Canara Bank FD Scheme : Whenever the Reserve Bank of India (RBI) cuts the repo rate, loan interest rates generally come down. However, this also leads to a reduction in interest rates offered on fixed deposits (FDs). This year, the RBI has already reduced the repo rate by 1.00%, which has resulted in lower FD returns across banks.
Despite this, several banks are still offering attractive interest rates on fixed deposits. Public sector Canara Bank is providing interest rates ranging from 3.25% to 7.10% on its FD schemes. Customers can open a fixed deposit with Canara Bank for a minimum tenure of 7 days.
Here, we are discussing one such Canara Bank FD scheme where investing just ₹1 lakh can earn you up to ₹39,750 as fixed and guaranteed interest.
Canara Bank FD Scheme : Canara Bank Offers Up to 6.75% Interest on 5-Year FD
Under Canara Bank’s 444-day special FD scheme, the bank is offering:
- 6.50% interest to general citizens
- 7.00% interest to senior citizens
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7.10% interest to super senior citizens
For a 5-year fixed deposit, Canara Bank offers:
- 6.25% interest to general citizens
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6.75% interest to senior citizens
A fixed deposit provides assured returns, meaning the interest amount is fixed at the time of investment and does not fluctuate. Since Canara Bank is a government-owned bank, the deposited amount is considered highly secure.
Earn Up to ₹39,750 Interest by Investing ₹1 Lakh for 5 Years
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If a general citizen invests ₹1,00,000 in a 5-year FD at Canara Bank, the maturity amount will be approximately ₹1,36,354, which includes ₹36,354 as fixed interest.
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If a senior citizen invests ₹1,00,000 in the same FD, the maturity amount will be around ₹1,39,750, including ₹39,750 as fixed interest.
How to Invest in Canara Bank Fixed Deposit
You can invest in a Canara Bank FD using any of the following methods:
1. Online Method
- Visit the official Canara Bank website or log in to Canara Bank Net Banking
- Select the Fixed Deposit option
- Choose the FD tenure and enter the investment amount
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Submit the request and complete the process online
2. Mobile Banking App
- Open the Canara ai1 mobile app
- Log in and go to the FD section
- Select the deposit amount and tenure
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Confirm the investment
3. Offline Method (Branch Visit)
- Visit your nearest Canara Bank branch
- Fill out the FD application form
- Submit the form along with required documents such as ID proof and address proof
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Deposit the amount via cash or cheque
Once the FD is created, you will receive an acknowledgment, and the interest rate will remain fixed for the entire tenure.
Disclaimer
This article is written for informational purposes only. Before making any investment or taking financial risks, please consult your financial advisor. India TV or the author will not be responsible for any financial loss.