Canara Bank FD Scheme: Invest ₹2,00,000 in Canara Bank’s 310 Days FD Scheme, Know the Returns

Canara Bank, one of India’s leading public sector banks, has introduced a special fixed deposit (FD) scheme of 310 days, offering attractive interest rates for investors looking for short-term yet rewarding investment options. This scheme has drawn attention as it provides higher returns compared to regular savings accounts and comes with the safety of a government-backed bank.

Why Choose the 310 Days FD?

In today’s market, investors are looking for secure instruments that balance risk and return. Fixed deposits remain a preferred choice due to their stability, and Canara Bank’s 310-day FD is tailored for those who want assured growth in less than a year. The scheme particularly appeals to salaried professionals, retirees, and conservative investors who value guaranteed returns.

Interest Rates on Offer

Canara Bank’s 310-day FD comes with different interest rates depending on the type of investor. Senior citizens are offered slightly higher returns compared to general depositors, ensuring better income support for retirees.

Here’s an illustration of the potential returns for an investment of ₹2,00,000:

Investor TypeInterest Rate (Approx.)Maturity Value after 310 Days (on ₹2,00,000)
General Public6.75% p.a.₹2,11,446
Senior Citizens7.25% p.a.₹2,12,341

(The above figures are indicative and may vary slightly depending on compounding method and applicable TDS.)

How the Returns Are Calculated

The scheme uses quarterly compounding to ensure that investors gain more than simple interest. By investing ₹2,00,000 for 310 days, general investors can earn over ₹11,000 in less than a year, while senior citizens enjoy an even better payout due to the additional 0.50% interest benefit.

Benefits of the Canara Bank FD Scheme

Beyond the returns, the scheme offers several advantages:

  • Guaranteed and safe returns backed by a reputed public sector bank
  • Flexibility of a short tenure (310 days)
  • Higher rates for senior citizens
  • Loan facility available against the FD for liquidity needs

Things Investors Should Keep in Mind

While the FD offers higher returns than savings accounts, investors must remember that premature withdrawal could attract penalties, reducing the effective yield. Additionally, interest earned is taxable under the Income Tax Act if it crosses the prescribed exemption limit.

Final Word

The Canara Bank 310-day FD scheme is a smart option for individuals who want a safe short-term investment with better-than-average returns. With an investment of ₹2,00,000, both general investors and senior citizens can earn significant assured returns, making it an attractive addition to a balanced financial portfolio.

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