Updated 06 Dec 2023
Canara Bank is one of the oldest banks in India. It was founded in July 1906 in Mangalore, and it got nationalised in the year 1969. Currently, the bank has 9,720 branches and 12/147 ATMs across all the states and Union Territories in India.
Fixed Deposits are one of the traditional methods of investing where you get a fixed rate of return, and also it is one of the safest investment options.
Canara Bank provides various types of FD schemes where customers can choose the best-suited scheme for themselves. This article gives you detailed insights into Canara Bank's fixed deposits.
The following are the benefits of investing in Fixed Deposit Schemes offered by Canara Bank:
To invest in Canara Bank Fixed Deposits, the following are eligible:
Banks require the below-listed documents for completing the Mandatory Know Your Customer (KYC) procedure before opening an account for its customer
If the investor has a saving account or current account with Canara Bank, then, Fixed deposit account can be opened in both online and offline way-
Step 1- Login to the Canara Bank Net banking option
Step 2- Enter the user ID and password
Step 3- Fill in the required details
Step 4- Enter the amount of the deposit and select the tenure of FD. Also, enter the nominee details.
Step 5- Click confirm and continue.
Step 1- Visit the bank branch.
Step 2- Take the FD application form.
Step 3- Fill in the required details and submit the necessary documents.
Step 4- Submit the form to the branch.
To close the Canara Bank FD, please follow the steps below:
In case of premature withdrawal, the lower of the below two amounts will be applicable as interest rates on them:
What is the minimum amount of FD one can open in Canara Bank?
One can open ₹1000/- minimum amount FD with Canara Bank.
Can investors apply for a loan against all Canara Bank FD?
No, investors cannot secure a loan against the Canara Tax saver term deposit scheme.
Is Canara bank FD safe?
Canara Bank fixed deposits are secure as they are insured for up to ₹ 5 lakh, which includes both the principal and interest amount, under the Deposit Insurance and Credit Guarantee Corporation (DICGC) as per RBI guidelines.
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