Stashing cash in a secure location has become absolutely necessary. Among the various money-saving approaches, fixed deposits are slowly gaining back ground as people looking for secure and steady investments, choosing them over other alternatives.
Canara Bank’s 444 Days Fixed Deposit scheme has gained traction in this regard as it provides a higher interest than normal FDs for a limited, fixed time. The curiosity of the investors is geared toward judging the growth of their money, especially for a ₹2.5 lakh investment.
However, let us first comprehend the implications of this FD in context and how one can integrate it into a savings strategy before delving into specifics.
Canara Bank came up with this novel, short-term FD to allow clients to take advantage of better rates without a long-term obligation. It is a hassle-free, risk-free and cautious investors will find it a suitable option.
What Is Canara Bank 444 Days Fixed Deposit?
Canara Bank 444 Days FD is a special fixed deposit plan with a term of 444 days. Compared to the traditional FDs of equal term its interest rate is far more attractive.
From the moment of investment, the interest rate is guaranteed to stay the same until the end of the term, bringing security to the investors.
Interest Rates Offered Under This Scheme
The bank has declared very good interest rates for this short-term FD:
Common Customers: Up to 6.75% per annum
Old Persons: Up to 7.25% per annum
These rates are subject to change, and hence, it is wise to invest early to benefit from the current rates.
Maturity Amount on Investment of ₹2.5 Lakh
If you put ₹2.5 lakh into this FD, then your maturity amount will be determined by rate of interest offered to you.
- Matured value of the money for general investors will be approximately ₹2.72 lakh.
- Matured amount of about ₹2.74 lakh can be paid to senior citizens.
The exact amounts are not fixed and depend slightly on the compounding rules.
Canara Bank 444 Days FD – Key Details Table
| Feature | Details |
|---|---|
| Bank Name | Canara Bank |
| FD Tenure | 444 Days |
| Minimum Deposit | ₹1,000 |
| Maximum Deposit | No Upper Limit |
| Interest Rate (General) | Up to 6.75% |
| Interest Rate (Senior Citizen) | Up to 7.25% |
| Premature Withdrawal | Allowed with penalty |
| Risk Level | Very Low |
Who Should Consider This FD?
This offer is perfect for:
- People who want safe investment options
- Older adults who require regular income
- Working persons with extra cash
- Investors rejecting stock market risks
- Financial planners looking for short-term solutions
If the safety of your capital is your main concern this FD is an excellent choice.
Major Benefits of Canara Bank 444 Days FD
The major advantages of this investment are:
- Assured profits
- Safety of a government bank
- More interest than common FDs
- Simple access through online and physical branches
- FD Loans available
All these are reasons why it will be a favorite among the conservative investors.
Important Points to Remember
Before putting your money in it, think about these things:
- The interest from the FD is subject to taxation.
- TDS deduction may be there if the interest income exceeds the slab.
- Forfeiting due to withdrawal in advance will diminish the gains.
Good tax planning ensures better net returns.
Final Conclusion: Is This FD Worth Investing In?
In the limelight of the present shaky financial situation, Canara Bank 444 Days FD emerges as a sleeping beauty combining safety and better profits. The investment of ₹2.5 lakh would yield a steady growth path without your money being exposed to risk.
If you are aiming for secure growth along with a predictable return then you can consider this FD. Stay in touch for the most recent rates, weigh alternative choices, and don’t delay in investing to get the maximum benefit from this limited period opportunity.