The Canara Bank is one of India’s major public sector banks and offers attractive interest rates on fixed deposit (FD) accounts.
Customers can earn interest ranging from 3.00% to 7.00%, depending on the tenure of the deposit.
An FD account with Canara Bank can be opened for a minimum period of 7 days and a maximum period of up to 10 years.
Many customers choose short-term FDs to safely grow their savings.
Let’s understand how much return you can get if you invest ₹2 lakh in a 180-day FD.
Interest Rate on 180-Day FD
The bank offers different interest rates for different FD tenures.
For deposits with a tenure of 180 to 269 days, Canara Bank is currently offering up to 5.75% interest.
For this tenure:
General customers receive 5.25% interest
Senior citizens receive 5.75% interest
It is also worth noting that the bank’s 555-day special FD scheme currently offers the highest interest rate among its fixed deposit options.
How Much Will ₹2 Lakh Become in 180 Days?
If a general customer deposits ₹2,00,000 in a 180-day FD with Canara Bank, the maturity amount will be around ₹2,05,211.
This includes ₹5,211 as fixed interest.
For senior citizens, the return is slightly higher.
If they invest ₹2,00,000 for the same tenure, the maturity amount will be about ₹2,05,711, which includes ₹5,711 as interest.
Why Many Investors Choose FD
Fixed Deposits are considered one of the safest investment options.
The biggest advantage is that investors receive their full investment amount along with guaranteed interest after a fixed period.
Because of this safety and predictable returns, many people prefer FD schemes offered by banks like Canara Bank for short-term as well as long-term savings.