The bank now offers an interest rate between 2.90 per cent to 5.75 per cent for regular citizens.
Deposits with a tenor of 180 days or more are eligible for an additional interest rate of 0.50 per cent for senior citizens.
For the Canara Tax Saver Deposit programme, the bank is offering 5.75 per cent annual interest (General Public). The maximum deposit that can be made is Rs. 1.50 lakh.
Latest Canara Bank FD rates
Source: Canara Bank website
Note that the bank offers the same interest rate for recurring deposit as per the website. Canara Bank had last hiked FD rates on May 12, 2022.
Premature withdrawal penalty
Domestic/NRO term deposits of less than Rs. 2 crore would be subject to a penalty of 1.00 percent for premature closure, part withdrawal, or premature extension.
According to the website, ““For premature closure/part withdrawal/premature extension of Domestic/NRO term deposits, the Bank imposes a penalty of 1.00%. Such prematurely closed/part withdrawn/prematurely extended deposits will earn interest at 1.00% below the rate as applicable for the relevant amount slab as ruling on the date of deposit and as applicable for the period run OR 1.00% below the rate at which the deposit has been accepted, whichever is lower.”
On term deposits, however, that are prematurely closed or extended before the end of the seventh day, no interest will be paid.