Canara Bank Pays 6.9% Interest To Senior Citizens On 1-Year FD. Compare Other Rates Here

Canara Bank FD Interest Rate: Canara Bank offers 20 maturity options for retail FDs. It offers a 6.9% return rate to senior citizens on one-year FDs.

Canara Bank Pays 6.9% Interest To Senior Citizens On 1-Year FD. Compare Other Rates Here

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 PeriodInterest Rate (With Effect From November 18)
PublicSenior Citizen
Seven to 14 days4.5%5%
15 to 30 days4.5%5%
31 to 45 days4.5%5%
46 to 60 days5.5%6%
61 to 90 days5.5%6%
91 to 120 days5.5%6%
121 to 179 days5.5%6%
180 to 269 days5.95%6.45%
270 days to less than one year5.95%6.45%
One year6.4%6.9%
Above one year to less than two years6%6.5%
Two years to less than three years6%6.5%
Three years to less than five years6.25%6.75%
Five years to less than eight years6.25%6.75%
Eight years to 10 years6.25%6.75%
111 days5.5%6%
222 days5.95%6.45%
333 days5.95%6.45%
444 days6%6.5%
555 days6%6.5%
(Source: canarabank.com)
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(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.