% | 6.9% |
| Above one year to less than two years | 6% | 6.5% |
| Two years to less than three years | 6% | 6.5% |
| Three years to less than five years | 6.25% | 6.75% |
| Five years to less than eight years | 6.25% | 6.75% |
| Eight years to 10 years | 6.25% | 6.75% |
| 111 days | 5.5% | 6% |
| 222 days | 5.95% | 6.45% |
| 333 days | 5.95% | 6.45% |
| 444 days | 6% | 6.5% |
| 555 days | 6% | 6.5% |
| (Source: canarabank.com) | ||
(Canara Bank FD Interest Rate: On fixed deposits of two years, Canara Bank pays a 6.5 per cent return to senior citizens and 6 per cent to other customers, according to its website)
Investment in fixed deposits with a maturity period of five years offers income tax benefit up to Rs 1.5 lakh per financial year under Section 80C of the Income Tax Act. Interest income, however, is subject to income tax.
Source: NDTV Profit
