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of 1.00% is applicable on Term Deposits under Capital Gains Account Scheme-1988, which are prematurely converted/withdrawn/closed, irrespective of the size of the deposit amount.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|
|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.
The above rates are subject to revision from time to time.
Customers may contact the nearest branch of Canara Bank for details.