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Fixed deposit comparison

Federal Bank Tax Savings Deposit vs Canara Bank Tax Saver Scheme

Compare Federal Bank Tax Savings Deposit and Canara Bank Tax Saver Scheme using the controlling cost, balance, rate, tenure, liquidity, limits, eligibility and current first-party bank evidence for this product type.

Fixed deposit comparison

Federal Bank Tax Savings Deposit vs Canara Bank Tax Saver Scheme

Compare the two source-backed records without collapsing unlike conditions into a winner score.

Latest underlying reviewSeptember 10, 2026
Federal BankFederal Bank Tax Savings Deposit

Eligible Federal Bank customers who want a five-year locked deposit whose current rate can be tied directly to Federal’s resident term-deposit schedule.

Cost / pricing
Federal states that Resident Term Deposit rates also apply to Federal Tax Savings Deposits. Under the schedule effective 17 August 2026, the above-48-months-to-10-years band is 6.40% p.a. general and 6.90% p.a. for eligible resident senior citizens.
Reviewed
September 10, 2026
Evidence
2 bank sources
Open product research
Canara BankCanara Bank Tax Saver Scheme

Eligible public-sector-bank depositors who want a low minimum tax-saving FD and value a clearly documented death exception and payout-mode choices.

Cost / pricing
Canara’s domestic callable schedule below ₹3 crore is effective 17 March 2026; the five-years-to-ten-years rate is 6.25% p.a. general and 6.75% p.a. for eligible resident senior citizens.
Reviewed
September 10, 2026
Evidence
2 bank sources
Open product research
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bankingreference.info · Comparison research sheet

Federal Bank Tax Savings Deposit vs Canara Bank Tax Saver Scheme

Prepared 14 Sep 2026 · Source page: https://bankingreference.info/compare-banking/federal-tax-savings-deposit-vs-canara-tax-saver-scheme/

General product research only. Recheck the listed first-party sources before acting because product terms can change after the recorded review dates.

Decision checkpoints

Answer the questions that can actually change the choice.

Each checkpoint reproduces the recorded product fields instead of assigning a winner. Read the condition, scope and missing-data state before treating a difference as useful to you.

01Are you comparing the same customer, amount and tenure?Start with the eligible customer or relationship and any balance, funding or tenure requirement.

Federal Bank Tax Savings Deposit

Taxpayer / regime eligibility
Federal publishes product-opening eligibility including individuals and HUFs plus some non-individual entities; the tax deduction itself is modeled only under the current statutory eligibility/regime rather than generalized to every opener.
Qualifying amount / lock-in
Minimum ₹100 and thereafter in ₹100 multiples; maximum ₹1.5 lakh; fixed five-year lock-in.

Canara Bank Tax Saver Scheme

Taxpayer / regime eligibility
Individuals, Karta of HUF and permitted joint formats under current Canara terms; tax deduction in a joint deposit is attached to the first holder subject to current law/regime.
Qualifying amount / lock-in
Minimum ₹100 in ₹100 multiples; maximum ₹1.5 lakh per person; fixed five-year tax-saver period.
02Which dated rate schedule applies to that deposit?Match the customer category, currency, amount, tenure and effective date before comparing quoted rates. No return is calculated here.

Federal Bank Tax Savings Deposit

Current five-year rate evidence
Federal states that Resident Term Deposit rates also apply to Federal Tax Savings Deposits. Under the schedule effective 17 August 2026, the above-48-months-to-10-years band is 6.40% p.a. general and 6.90% p.a. for eligible resident senior citizens.

Canara Bank Tax Saver Scheme

Current five-year rate evidence
Canara’s domestic callable schedule below ₹3 crore is effective 17 March 2026; the five-years-to-ten-years rate is 6.25% p.a. general and 6.75% p.a. for eligible resident senior citizens.
03What happens if you need the money before maturity?Read the full liquidity and relationship conditions, including any recorded early-exit or payment restrictions.

Federal Bank Tax Savings Deposit

Preclosure / loan restriction
Premature withdrawal is not permitted and loan facility is unavailable. Federal’s product page lists a broader set of account-opening entities than the tax-law deduction applies to, so opening eligibility and deduction eligibility are not treated as identical.
Tax-law / maturity condition
Federal explicitly maps this product to its Resident Term Deposit rate ladder; exact five-year pricing is therefore evidence-backed from the current schedule.

Canara Bank Tax Saver Scheme

Preclosure / loan restriction
Cannot be pledged as collateral and cannot normally be closed prematurely; Canara explicitly states an exception in the event of the depositor’s death.
Tax-law / maturity condition
This tax-saver is held apart from Canara’s ordinary callable and non-callable rate structures even when its five-year rate is sourced from the current domestic schedule.
Other maintained comparisons for Federal Bank Tax Savings DepositOther maintained comparisons for Canara Bank Tax Saver Scheme
Exact terms

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Banking product terms side by side for Federal Bank Tax Savings Deposit and Canara Bank Tax Saver Scheme
Decision factorFederal Bank Tax Savings DepositCanara Bank Tax Saver Scheme
Current five-year rate evidenceFederal states that Resident Term Deposit rates also apply to Federal Tax Savings Deposits. Under the schedule effective 17 August 2026, the above-48-months-to-10-years band is 6.40% p.a. general and 6.90% p.a. for eligible resident senior citizens.Canara’s domestic callable schedule below ₹3 crore is effective 17 March 2026; the five-years-to-ten-years rate is 6.25% p.a. general and 6.75% p.a. for eligible resident senior citizens.
Qualifying amount / lock-inMinimum ₹100 and thereafter in ₹100 multiples; maximum ₹1.5 lakh; fixed five-year lock-in.Minimum ₹100 in ₹100 multiples; maximum ₹1.5 lakh per person; fixed five-year tax-saver period.
Deduction context / payoutQuarterly-compounded maturity value, proof-of-investment certificate availability and qualifying principal within the applicable aggregate deduction framework. Interest remains taxable/TDS-applicable.Monthly discounted or quarterly payout under the Fixed Deposit stream, or quarterly compounding under Kamadhenu. Qualifying principal can fall within the aggregate statutory deduction ceiling; interest remains taxable/TDS-applicable.
Preclosure / loan restrictionPremature withdrawal is not permitted and loan facility is unavailable. Federal’s product page lists a broader set of account-opening entities than the tax-law deduction applies to, so opening eligibility and deduction eligibility are not treated as identical.Cannot be pledged as collateral and cannot normally be closed prematurely; Canara explicitly states an exception in the event of the depositor’s death.
Taxpayer / regime eligibilityFederal publishes product-opening eligibility including individuals and HUFs plus some non-individual entities; the tax deduction itself is modeled only under the current statutory eligibility/regime rather than generalized to every opener.Individuals, Karta of HUF and permitted joint formats under current Canara terms; tax deduction in a joint deposit is attached to the first holder subject to current law/regime.
Tax-law / maturity conditionFederal explicitly maps this product to its Resident Term Deposit rate ladder; exact five-year pricing is therefore evidence-backed from the current schedule.This tax-saver is held apart from Canara’s ordinary callable and non-callable rate structures even when its five-year rate is sourced from the current domestic schedule.
Tenure-by-tenure rates

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These are nominal annual rates from the reviewed first-party schedules. Effective dates can differ, and no universal winner is inferred from one tenure.

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Shared deposit tenure rates for Federal Bank Tax Savings Deposit and Canara Bank Tax Saver Scheme
TenureFederal Bank Tax Savings DepositCanara Bank Tax Saver Scheme
5 years6.40% · senior 6.90%6.25% · senior 6.75%

Federal Bank Tax Savings Deposit

Schedule reference: August 17, 2026. Federal explicitly says Resident Term Deposit rates apply to Federal Tax Savings Deposits; schedule effective 17 August 2026.

Canara Bank Tax Saver Scheme

Schedule reference: March 17, 2026. Canara Tax Saver is a five-year FD/Kamadhenu scheme; current domestic callable sub-₹3Cr schedule effective 17 March 2026.

Wrong-fit risks

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A useful comparison shows what can make either option unsuitable instead of averaging those conditions into a score.

Federal Bank

Federal Bank Tax Savings Deposit

  • The deduction is part of the aggregate ₹1.5 lakh Section 123 / Schedule XV framework and is not available under the new concessional tax regime under Section 202; individual tax circumstances can differ.
  • From 1 April 2026, current tax-year references should use Section 123 read with Schedule XV of the Income-tax Act, 2025; some bank product copy still uses the legacy Section 80C label.
  • Federal’s product page still uses legacy Section 80C wording and lists some entities that should not be assumed to receive an individual/HUF tax deduction.
  • Interest remains taxable and periodic TDS can affect reinvestment maturity value.
Canara Bank

Canara Bank Tax Saver Scheme

  • The deduction is part of the aggregate ₹1.5 lakh Section 123 / Schedule XV framework and is not available under the new concessional tax regime under Section 202; individual tax circumstances can differ.
  • From 1 April 2026, current tax-year references should use Section 123 read with Schedule XV of the Income-tax Act, 2025; some bank product copy still uses the legacy Section 80C label.
  • The death exception is not ordinary liquidity and should not be presented as a normal premature-withdrawal option.
  • Interest is taxable/TDS-applicable even though the qualifying principal can support a deduction.
Research tools

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Independent source state

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First-party source appendix

These are the exact source URLs already attached to the two research records. Re-open the controlling documents before relying on a fee, rate, limit, eligibility rule or benefit.

Federal Bank Tax Savings Deposit

Reviewed September 10, 2026 · 2 attached first-party sources

  1. Issuer product pagehttps://www.federal.bank.in/federal-tax-savings-deposit
  2. Issuer product pagehttps://www.federal.bank.in/deposit-rate

Canara Bank Tax Saver Scheme

Reviewed September 10, 2026 · 2 attached first-party sources

  1. Issuer product pagehttps://www.canarabank.bank.in/canara-tax-saver-scheme
  2. Issuer product pagehttps://www.canarabank.bank.in/term-deposits-rate-of-interest-p.a.