Learn to Open Fixed Deposit (FD) Online in Canara Bank Using Internet Banking and have a check on latest fixed deposit (FD) interest rates in Canara Bank – There are many investment options available according to our needs, wants and goals. It becomes very difficult to choose best investment instrument that can fulfill our needs. We have many options with varying risk factor to diversify our investment portfolio. But one must have instrument in every portfolio is Fixed Deposit (FD) as it comes with Zero risk factor and assured return.
Canara Bank Fixed Deposit (FD) is a risk free way to invest your money and earn good amount of return on it. Money lying idle in saving account at less interest rate can be fixed in FD account to earn high interest rate. The rate of interest on fixed deposit varies from bank to bank.
With evolution of alternate banking channel and technical advancement in banking sector, most of the banking services are available through internet banking. So you can also open FD online using Canara Internet Banking without any hassle to visit bank branch and no documentation.
All you must have is an active Canara Bank Internet Banking access with User Name and Password.
You may be interested to read Guide to Reset Login and Transaction Password in Canara Net Banking
Today in this post, we will learn step wise how to open fixed deposit (FD) Online in Canara Bank and latest FD interest rates.
Eligibility to Open Fixed Deposit
The following categories of customers are eligible to open FD in Canara Bank.
- Individuals
- Blind Persons
- Illiterate Persons
- Joint Account Holder (Not more than 4)
- Guardian on behalf of a minor
- HUF
- Partnership Firm
- Sole Proprietary Concern
- Trust
- Company
- Association
- Societies, Clubs, Educational Institutions
Document Required
If you wish to open fixed deposit through branch, you need following documents:
- FD Application Form in bank’s prescribed form
- Copy of PAN/FORM 60 or 61
- Photograph of Depositors (2 copies)
- Identity Proof
- Address Proof
- Any other related document as applicable to proprietorship concern, Partnership Firm, Company, HUF etc.
Investment Limit
- Minimum – Rs. 1000/-
- Maximum – No Ceiling
Tenor of Deposit
- Minimum – 15 days (7-14 days – only for single deposit of Rs. 5 lakh and above)
- Maximum – 120 months
Periodicity of Interest payment
Depositor may choose any of the following frequency of interest payment while opening fixed deposit.
- Monthly (at discounted rate)
- Quarterly
- Half-yearly
- Annually as per depositor’s choice.
Step-by-Step – Open Fixed Deposit (FD) online through Canara Internet Banking
Step 1 – Visit Canara Bank Internet Banking Website – www.canarabank.in
Step 2 – Login to your Internet Banking account with “User Name” and “Password”.
Step 3 – Click on “New Deposit” and Choose “Open Online”
Step 4 – Choose the Option – Compounding (KDR) or General (FDR)
Step 5 – Choose Frequency of Interest Payment at which interest should be paid and click on continue. You have following options –
- Quarterly Compounding – In this, interest is payable at time of maturity along with principle. This is suitable for those customers who do not required periodical interest payment and are looking for money multiplier scheme. One significant features of this scheme is that customer gets the benefit of compounding, i.e, interest earned quarterly is added to principle and for the succeeding quarter, interest is calculated for the cumulative amount (principle + interest earned during the previous quarter).
- Quarterly Payout, Half Yearly Payout, Maturity – Under General (KDR), the principle is payable at the time of maturity and interest in paid back to customer either periodically or at maturity depending on the product selected. Advantage of the scheme is that the customer earns regular income from the deposit but will not have the compounding effect, since the interest earned is paid out.
Step 6 – Select the Account from which amount must be paid.
Step 7 – Complete the form – Deposit Amount, Tenor, Maturity Instructions and Payout Account and Click on Continue.
Maturity Instructions available are –
- Close on maturity – If you want to get close the deposit account with payout (Principal + Interest) in your selected account.
- Renew Principal and Pay Out the Interest – If you want to get renew the principal amount and interest getting paid into selected account.
- Renew Principal and Interest – If you want to renew the maturity amount (Principal + Interest) for another period.
(See Screenshot for Reference)
Step 8 – On Next Screen, Fill in the nominee details and click on continue.
Step 9 – Enter your Transaction password and OTP, which is sent to your registered mobile number to verify the transaction details and click on submit.
A Message “Deposit Account Opened Successfully” with unique reference number will be Generated with your Online FD Details –
- Fixed Deposit Account Number
- Deposit Amount
- Product details
- Maturity Tenor
- Payout Details
Done
Penalty for Premature Closure/Part Withdrawal/ Premature Extension of Fixed Deposit
- A penalty of 1.00% will be levied for premature closure/part withdrawal/ premature extension of Domestic /NRO term deposits of less than Rs.2 Crore that are placed / renewed on or after 12.03.2019.
- No penalty will be levied for premature closure/part withdrawal/premature extension of Domestic /NRO term deposits of Rs.2 Crore& above that are placed / renewed on or after 12.03.2019.
- No interest will be payable on term deposits prematurely closed/prematurely extended before completion of 7th day
Latest Fixed Deposit (FD) Interest Rates in Canara Bank
Here are the latest interest rate on fixed deposit (FD) w.e.f 07/04/2020.
|
Period of Deposit |
Rate of Interest | |
| Up to 2 Crore | ||
| General | Sr. Citizen | |
| 7 Days to 45 Days | 4.25 | 4.25 |
| 46 Days to 90 Days | 5.00 | 5.00 |
| 91 Days to 179 Days | 5.00 | 5.00 |
| 180 Days to less than 1 Year | 5.50 | 6.00 |
| 1 Year only | 5.85 | 6.35 |
| Above 1 Year to less than 2 Years | 5.85 | 6.35 |
| 2 Years & above to less than 3 Years | 5.85 | 6.35 |
| 3 Years & above to less than 5 Years | 5.80 | 6.30 |
| 5 Years & above to 10 Years | 5.80 | 6.30 |
For rate of interest on deposit of Rs. 2 Crore and above, contact the nearest branch.
Summary
So it was step by step procedure on how you can open fixed deposit (FD) account online in canara. We hope you found this article useful and now not have any problem while opening fixed deposit account. Internet banking is very useful to fulfill our banking needs with ease from home without visiting bank branch in this corona time. If you still have any doubt or question in your mind, comment below. I will respond to your questions as soon as possible.
