Looking for a safe way to grow your savings? Fixed Deposits (FDs) continue to be one of the most trusted investment options in India.
And right now, Canara Bank is offering attractive interest rates that could help you earn solid returns.
You can open an FD with Canara Bank for a minimum of 7 days and a maximum of 10 years.
Interest rates currently range from 3.00% to 7.10%, depending on the tenure and category of the investor.
Let’s break it down in simple terms.
Highest Interest on 555-Day Special FD
Canara Bank is offering its best rates under the 555-day special FD scheme.
Here’s what different investors can earn:
6.50% for general citizens
7.00% for senior citizens (60+ years)
7.10% for super senior citizens (80+ years)
For a 5-year FD, the bank offers:
6.25% for general citizens
6.75% for senior citizens
Extra interest for super senior citizens is available only on the 444-day and 555-day special FD schemes.
How You Can Earn ₹79,500 on a ₹2 Lakh Deposit
Here’s where it gets interesting.
If a regular investor deposits ₹2 lakh, the maturity amount will be around ₹2,72,708.
That includes a fixed interest of ₹72,708.
But if you are a senior citizen and deposit ₹2 lakh, you can receive approximately ₹2,79,500 at maturity.
This means you earn ₹79,500 as fixed interest.
That’s a guaranteed return without worrying about market ups and downs.
Why FD Rates Have Changed Recently
FD interest rates have been impacted by decisions from the Reserve Bank of India.
Last year, the RBI reduced the repo rate by 1.25%.
While this made loans like home loans and car loans cheaper, it also reduced FD returns across banks.
As a result, most banks, including Canara Bank, adjusted their FD interest rates downward.
Still, for investors looking for safety and predictable returns, these special FD schemes remain an attractive option.
If you are planning to park your savings securely, comparing tenure and eligibility carefully could help you maximize your returns.
