Investing in fixed deposits (FDs) is a secure and wise option to increase your funds. Canara Bank’s 310-Day FD 2025 is a plan that assures good returns regardless of the changing economy. The rates which would be in force from August 2025 would be good for short-term purposes such as emergencies or holidays. The scheme guarantees risk-free reward on your investment.
What Makes the 310-Day FD Special?
The 310-Day FD is exactly between 270 days and one year. It gives more liquidity and less return than longer tenures. It is a public sector bank therefore it guarantees the safety of the principal amount up to ₹5 lakhs by the DICGC insurance. It is very suitable for salaried persons or senior citizens looking for a regular income.
Top Benefits of Canara Bank 310-Day FD
- High-Interest Rate: The rate is up to 6.25% p.a. for seniors which is much better than many other banks.
- Flexibility: You can withdraw the amount before maturity but a small penalty will be charged.
- Tax Benefits: If held for over 5 years (extendable), Section 80C deductions are available.
- Online Convenience: You can easily open an account through net banking or an app in just a few minutes.
- Loan Facility: You can get overdrafts up to 90% of the deposit amount.
This is why it is a preferred choice for the low-risk investors in 2025.
Current Rates and Returns for 310 Days
Rates are for deposits under ₹3 crore. Seniors get an extra 0.50% from 180 days onward.
| Deposit Amount (₹) | General Interest (5.75% p.a.) | Maturity Value (₹) | Senior Interest (6.25% p.a.) | Maturity Value (₹) |
|---|---|---|---|---|
| 1,00,000 | 5,750 | 1,05,750 | 6,250 | 1,06,250 |
| 5,00,000 | 28,750 | 5,28,750 | 31,250 | 5,31,250 |
| 10,00,000 | 57,500 | 10,57,500 | 62,500 | 10,62,500 |
How to Open Your 310-Day FD Account
- You can either visit the bank or use the Canara ONE app.
- Provide KYC information and select the 310-day maturity period.
- Choose the category of general or senior citizen.
- Make funds transfer through NEFT/RTGS or cheque.
- Get an FD certificate without any delay.
There is no minimum deposit required other than ₹5,000 in retail.
FAQs
Q1: What is the minimum amount needed to be deposited in Canara Bank 310-Day FD?
A: ₹5,000 for retail; higher for bulk.
Q2: Is it permitted to close the FD earlier?
A: Yes, with a penalty ranging from 0.50 to 1% depending on the period of holding.
Q3: Is TDS deduction applicable?
A: Yes, if the annual interest is greater than ₹40,000 (₹50,000 for senior citizens). One can file forms 15G/H to avoid TDS.
Q4: How does it fare against other banks in the year 2025?
A: Canara’s 5.75% is better than SBI’s 5.50% for the same maturity period thus offering better value.