Canara Bank, one of India’s leading public sector banks, provides its customers with several safe and rewarding investment options. Among these, the Canara Bank 12-Month Fixed Deposit (FD) Scheme offers an excellent rate of interest for short-term investors. In this article, let’s find out what returns Canara Bank is offering on its 12-month FD scheme.
Canara Bank FD Scheme 12 Month
A Fixed Deposit (FD) is an investment option where you deposit a fixed sum of money with a bank for a specific period and earn interest based on the applicable rate. Canara Bank’s FD schemes offer investors secure and stable returns, ensuring complete safety of their funds.
The 12-month FD scheme from Canara Bank is ideal for those who want short-term, secure, and guaranteed returns without the risks associated with market-linked instruments.
Interest Rate on 12-Month FD Scheme
Canara Bank revises its FD interest rates from time to time. The rates mentioned below are as per April 2025.
- For regular customers, Canara Bank offers an interest rate of 6.85% per annum on the 12-month FD scheme.
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For senior citizens (aged 60 and above), the bank offers a higher interest rate of 7.35% per annum.
Minimum and Maximum Investment Amount
Under the Canara Bank 12-Month FD Scheme,
- The minimum deposit amount is ₹1,000,
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There is no upper limit for the maximum deposit amount.
However, for large deposits, TDS (Tax Deducted at Source) may be applicable as per income tax regulations.
Example: How Much Will You Earn on ₹2,50,000 for 12 Months?
Let’s understand the returns with an example:
- For regular customers investing ₹2,50,000 at 6.85% annual interest, the maturity amount after 12 months will be approximately ₹2,67,570.
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For senior citizens, at 7.35% annual interest, the maturity amount will be around ₹2,68,888.
Benefits of Canara Bank 12-Month FD Scheme
Here are the major benefits of investing in Canara Bank’s FD:
- Provides fixed and secure returns, completely free from stock market risks.
- Senior citizens enjoy an additional 0.50% higher interest rate.
- Auto-renewal facility available after the maturity period.
- Loan or overdraft facility can be availed against the FD.
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Easy to invest via Canara Bank Net Banking or Mobile App, without visiting the branch.
Disclaimer:
This article is intended for informational purposes only. Before making any investment or taking financial decisions, please consult your financial advisor or visit your nearest Canara Bank branch for accurate and updated details.
