Canara Bank FD Scheme : Fixed deposits (FDs) have always been one of the most trusted and safe investment options for Indian citizens. Whether it is for salaried employees, retired individuals, or even homemakers, fixed deposits offer stability, security of principal, and guaranteed returns, unlike stock markets or mutual funds where risk factors remain. Recognizing the growing demand for special FD schemes with higher interest rates, Canara Bank has recently launched a powerful fixed deposit plan with a unique tenure of 444 days. This scheme is currently being seen as a golden opportunity for investors who are looking to grow their savings in a secure manner.
The highlight of this new FD scheme is that Canara Bank is offering bumper interest rates for both regular citizens and senior citizens. With attractive rates of 6.50% for the general public and 7.00% for senior citizens, this FD has been nicknamed the “Dhamaka” or “Dhaakad FD Scheme” by many. The unusual tenure of 444 days makes it a limited-period, unique product, and the competitive returns make it one of the most rewarding fixed deposit options currently available in the market.
Canara Bank FD Scheme : Why the 444-Day FD Scheme is Special
Normally, fixed deposit schemes in most banks are offered in standard durations such as 1 year, 2 years, 3 years, or 5 years. However, Canara Bank has designed this special scheme for 444 days (approximately 14.5 months), which is slightly longer than a year but shorter than one and a half years. This precise tenure has been chosen to maximize returns within a relatively short period, making it appealing to both short-term and medium-term investors.
At a time when inflation is rising and market-linked investments are becoming more volatile, an FD scheme that guarantees an interest rate above 6.5% is an attractive proposition. Furthermore, the scheme caters separately to regular depositors and senior citizens, giving seniors an additional 0.50% interest rate, as is customary in the Indian banking sector.
Canara Bank FD Scheme : Interest Rates Under the Scheme
- For General Citizens:
Canara Bank is offering an interest rate of 6.50% per annum on the 444-day fixed deposit. This is higher than the bank’s standard one-year FD rates, which makes it especially beneficial for those who want slightly better returns without committing their money for a very long duration. - For Senior Citizens:
Senior citizens are being offered a premium rate of 7.00% per annum on the same 444-day FD. Since many retired individuals prefer safe investments that provide them with assured income, this scheme is extremely attractive for them. The higher rate ensures that seniors can generate more income from their savings.
Canara Bank FD Scheme : Example of Returns on an Investment of ₹1,00,000
To understand the benefit of this FD scheme more clearly, let us consider the example of an investor who decides to deposit ₹1,00,000 in this 444-day FD scheme.
- For General Citizens:
With an interest rate of 6.50% per annum, a depositor investing ₹1,00,000 will receive a maturity amount of approximately ₹1,08,159 at the end of 444 days. This means that in just about 14.5 months, the investor earns a profit of over ₹8,159 without any risk. - For Senior Citizens:
If a senior citizen invests the same ₹1,00,000 under this scheme, they will benefit from the higher interest rate of 7.00% per annum. At maturity, they will receive a total of ₹1,08,807, which is nearly ₹649 more than what a regular citizen earns for the same deposit amount. This additional income is very valuable for retirees who often depend on interest earnings for their monthly expenses.
Canara Bank FD Scheme : Advantages of Canara Bank’s 444-Day FD Scheme
- Assured and Guaranteed Returns:
Unlike equities or mutual funds, the returns under this FD scheme are guaranteed. The depositor knows the exact amount they will receive at maturity, which brings peace of mind. - Short-to-Medium Term Investment:
The tenure of 444 days makes it perfect for individuals who do not want to lock their funds for 3–5 years but still want better returns than a one-year FD. - Special Higher Rates for Seniors:
Senior citizens often rely heavily on fixed deposits as a source of income. The 7% interest rate ensures they receive higher returns, making their retirement life more financially secure. - Safe and Secure:
Being a government-backed public sector bank, Canara Bank offers complete security to its depositors. The principal amount is entirely safe, and interest is paid as per the commitment. - Better Than Savings Accounts:
Regular savings accounts usually offer only 3–3.5% interest. By opting for this FD, investors can more than double their returns in the same time frame.
Why You Should Consider Investing Now
Currently, several banks are competing to offer higher FD rates due to the monetary policies of the Reserve Bank of India (RBI). However, these special schemes are often limited-time offers and may not be available for long. Canara Bank’s 444-day FD is one such golden opportunity that investors should consider before the interest rates are revised.
If you are someone who wants to park surplus funds safely and earn a return that beats inflation, this scheme is a wise choice. The combination of safety, attractive returns, and a manageable tenure makes it one of the most appealing FDs in the market right now.
Key Points to Remember Before Investing
- Minimum investment amount is generally ₹1,000, but in the example above, we considered ₹1,00,000 for easy calculation.
- Premature withdrawal is usually allowed, but penalties may apply, reducing the effective interest rate.
- Tax Deducted at Source (TDS) will be applicable if the annual interest earned exceeds ₹40,000 (₹50,000 for senior citizens).
- Investors can also opt for monthly, quarterly, or cumulative interest payout options depending on their needs.
Final Thoughts
Canara Bank’s 444-day Dhaakad Fixed Deposit scheme is undoubtedly one of the most rewarding and secure investment opportunities currently available. With interest rates of 6.50% for the general public and 7.00% for senior citizens, the scheme strikes a perfect balance between short-term commitment and high returns.
For an investment of ₹1,00,000, the maturity value of ₹1,08,159 for general citizens and ₹1,08,807 for senior citizens clearly highlights the earning potential of this FD. Considering the safety, guaranteed income, and attractive interest rates, this scheme is an excellent option for individuals looking to grow their savings without taking unnecessary risks.
If you are planning to invest in a fixed deposit, now is indeed the perfect time to consider Canara Bank’s 444-day FD scheme. It not only ensures the safety of your hard-earned money but also provides a lucrative return in just over 14 months. For both regular investors and senior citizens, this scheme is truly a “dhaakad” opportunity that should not be missed.