Planning for future is extremely important so that you can spend your life in a tension free manner. Keeping money at home won’t double up or help you in earning anything unless you invest in a fruitful venture. Fixed deposits therefore prove to be a good alternative as you can keep earning a good income from your hard earned money for a longer period of time. Canara Bank fixed deposit assists you in all your endeavors and help in the growth of your money. These deposits prove to be a golden opportunity for realizing your dreams and accomplishing them. The rates of the deposit vary with the amount deposited as well as the tenure of the deposit. The interest on the deposits is also quite higher and they can be availed on monthly, quarterly, half yearly or annual basis as desired by the depositor. The minimum amount for the deposit is INR 1,000 while there is no maximum limit for the investment.
The deposit can easily be made in the bank for minimum period of 7 days to a maximum of 120 months as per the requirement of the depositor. Loan is also given against the deposit after proper verification. This FD scheme is available at all the branches of the bank. Investment in fixed deposit gives you an assured return on your investment keeping it completely secured. The bank also provides an additional interest of 0.5% to the senior citizens. For deposits between INR 5 lakhs to less than INR 1 crore the interest rate offered is 4% for a period of 7 days – 14 days. Between INR 1 crore to INR 10 crore the interest rate is similar for a period of 7 to 14 days. For 15 to 30 days duration the rate of interest is 4.5% on deposit between INR 1 crore to INR 10 crores. Canara Bank FD rates are highest in case of longer tenure of deposits.
It is important to read all the terms and conditions of the fixed deposits prior availing the facility. The deposit rates keep on changing frequently as they are based on the market forces therefore keeping an eye on the current rates is necessary. Upon maturity of the deposit it gets automatically renewed for a further period of time at the same rate of interest unless instructions are provided to the bank. These fixed deposit rates might vary from bank to bank but it is also essential to note the minimum deposit amount and the tenure of deposit permissible.