Canara bank fd: If you are looking for a safe investment and want a smooth return, then the 4 -year -old FD scheme of Canara Bank can be a great option for you. The bank is offering 7.20% interest rate for ordinary citizens and 7.70% interest rate for senior citizens. This offer will not only protect your savings but will also give you a good return. Let’s know what are its benefits about this FD scheme and its benefits.
Canara Bank FD interest rates
Canara Bank is offering 7.20% interest rate to ordinary citizens on its 4 -year fixed deposit (FD), while 7.70% interest rate is being offered to senior citizens. These interest rates are quite competitive today and can be an attractive offer for investors. The bank has designed its FD scheme in such a way that investors can get stable returns for a long time.
For ordinary citizens
If an ordinary citizen invests Rs 3 lakh in this scheme, he will get Rs 3,99,104 on maturity. This amount of returns shows how beneficial it can be for FD investor.
For Senior Citizens
Canara Bank is offering 7.70% interest rate for Senior Cities. If a senior citizen invests Rs 3 lakh, he will get Rs 4,07,017 on maturity. Apart from this, if the senior citizen invests Rs 10 lakh in this scheme, then it will get Rs 13,56,724 on maturity. This can be a great option for senior cities, as they get the benefit of high interest rates.
Benefits of FD Scheme
- Safe and Stable Returns: FD is a safe investment option in which your initial investment is safe. The interest rate is ensured in this scheme, which means that you will get a fixed return, no matter what the market situation is.
- Interest rate competition: Canara Bank is paying an interest rate ranging from 7.20% to 7.70% on its 4 -year FD scheme.
- More interest rate for Senior Citizens: The FD scheme of Canara Bank provides 7.70% interest rate to senior cities, which gives them higher returns than other ordinary citizens.
- Tax Benefits: The interest received on FD is taxed, but if you invest an investor in FD for 5 years or more, you can get the benefit of tax savings.
- Benefits of liquidity: Liquidity is also an important feature in FD scheme. You can declarer your FD at any time, but you may have to pay some tax and penalty on it.
Conclusion:
The 4 -year -old FD scheme of Canara Bank can be a safe, stable and beneficial investment option. General citizens are getting 7.20% and senior citizens are getting 7.70% interest rates, which is a great offer for people looking for safe investment. Apart from this, you can get the benefits of tax savings and liquidity not only on investment. If you want to protect your savings, this FD scheme can be an ideal option for you.
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