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Last Updated : 06.05.2020

Interest Rates

INTEREST RATES ON DEPOSITS

(w.e.f. 07/05/2020 )

SLABS Period of Deposit/ Tenors

Rate of Interest (% p.a.)

Up to ₹ 2 cr ₹ 2 cr  to less than ₹ 10 cr #
General Sr. Citizen Callable Non-Callable ++
SLAB-1** 7 to 45 days 4.00 4.00 3.75 NA @
SLAB-2 46 to 90 days 4.50 4.50 3.90 3.95
SLAB-3 91 days to 179 days 4.50 4.50 3.90 3.95
SLAB-4 * 180 days to less than 1 year 5.10 5.60 4.50 4.55
SLAB-5 1 year only 5.75 6.25 4.90 4.95
SLAB-6 Above 1 Year to less than 2 Years 5.75 6.25 4.90 4.95
SLAB-7 2 Years & above  to less than 3 Years 5.75 6.25 4.90 4.95
SLAB-8 3 Years & above  to less than 5 Years 5.70 6.20 4.40 4.45
SLAB-9 5 Years & above  to 10 Years 5.70 6.20 4.40 No Quote @


** Rates are applicable only for single deposit of Rs. 5 Lakh & above. Minimum period for renewal of domestic/NRO term deposits is 7 days irrespective of the size of deposit. Below Rs.5 Lakh, Minimum tenor of deposit is 15 Days.

*    Additional interest of 0.50% for Senior Citizens is to be made available for Deposits less than Rs. 2 Cr and with tenor of 180 Days and above. The competent authority i.e. General Manager, SP&D Wing may selectively permit flexibility in tenure (lower than 180 Days) and amount (2 Crore and above), keeping in view of business relation with the customer.

# Interest rate for bulk deposits of Rs. 10 Crore & above is to be obtained from Integrated Treasury Wing, Mumbai.

++ Non-callable term deposits are Bulk deposits (Rs. 2 Crore and above for other than Individuals and HUF) of 46 days and above where PREMATURE WITHDRAWAL IS NOT PERMITTED. An additional interest rate is presently being offered for Non-callable deposit.

@ Bank is not accepting Bulk term deposits under Non-callable segment for maturities of 5 years and above.
•    A penalty of 1.00% will be levied for premature closure/part withdrawal/premature extension of Domestic /NRO term deposits of less than Rs.2 Crore that are placed/renewed on or after 12.03.2019 and Rs.1 Crore & above that are placed/renewed from 04.02.2011 to 12.10.2012.
•    No penalty will be levied for premature closure/part withdrawal/premature extension of Domestic /NRO term deposits of Rs.2 Crore & above that are placed / renewed on or after 12.03.2019.
•    A penalty of 1.00% is applicable on Term Deposits under Capital Gains Account Scheme-1988, which are prematurely converted/withdrawn/closed, irrespective of the size of the deposit amount.
•    No interest will be payable on term deposits prematurely closed/prematurely extended before completion of 7th day.
•    Overdue deposits (i.e. matured deposits) will be paid interest at Savings Bank rate from the date of maturity till the date of payment/ re-investment. Deposits opened under “Canara Samriddhi” scheme will not be renewed automatically, as the scheme has been discontinued.
•    Auto Renewal facility is not available for Canara Tax Saver Deposits, Capital Gains Accounts, Non- callable deposits, Canara Samriddhi deposits and Canara Khazana & Shikhar deposits (which are discontinued).
 

 

  • Interest rate on Canara Tax Saver Deposit Scheme effective from 07.05.2020 : 

Period of Deposit Rate of Interest
  Existing Revised
5 Years 5.80 % 5.70%
  • Senior Citizens are eligible for 0.50% and Employees/Ex-employees/Ex- employees Senior Citizens are eligible for 1% additional rate of interest above the applicable interest rate under Canara Tax Saver Deposit Scheme.

 

Note :

The above rates are subject to revision from time to time.

Customers may contact the nearest branch of Canara Bank for details.

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