Why You Should Choose Fixed Deposit Rates of Canara Bank?

Fixed Deposits are the oldest and most popular method of saving money amongst the Indian people. You must want to know the reasons behind it. Well, there are more than one reasons which make it popular among the common people. First, in a fixed deposit account, the interest rate you get is a lot higher than any savings account. Second, the period is quite flexible so you can choose whatever time period fits you best and open your FD account accordingly. Third, your capital money is secure with the bank for that fixed period of time no matter what the market condition is. The only thing which can fluctuate is your interest amount if there is some kind of change by the bank in their interest rates. These are the few things which make the Fixed Deposit account the go-to saving practice amongst people.

There are various banks and financial institutions which provide this financial instrument to the people so that they can save their hard-earned money in a better way at a much higher rate of interest. Canara Bank is also one of the top public banks of our country that provides a few great fixed deposit schemes. In this article, you’ll get to know about the fixed deposit rates of Canara Bank and their schemes by which you can make a much better decision if you’re planning to opt for a fixed deposit account in the Canara Bank. 

What are the few prominent features of Canara Bank Fixed Deposit?

Canara Bank gives some exciting fixed deposit plans which one can opt and get the attractive interest rates on the time of maturity. Let’s have a look at some of the fine characteristics of the Canara Bank Fixed Deposits mentioned below. 

• Fixed Deposit Rates of Interest Bank are pretty competitive when compared to the current financial market.
• The minimum amount with which you can open a fixed deposit account in Canara Bank is Rs 1,000 and there is no absolute maximum ceiling on this. 
• Fixed Deposit Rates of Canara Bank ranges from a minimum of 6% to 6.7% reliant on the fixed deposit period you choose.
• The time period for which you can open a fixed deposit stands at a minimum of 15 days to a maximum of 120 months.
• You can nominate your spouse or any other family member in your fixed deposit account.
• You can easily avail a loan against the fixed deposit (Upto the 90% of the FD amount)
• Canara Bank has provided both online and offline options to open a fixed deposit.
• You can choose the interest option at monthly, quarterly, semi-annually or annually. It depends on your choice.

What are the various Fixed Deposit Rates of Canara Bank?

Canara Bank offers a safe way of savings which gets you higher returns on your deposits for a fixed period. The rate of interest is dependent on the period you choose. Below are the rates of interest offered by Canara Bank.

1. Canara Bank 6% interest rate on the amount less than Rs 2 Crore for the maturity period of 7 days to 269 days.
2. Period of 270 days to one year, the interest rate is fixed at 6.7% which is the highest rate offered by the Canara Bank.
3. Deposits maturing in one to less than two years, the interest rate is 6.4%.
4. For deposits of two years to less than 5 years, the bank offers a 6.4% interest rate.
5. Deposits maturing in 5 to 10 years are known as Long-term deposits. Such kind of deposits offers a 6% interest rate.
6. In all the slabs of FDs, there is an additional 0.5% interest rate offered to the deposits opened by senior citizens and all the interest rates are calculated at per annum.