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Fixed deposit comparison

HDFC Bank Five-Year Tax Saving Fixed Deposit vs Canara Bank Tax Saver Scheme

Compare HDFC Bank Five-Year Tax Saving Fixed 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

HDFC Bank Five-Year Tax Saving Fixed 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
HDFC BankHDFC Bank Five-Year Tax Saving Fixed Deposit

Eligible resident individuals or HUFs using a deduction-eligible tax regime who want a large-bank five-year locked deposit and can accept taxable interest plus no normal liquidity during the lock-in.

Cost / pricing
The product uses HDFC Bank’s prevailing five-year deposit rate. The current sub-₹3 crore schedule applicable from 19 August 2026 places the exact five-year bucket at 6.40% p.a. general and 6.90% p.a. for eligible resident senior citizens.
Reviewed
September 10, 2026
Evidence
3 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

HDFC Bank Five-Year Tax Saving Fixed Deposit vs Canara Bank Tax Saver Scheme

Prepared 14 Sep 2026 · Source page: https://bankingreference.info/compare-banking/hdfc-five-year-tax-saving-fixed-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

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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.

HDFC Bank Five-Year Tax Saving Fixed Deposit

Taxpayer / regime eligibility
Resident individuals and HUFs under current HDFC Bank product/KYC rules; in a joint deposit, the deduction is attached to the first holder subject to tax law.
Qualifying amount / lock-in
Minimum ₹5,000 and thereafter in ₹100 multiples; maximum qualifying tax-saving deposit ₹1.5 lakh in a financial year; mandatory 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.

HDFC Bank Five-Year Tax Saving Fixed Deposit

Current five-year rate evidence
The product uses HDFC Bank’s prevailing five-year deposit rate. The current sub-₹3 crore schedule applicable from 19 August 2026 places the exact five-year bucket at 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.

HDFC Bank Five-Year Tax Saving Fixed Deposit

Preclosure / loan restriction
Normal premature withdrawal/partial liquidity and loan-style access should not be assumed during the five-year tax-saver lock; death-related settlement follows the bank’s applicable process.
Tax-law / maturity condition
A tax-saving FD is a locked tax-law product, not an ordinary callable five-year FD. The prevailing five-year rate at booking controls; monthly payout can use a discounted payout rate.

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 HDFC Bank Five-Year Tax Saving Fixed DepositOther maintained comparisons for Canara Bank Tax Saver Scheme
Exact terms

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Banking product terms side by side for HDFC Bank Five-Year Tax Saving Fixed Deposit and Canara Bank Tax Saver Scheme
Decision factorHDFC Bank Five-Year Tax Saving Fixed DepositCanara Bank Tax Saver Scheme
Current five-year rate evidenceThe product uses HDFC Bank’s prevailing five-year deposit rate. The current sub-₹3 crore schedule applicable from 19 August 2026 places the exact five-year bucket at 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 ₹5,000 and thereafter in ₹100 multiples; maximum qualifying tax-saving deposit ₹1.5 lakh in a financial year; mandatory five-year lock-in.Minimum ₹100 in ₹100 multiples; maximum ₹1.5 lakh per person; fixed five-year tax-saver period.
Deduction context / payoutEligible deposit principal may qualify within the aggregate Section 123 / Schedule XV deduction framework; monthly or quarterly payout can be selected, while reinvestment compounds quarterly. Interest itself remains taxable.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 restrictionNormal premature withdrawal/partial liquidity and loan-style access should not be assumed during the five-year tax-saver lock; death-related settlement follows the bank’s applicable process.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 eligibilityResident individuals and HUFs under current HDFC Bank product/KYC rules; in a joint deposit, the deduction is attached to the first holder subject to tax law.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 conditionA tax-saving FD is a locked tax-law product, not an ordinary callable five-year FD. The prevailing five-year rate at booking controls; monthly payout can use a discounted payout rate.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

Compare only the tenure anchors both banks actually publish.

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 HDFC Bank Five-Year Tax Saving Fixed Deposit and Canara Bank Tax Saver Scheme
TenureHDFC Bank Five-Year Tax Saving Fixed DepositCanara Bank Tax Saver Scheme
5 years6.40% · senior 6.90%6.25% · senior 6.75%

HDFC Bank Five-Year Tax Saving Fixed Deposit

Schedule reference: August 19, 2026. HDFC tax-saver fee page says the product uses the prevailing five-year deposit rate; HDFC domestic <₹3Cr table effective 19 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

Keep each product’s cautions beside the product.

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

HDFC Bank

HDFC Bank Five-Year Tax Saving Fixed 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.
  • The deposit deduction and the taxation of FD interest are separate: interest can be taxable/TDS-applicable.
  • 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.
  • A current regular five-year rate should not be confused with HDFC’s 5-years-1-day-to-10-years bucket.
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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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.

HDFC Bank Five-Year Tax Saving Fixed Deposit

Reviewed September 10, 2026 · 3 attached first-party sources

  1. Issuer product pagehttps://www.hdfc.bank.in/fixed-deposit/five-year-tax-saving-fixed-deposit
  2. Fee / charge schedulehttps://www.hdfc.bank.in/fixed-deposit/five-year-tax-saving-fixed-deposit/fees-and-charges
  3. Issuer product pagehttps://www.hdfc.bank.in/fixed-deposit/fd-interest-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.