Fixed Deposit Details

Bank Name

Canara Bank

Eligibility

Individual Account – can be in the name of the individual for himself or in the capacity of the Karta of a Hindu undivided family (HUF).
Joint Account – can be opened by only two adults jointly or an adult and a minor, and payable to either of the holders or to the survivor.
In the case of joint account, the deduction from income under Section 80C of the Income Tax Act, 1961 shall be available only to the first holder of the deposit.

Interest Rate

6.70% per annum.

Tenure

5 years.

Fixed Deposit Type

Tax Saver

Canara Tax Saver Scheme

Tax Benefits

Tax exemption under Section 80C of the Income Tax Act, 1961

Credit Ratings

CRISIL A1+

Interest Payment Frequency

Monthly/Quarterly. Typically for fixed deposits having interest payment at maturity, compound interest is applicable and for fixed deposits having monthly interest payment, simple interest is applicable. Typically fixed deposits having a tenure of one year or less, simple interest is applicable. It is best to consult the bank officials before you book a fixed deposit

Cummulative/Non-Cummulative

Both

Features

Tax Saver Fixed Deposit offers tax deduction on income of up to ₹1.5 Lakh under section 80C of the Income Tax Act.
No premature withdrawal facility or auto-renewal facility.
Minimum deposit of Rs 100 and a maximum of 1,50,000 per financial year for a 5-year lock-in period.
The lock-in period of 5 years.
Nomination facility is available.
Premature withdrawal is not allowed.

Minimum Investment Amount

100

Features & Benefits

Pros

Tax saving benefits.
Flexible interest payout options.
Good credit rating.

Cons

The maximum tenure of this scheme is 5 years.

Pros & Cons

Account Opening Procedure

How to Open?

1. Visit a Canara Bank branch: Locate a branch near you and visit during their operating hours.

2. Gather necessary documents: Prepare the following documents:

Identity proof (Aadhaar card, passport, driving license, etc.)
Address proof (Aadhaar card, passport, utility bill, etc.)
Income proof (if applicable, such as salary slips, Form 16)
Photographs

3. Submit the application form: Fill out the fixed deposit application form provided by the bank. You will need to provide details about the deposit amount, tenure, interest payout options, and nominee information.

4. Make the deposit: Deposit the required amount to open the FD. You can choose to pay in cash, by cheque, or through electronic transfer.

5. Receive the fixed deposit receipt: Once the deposit is made, you will receive a fixed deposit receipt (FDR) as proof of your investment.

Application Procedure

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