Canara bank revises FD, savings interest rates

Canara Bank has revised its fixed deposit (FD) and savings account interest rates, with the new rates effective from May 21, 2025, for FDs, and May 19, 2025, for savings accounts. The fixed deposit rate reduction applies to deposits less than Rs 3 crore.

Latest Canara BankFD interest rates
Following the revision, interest rates on callable fixed deposits now range between 4% and 7% for general customers, and between 4% and 7.50% for senior citizens. Previously, on April 10, 2025, the rates stood at 4%–7.25% for the general public and 4%–7.75% for senior citizens.

Here’s the updated interest rate chart:

FDs for senior and super senior citizens
Senior citizens receive an additional 0.50% interest for FDs above 180 days and under Rs 3 crore (excluding NRE/NRO and CGA deposits).

7.9% rate on 444 day-FD: Check highest interest rate of SBI, Indian Bank, Bank of Baroda and Canara bank
Super senior citizens (aged 80 and above) benefit from a 0.60% additional interest under the Canara-444 scheme, bringing the rate to 7.60% for callable deposits.

Canara Bank Tax-Saver FD
Under its tax-saving deposit scheme, Canara Bank offers 6.70% per annum to the general public. The maximum investment limit is Rs 1.5 lakh under this scheme.

Latest savings account interest rates
Effective May 19, 2025, Canara Bank’s savings account interest rates now range from 2.70% to 4.00%, depending on the account balance:
With returns on some deposit slabs dropping by up to 0.25%, savers relying on FDs for stable income may need to reassess their investment approach. This move raises broader questions: Are FDs still worth locking your money into amid falling rates? While FDs remain a safe and predictable option, the declining trend in rates across several banks may signal a shift in the broader interest rate cycle—prompting both conservative and strategic savers to reconsider how they balance safety with returns.