📜 Rates, Tax & Disclaimer
Rates effective: 05 January 2026
Estimated values based on publicly available Canara Bank retail term deposit rates (below ₹1 crore). Actual maturity may slightly differ due to compounding date.
Premature Closure: Interest may reduce by ~1%. No interest before 7 days.
TDS Rules:
₹40,000 yearly interest (regular)
₹50,000 yearly interest (senior citizens)
This calculator is only an estimation tool. Confirm final rate with bank branch.
Understanding: Canara Bank FD Calculator
The Canara Bank FD Calculator is a free online tool that estimates the maturity value and interest income before you actually open the deposit. Instead of guessing or depending only on branch staff, you can check the final amount yourself first.
This calculator estimates your maturity amount using the same interest slabs used for retail deposits below ₹1 crore. It helps you know the outcome before visiting the branch. FD means fixed return, but the final maturity depends on tenure, interest slab and compounding. The calculator automatically applies the correct bank slab and quarterly compounding.
For 2026, Canara Bank fixed deposit interest rates generally range between 3.00% and about 7.25% per year for regular customers. Senior citizens usually receive an extra 0.50% benefit, and super senior citizens (80+ age) can earn even higher returns on special tenures such as 444-day and 555-day deposits.
Canara Bank fixed deposits are meant for people who want predictable returns without stock market risk. You select a period, deposit money once, and the bank returns principal plus interest at maturity.
Why a Calculator is Useful Before Opening a Canara FD?
At the bank counter, staff usually tell only the interest rate, not the final amount. But maturity value depends on tenure, compounding, and senior citizen benefit. The calculator solves this problem instantly.
- Enter deposit amount
- Select tenure
- Choose age category
- Get maturity and monthly income instantly
Instead of guessing, you can compare 1-year FD vs 444-day FD vs 2-year FD and then decide.
Practical tip: Many depositors assume a longer tenure always gives a higher return. In reality, banks often give better interest in medium tenures when they need stable deposits.
Special 444-Day and 555-Day Deposits
Public sector banks periodically introduce specific tenure schemes. These are not random — banks design them to attract deposits for a particular duration.
Because of this, special tenure FDs can give slightly better returns than standard 1-year deposits while still keeping liquidity reasonable.
Example: A ₹5 lakh deposit in a normal savings account earns limited interest. The same amount in a special FD tenure can generate a predictable fixed return without market fluctuations.
How the Calculator Actually Works
Behind the screen, the calculator uses the standard compound interest method used by banks.
Formula used: A = P(1 + r/n)nt
- A = Final maturity amount
- P = Amount invested
- r = Interest rate
- n = Compounding frequency (quarterly)
- t = Time in years
For a monthly income FD, the interest is not added back. It is paid regularly to your savings account instead.
Main Features of the Calculator
- Works for tenure from 7 days to 10 years
- Includes senior and super senior citizen benefits
- Supports special 444-day and 555-day schemes
- Shows maturity value and monthly income
- Mobile-friendly and instant result
- No login or personal details required
You can change tenure by even a few months and instantly see the difference in total return. Many users discover that a 444-day FD gives better returns than a normal 1-year FD.
How to Use the FD Calculator (Correct Way)
- Enter the deposit amount you want to invest.
- Select your age category (below 60, senior, or 80+).
- Choose the FD tenure like 1 year, 444 days or 2 years.
- Select growth FD or monthly income FD.
- The calculator instantly shows interest earned and maturity value.
- Compare 1-year vs 444-day vs 2-year to find the best return.
- Then visit the branch or net banking to open an FD confidently.
- Recheck rates before booking because banks revise periodically.
Opening a Canara Bank FD
- Mobile App (Canara ai1)
- Net banking account
- Visiting the branch with Aadhaar & PAN
Real Example – Why the Calculator Matters
Suppose a person keeps ₹5,00,000 in a savings account at about 3% interest for 5 years. The total earning remains limited. But the same amount placed in an FD around 7% can generate significantly higher interest. The calculator shows the difference clearly before you invest. The biggest mistake people make: They open an FD without calculating maturity and later feel the return is lower than expected.
Inflation Reality
Prices of daily items keep rising every year. If your interest rate is lower than inflation, your money loses real value.
- Saving account ~3% → money slowly loses purchasing power
- FD ~6–7% → money grows faster than inflation
So the calculator is not only about interest. It helps you check whether your savings are actually growing in real terms.
Safety and Trust of Bank Fixed Deposits
Bank deposits in India are protected under deposit insurance up to ₹5 lakh per depositor per bank. You can read the official RBI explanation here: RBI Deposit Insurance Information
Because of this safety and fixed-income nature, fixed deposits remain one of the most trusted investment choices in India.
According to industry analysis reported by Economic Times BFSI, between 2020 and 2025, fixed deposits accounted for roughly 46% to 59.5% of household financial savings. As interest rates rose to around 5.5%–8.5%, FDs remained the preferred option for conservative and senior investors.
Key Features of Canara Bank Fixed Deposits
- Tenure available from 7 days to 10 years
- Minimum investment starts around ₹1,000
- Loan facility available against FD
- Monthly, quarterly, or cumulative interest options
- Auto-renewal available after maturity
- Nomination facility for family members
Easemoney Insight: FD works best when money has a purpose and timeline. If you may need the money anytime, keep it liquid. If you know you will not use it, FD becomes effective.
Canara Bank Rates Used by the Calculator
Updated: 05 January 2026 • Retail Callable Deposits (Below ₹1 Crore)
This FD calculator uses actual interest slabs published by the bank. So the maturity value you see here closely matches what branch staff software calculates.
| Tenure | General Public | Senior Citizen |
|---|---|---|
| 7 – 45 Days | 3.00% | 3.00% |
| 46 – 90 Days | 4.00% | 4.00% |
| 91 – 179 Days | 4.25% | 4.25% |
| 180 – 269 Days | 5.25% | 5.75% |
| 270 Days – 1 Year | 5.50% | 6.00% |
| 1 Year – 1 Year 3 Months | 6.25% | 6.75% |
| 444 Days (Special FD) | 6.45% | 6.95% |
| 555 Days (Special FD) | 6.50% | 7.00% |
| 1.3 – 2 Years | 6.25% | 6.75% |
| 2 – 3 Years | 6.25% | 6.75% |
| 3 – 10 Years | 6.25% | 6.75% |
- Senior citizens’ additional 0.50% interest applies only for deposits of 180 days or more.
- Super senior citizens (80+ age) receive an extra 0.60% benefit on 444-day and 555-day schemes.
- If FD is closed early, the bank usually reduces interest by around 1%. No interest is paid if closed before 7 days.
- Bank interest rates change from time to time. Bookmark Easemoney — we update whenever the bank revises rates. Or verify directly from the official source: Check the latest Canara Bank FD rates
Fixed Deposit Taxes — Why Your Final Amount Changes
When you use an FD calculator, it shows the maturity value based on interest only. But the amount you actually receive in your bank account can be lower because fixed-deposit interest is taxable in India.
Important: FD interest is not tax-free income. It is treated as “Income from Other Sources” under income-tax rules.
1) TDS (Tax Deducted by Bank)
Banks automatically deduct tax before paying you interest if your total FD interest in one financial year crosses the limit.
- Regular citizens → ₹50,000 yearly interest
- Senior citizens → ₹1,00,000 yearly interest
- TDS rate → 10% (with PAN)
- Without PAN → 20%
Example: If your yearly interest is ₹60,000, the bank deducts ₹6,000 and credits only ₹54,000.
2) Your Income Tax Slab (Very Important)
TDS is not your final tax. Your real tax depends on your income-tax slab.
- If you are in 5% slab → you may get a refund
- For 20% slab → you pay extra tax
- If you are in 30% slab → you pay much more
Many investors think “the bank already cut tax so the work is finished”. Actually, during ITR filing, you must calculate the full tax on the FD interest again.
3) Section 80TTB & 80TTA Benefits
The government gives some relief on deposit interest. You can check official FAQs here: Income Tax Department Guidance
- Senior citizens → deduction up to ₹50,000 on interest (Section 80TTB)
- Non-senior citizens → limited savings account benefit (Section 80TTA)
4) How Taxes Change Calculator Result
Suppose you invest ₹10,00,000 in an FD at 7% interest.
- Interest earned: ₹70,000
- Calculator maturity: ₹10,70,000
- TDS deducted (10%): ₹7,000
- Amount credited: ₹10,63,000
If you fall in 30% tax slab, you must still pay additional tax while filing your return. Your real earning becomes much lower than the calculator value.
Easemoney Tip: While choosing FD tenure, always think in post-tax return, not only interest rate. Sometimes, a slightly lower rate but better tax planning givesa higher real profit.
Form 15G / 15H
- Form 15G → below 60 years (low income)
- Form 15H → senior citizens
If your total income is below the taxable limit, submitting these forms can prevent TDS deduction.
People Also Ask — FAQs
What is Canara Bank’s FD interest rate for senior citizens in 2026?
As of 2026, senior citizens receive around 0.50% extra interest above regular rates. For example, a 444-day deposit gives about 6.95% yearly, higher than that of normal customers for the same tenure.
How much monthly income will ₹5 lakh FD give?
If ₹5,00,000 is invested at roughly 6.5% interest, the monthly payout becomes about ₹2,700 to ₹2,800. The exact amount changes slightly based on tenure and senior citizen benefit selection in the calculator.
What is the Canara Bank 444-day FD scheme?
It is a special promotional fixed deposit tenure. In 2026, it gives a higher return than a normal 1-year FD. Many branch managers suggest this for medium-term savings instead of 3-year locking.
Is Canara Bank FD safe?
Yes. Canara Bank is a government public sector bank. Deposits up to ₹5 lakh are insured under DICGC rules. Even if the branch closes, the protected amount still remains secure.
How accurate is this Canara FD calculator?
The calculator uses actual slab rates and a quarterly compounding formula. The difference from the branch maturity slip is usually under ₹20–₹150, depending on the booking date and the exact compounding day.
Can I withdraw Canara FD before maturity?
Yes, callable deposits allow premature closure. The bank normally reduces interest by around 1%. If closed before seven days, no interest is paid as per banking rules.
What is the Canara Bank 555-day FD interest rate?
In 2026, the 555-day scheme offers roughly 6.50% for regular and about 7.00% for senior citizens. Super senior customers above 80 years receive extra benefit on this scheme.
What minimum amount is needed to open an FD?
You can open a fixed deposit starting from ₹1,000 in most branches. For some special schemes minimum ₹5 lakh applies, especially short-tenure promotional deposits
Which is better monthly payout or cumulative FD?
Monthly payout gives regular income but lower total earnings. Cumulative reinvests interest quarterly and produces noticeably higher maturity value, useful for long-term savings goals.