As the festival season approaches, Canara Bank offers its special Diwali Fixed Deposit scheme for 2025, promising glittering returns for investors. A 310-Day Diwali Fixed Deposit is one short-term investment avenue that focuses on safeguards and assured returns, giving the investors maximum amount of time to earn money during the festive months. This scheme is perfect for individuals looking for a secure way to grow their money while spending Diwali with a peaceful bank balance.
Scheme Specifications
Canara Bank Diwali FD 2025 stands as a term deposit scheme having a tenure of 310 days. An FD can be opened with a minimum investment of ₹10,000, but for this illustration, we presume ₹2,00,000. The scheme gives interest assured on deposits, and thus, is a safer and more predictable investment than market-linked schemes. Interest rates are slightly higher than regular FDs to encourage investments in the festive period and foster saving during this time.
Interest Rates and Returns
The interest rate offered by Canara Bank for a 310-day term is competitive, letting investors earn a nice return within a short span. Upon the investment of ₹2,00,000, the accrued interest at maturity is calculated based on the applicable rate for a senior citizen and general investors. Senior citizens usually enjoy a higher rate of interest as the bank attempts to reward long-term and loyal clients; hence, even short-term deposits can give good growth, making it a hot pick for festival investments.
Safety and reliability
Being a government bank, Canara Bank assures high security for FD investments. Deposits in Canara Bank are insured for up to ₹5 lakh under the Deposit Insurance and Credit Guarantee Corporation (DICGC) scheme, thus offering complete assurance to the investors. So Diwali FD is a low-risk safe investment avenue for anyone looking to grow their wealth without any market exposure.
Taxation
The interest received on Canara Bank Diwali FD is taxable depending on the assessable income slab of the investor. The bank levies TDS on interest income over and above the prescribed limit. Investors may need to submit Form 15G or 15H to prevent the deduction of TDS, if eligible. Keep taxing implications in sight while working out net returns from this FD to chalk out future finances well.
In Conclusion
Canara Bank Diwali FD 2025 is a smart choice for those who want the festive season to precede some short-term secure returns. With a 310-day tenure, attractive interest rates, and government-backed bank safety, the amount of 2,00,000 makes for quite meaningful returns, along with some peace of mind. This scheme lets investors celebrate Diwali in style, with some financial foresight and smart planning, i.e., with festive joy and wealth creation.