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Canara Bank Recurring Deposit Rates

Canara Bank RD Ratesfor Single Deposit: w.e.f. 5th April, 2019

RECURRING DEPOSIT Rate of Interest (%) p.a. For Deposits less than Rs. 2 crore w.e.f. 05.04.2019.

Term Deposits (All Maturities)General Public Rate of Interest (% p.a.)General Public Annualised Interest yieldSenior Citizen Rate of Interest (% p.a.)Annualised Interest yield
7 days to 14 days *5.755.886.256.40
15 days to 30 days5.755.886.256.40
31 days to 45 days5.755.886.256.40
46 days to 60 days6.006.146.506.66
61 days to 90 days6.006.146.506.66
91 days to 120 days6.006.146.506.66
121 days to 179 days6.006.146.506.66
180 days to 269 days6.006.146.506.66
270 days to less than 1 year6.206.356.706.87
1 year only6.756.927.257.45
Above 1 year to less than 2 years6.606.777.107.29
2 years & above to less than 3 years6.606.777.107.29
3 years & above to less than 5 years6.006.146.506.66
5 years & above to less than 8 years6.006.146.506.66
8 years & above to 10 years6.006.146.506.66

*Rates are applicable only for single deposit of Rs.5 lakhs & above.

** Approximate Annualized Yield in % terms at the beginning of the slab. Effective Annualized rate of return on Bank’s Re-investment Deposit Plan (Kamadhenu Deposit) is based on quarterly compounding of interest.

Features of the Canara Bank Recurring Deposit Account

  • Competitive interest rates with higher rates for senior citizens
  • An extensive range of tenure options that varies from 7 days to 10 years, which the customers can opt for as per their investment objectives
  • No interest is payable for the period run on NRE term deposits prematurely closed or prematurely extended before completion of one year from the effective date of the deposit
  • Bank offers 6.65% p.a.and 6.70% p.a. for a period of 444 days and 555 days respectively under Canara Shikhar Deposit Scheme (For deposits below Rs. 2 crore)
  • The overdue amount on term deposit that has matured will be paid interest at prevailing Savings Bank Rate for the overdue period
  • A penalty of 1.00% will be levied for premature closure or premature extension of NRE term deposits of less than Rs. 2 crore that are placed or renewed on or after 12th March, 2019

Eligibility Criteria for Canara Bank Recurring Deposits

The below categories are eligible for opening a Bank of Maharashtra Recurring Deposit Account:

  • Individual
  • Firm
  • Partner
  • Company
  • Minor

How to Apply for a Canara Bank RD Account?

  • Recurring Deposits will be in equal monthly instalments. The core monthly instalment should be minimum Rs. 500 in metro and urban branches and at least Rs. 100 in semi urban and rural branches and in its multiples. There is no maximum limit.
  • Instalments of any calendar month should be paid on or before last working day of that calendar month.
  • Penalty is charged for non-payment of instalments within the pre-decided due date - Rs. 1.50 for every Rs. 100 p.m. for deposits of 5 years and less, and Rs. 2.00 for every Rs. 100 p.m. for deposits of over 5 years. Where instalments in the account are deposited in advance, penalty payable in respect of delayed instalments may be waived off by the bank, if the equal number of advance instalments are deposited.

FAQs on Canara Bank RD Rates

What is the interest rate that Canara Bank Recurring Deposit offers on senior citizens FDs?

Canara Bank RD rates for senior citizens are higher than their standard rates by 0.50% p.a. for all maturity slabs.

Can I make alterations to the tenure of my ongoing Canara Bank Recurring Deposit?

No, the tenure chosen at the time of opening a Recurring Deposit with Bank of India remains constant throughout the tenure.

How to open a Canara Bank Recurring Deposit account without a PAN card?

Any individual or business that does not have a PAN card can submit Form 60 while opening a Recurring Deposit with Bank of India.

What is the highest interest rate that is offered by the Canara Bank Recurring Deposit?

The highest Canara Bank RD rate is 6.75% for a tenure of 1 year.

What are the RD tenure options with Canara Bank Recurring Deposit?

The RD tenure options offered by Canara Bank are:

  • 7 days to 14 days *
  • 15 days to 30 days
  • 31 days to 45 days
  • 46 days to 60 days
  • 61 days to 90 days
  • 91 days to 120 days
  • 121 days to 179 days
  • 180 days to 269 days
  • 270 days to less than 1 year
  • 444 days (Canara Shikhar Deposit)
  • 555 days (Canara Shikhar Deposit)
  • 1 year only
  • Above 1 year to less than 2 years
  • 2 years & above to less than 3 years
  • 3 years & above to less than 5 years
  • 5 years & above to less than 8 years
  • 8 years & above to 10 years

What is the minimum amount required to start a Canara Bank Recurring Deposit account?

A minimum of Rs. 50 per month is required to start a Recurring Deposit with Canara Bank.

What is the eligibility criteria to open a Canara Bank Recurring Deposit account?

The below categories are eligible for opening a Canara Bank Recurring Deposit:

  • Individual
  • Firm
  • Partner
  • Company
  • Minor

Can I open my Canara Bank Recurring Deposit without a PAN card?

Any individual or business that does not have a PAN card can submit Form 60 while opening a Recurring Deposit with Bank of India.

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