Updated 11 Jan 2024
Financial security becomes all the more important as you age. Private banks have shown the financial security of senior citizens as a priority through good measures. One of the silver linings for senior citizens is that they can earn higher rates of interest on their FDs in comparison to the general public. Canara Bank's competitive interest rates ensure their senior citizen customers are satisfied.
Fixed Deposit interest rate less than 2 crore For Domestic/NRO-
Term Deposits (All Maturities) | Callable | Non-Callable |
---|---|---|
Rate of Interest (% p.a.) | Rate of Interest (% p.a.) | |
7 Days to 45 Days | 4% | NA |
46 Days to 90 Days | 5.25% | 5.35% |
91 Days to 179 Days | 5.5% | 5.6% |
180 Days to 269 Days | 6.65% | 6.75% |
270 Days to less than 1 Year | 6.75% | 6.85% |
1 Year Only | 7.35% | 7.5% |
444 Days | 7.75% | 7.9% |
Above 1 Year to less than 2 Years | 7.35% | 7.5% |
2 Years & above to less than 3 Years | 7.35% | 7.5% |
3 Years & above to less than 5 Years | 7.3% | NA |
5 Years & above to 10 Years | 7.2% | NA |
Note-
Eligibility Criteria
Identity Proofs
Address Proof
Age proof is mandatory to avail of a Senior Citizen FD account.
How much extra interest do senior citizens get on their FDs?
The additional interest can vary, but senior citizens usually receive a rate of 0.50% higher than the regular rates. However, this can change based on the bank's policies.
Can a senior citizen avail of this benefit on joint accounts?
For joint accounts, if the first account holder is a senior citizen, then the senior citizen FD rate is typically applied.
Is the higher interest rate for senior citizens applicable to Tax-saving FDs as well?
Yes, the preferential rate for senior citizens generally applies to all types of FDs, including Tax-saving FDs.
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