BoI vs Canara FD Rates October 2026

BoI offers up to 6.85% p.a. · Canara up to 7.03% p.a. · Side-by-side across all tenures, general & senior citizen rates.

FD Rate Comparison — All Tenures

Highlighted cells show the higher rate for each tenure. Dataset refreshed 1 Oct 2026.

1-year FD winner Canara 6.50% vs 6.85%
Savings account BoI 2.75% vs 2.70%
Tenure BoI Canara
GeneralSenior GeneralSenior
6 months 5.50% — 6.28% 5.85%
1 year 6.50% 7.15% 6.85% 6.85%
2 years 6.60% 7.25% 6.78% 6.85%
3 years 6.70% 7.60% 6.88% 6.75%
5 years 6.00% — 7.03% 6.75%

Rates for retail deposits below ₹3 crore. Senior citizen rate typically +0.25–0.50% p.a. Green cells show the higher general rate for each tenure. Calculate your maturity amount →

Savings Account Rates

BoI
2.75% p.a.
vs
Canara
2.70% p.a.

Which bank should you choose?

Both BoI and Canara are government-owned public sector banks, regulated by the RBI and majority-owned by the Government of India. Canara holds a slim rate advantage right now. For most depositors the difference is modest; branch proximity and existing banking relationships are equally worth weighing.

This is informational only — always verify the current rate on the bank's official website and consult a financial adviser for personalised guidance.

About These Banks

Bank of India

Type
Public Sector Bank
HQ
Mumbai
Est.
1906
Best FD rate
6.85% p.a.
DICGC insured
Yes (up to ₹5 lakh)
Full profile
BoI deposit rates →

Canara Bank

Type
Public Sector Bank
HQ
Bengaluru
Est.
1906
Best FD rate
7.03% p.a.
DICGC insured
Yes (up to ₹5 lakh)
Full profile
Canara deposit rates →

Frequently Asked Questions

Which bank gives a higher FD interest rate — Bank of India or Canara Bank?

Canara Bank currently offers a higher maximum FD rate of 7.03% p.a., compared to 6.85% p.a. from Bank of India (as of 1 Oct 2026).

What is Bank of India's current 1-year FD interest rate?

Bank of India offers 6.50% p.a. for general depositors on 1-year FDs, and 7.15% p.a. for senior citizens (as of 1 Oct 2026). Confirm the current rate on Bank of India's official website before investing.

What is Canara Bank's current 1-year FD interest rate?

Canara Bank offers 6.85% p.a. for general depositors on 1-year FDs, and 6.85% p.a. for senior citizens (as of 1 Oct 2026). Confirm the current rate on Canara Bank's official website before investing.

Are fixed deposits with Bank of India and Canara Bank safe?

Yes. Both Bank of India and Canara Bank are regulated by the Reserve Bank of India (RBI). Deposits at both banks are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC) up to ₹5,00,000 per depositor per bank, covering principal and interest combined. Amounts above ₹5 lakh are not covered by deposit insurance.

Do Bank of India and Canara Bank offer higher FD rates for senior citizens?

Yes, both banks offer additional interest for senior citizens (aged 60 and above), typically 0.25%–0.50% p.a. above the general rate. Bank of India's 1-year senior rate: 7.15% p.a. Canara Bank's 1-year senior rate: 6.85% p.a.

What is the highest FD rate available between Bank of India and Canara Bank?

The highest rate between the two is 7.03% p.a. from Canara Bank for the 5 years to 10 years tenure (general public, retail deposits below ₹3 crore, as of 1 Oct 2026).