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Among Govt. Banks This Bank Provides Highest Interest Rates On FDs Up To 8% To Senior Citizens
Among Govt banks, Canara Bank offers the highest interest rate on Fixed Deposits (FD) to senior citizens up to 8%. Canara Bank offers interest rates on FDs for callable & Non-Callable Deposits.
FD rates may differ based on whether the FD is callable or non-callable. Canara Bank's Fixed Deposit rates under Rs 2 Crore are effective from April 05, 2023, according to the bank's official website.
Callable
Under the Callable deposit scheme, the Bank offers interest rates between 4% to 7.25% to the general public, while for senior citizens, the bank offers interest rates between 4% to 7.75%. The highest interest rate of 7.35% to the general public and 7.75% to senior citizens are offered on tenure of 444 days. The tenure of FD ranges between 7 days to 10 years.
Interest Rates On Callable Deposits
| Term Deposits (All Maturities) | General Public Rates (In %) | Senior Citizen Rates (In %) |
|---|---|---|
| 7 Days to 45 Days | 4 | 4 |
| 46 Days to 90 Days | 5.25 | 5.25 |
| 91 Days to 179 Days | 5.5 | 5.5 |
| 180 Days to 269 Days | 6.25 | 6.75 |
| 270 Days to less than 1 Year | 6.5 | 7 |
| 1 Year Only | 7 | 7.5 |
| 444 Days | 7.25 | 7.75 |
| Above 1 Year to less than 2 Years | 6.9 | 7.4 |
| 2 Years & above to less than 3 Years | 6.85 | 7.35 |
| 3 Years & above to less than 5 Years | 6.8 | 7.3 |
| 5 Years & above to 10 Years | 6.7 | 7.2 |
Non Callable (above Rs. 15 Lakh)
Under the Non-Callable deposit scheme, the bank provides the highest interest rates to Senior Citizens at 8%. The bank offers 444 days Special Deposit Scheme, under which it offers 8% p.a. to super senior citizens (above 80). Non-callable deposit investments in Canara Bank must be above Rs 15 lakh and less than 2 Crore. The interest rates are applicable on deposit tenure between 46 days to 3 years.
General Public - The Bank offers interest rates on FDs between 5.30% to 7.40% for non-callable deposits to the general public. On 444 days of FD tenure, the bank offers the highest interest rate of 7.40%.
Senior Citizens - The Bank offers interest rates on FDs between 5.30% to 7.90% for non-callable deposits to senior citizens. The bank offers the highest 7.90% interest on a tenure of 444 days.
Super Senior Citizens - The Bank offers interest rates on FDs between 5.30% to 8% for non-callable deposits to senior citizens. The bank offers the highest interest rate of 8% on a tenure of 444 days.
Interest Rates - Non-Callable Deposits
| Term Deposits (All Maturities) | General Public Rates (In %) | Senior Citizen Rates (In %) |
|---|---|---|
| 7 Days to 45 Days | NA | NA |
| 46 Days to 90 Days | 5.3 | 5.3 |
| 91 Days to 179 Days | 5.55 | 5.55 |
| 180 Days to 269 Days | 6.3 | 6.8 |
| 270 Days to less than 1 Year | 6.55 | 7.05 |
| 1 Year Only | 7.25 | 7.75 |
| 444 Days | 7.4 | 7.9 |
| Above 1 Year to less than 2 Years | 7.15 | 7.65 |
| 2 Years & above to less than 3 Years | 7.1 | 7.6 |
| 3 Years & above to less than 5 Years | NA | NA |
| 5 Years & above to 10 Years | NA | NA |
Please Note - Non-callable term deposits are deposits where PREMATURE WITHDRAWAL IS NOT PERMITTED.
According to the bank, "Additional interest of 0.50% for Senior Citizens is available for Deposits (Other than NRO/NRE and CGA Deposits) less than Rs. 2 Cr and with tenor of 180 Days and above."
According to the Bank, "Additional rate of interest 0.60% for Super Senior Citizen (80 years and above) is introduced under Canara-444 product only i.e. 7.85% for callable deposits and 8% for non callable deposits."
Canara Bank Offers 6.70 % p.a. for the Canara Tax Saver Deposit scheme (General Public). Under the Ta Saver Deposits, the maximum deposit acceptable is Rs 1.50 Lakh, according to the Bank's official website.
Source: CanaraBank.com
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