Compare Kotak Mahindra Bank 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.
Compare the two source-backed records without collapsing unlike conditions into a winner score.
Eligible Kotak customers who want a low-entry tax-saving deposit and can hold for the full five-year lock-in.
Eligible public-sector-bank depositors who want a low minimum tax-saving FD and value a clearly documented death exception and payout-mode choices.
bankingreference.info · Comparison research sheet
Prepared 14 Sep 2026 · Source page: https://bankingreference.info/compare-banking/kotak-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.
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.
Source review: September 10, 2026
Maintenance: Within the scheduled review window
3 attached sources. A review date is not a guarantee that terms have stayed unchanged.
Source review: September 10, 2026
Maintenance: Within the scheduled review window
2 attached sources. A review date is not a guarantee that terms have stayed unchanged.
The stored field wording is preserved. Product-type-specific evidence follows this generic comparison where deeper structured research exists.
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| Decision factor | Kotak Mahindra Bank Tax Saving Fixed Deposit | Canara Bank Tax Saver Scheme |
|---|---|---|
| Current five-year rate evidence | Kotak’s current domestic/NRO/NRE callable rate table is effective 10 June 2026; the five-years-and-above-to-10-years band is 6.25% p.a. general and 6.75% 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-in | Minimum ₹100 and maximum ₹1.5 lakh for the tax-saving investment; the product page describes the tax-saver as a five-year fixed tenure, while a support article can expose a 60-to-120-month booking range. The live booking terms control. | Minimum ₹100 in ₹100 multiples; maximum ₹1.5 lakh per person; fixed five-year tax-saver period. |
| Deduction context / payout | Choose quarterly interest payout or keep interest invested until maturity. Qualifying principal can fall within the aggregate statutory deduction framework; interest is 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 restriction | Premature or partial withdrawals are not permitted before the five-year lock is completed, and lien/loan treatment is restricted under the tax-saving scheme. | 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 eligibility | Eligible individuals/HUFs under Kotak’s current deposit/KYC terms and the applicable tax regime. | 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 condition | The exact five-year tax-saver uses current Kotak deposit pricing but remains a locked tax-saving structure rather than an ordinary callable FD. | 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. |
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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| Tenure | Kotak Mahindra Bank Tax Saving Fixed Deposit | Canara Bank Tax Saver Scheme |
|---|---|---|
| 5 years | 6.25% · senior 6.75% | 6.25% · senior 6.75% |
Schedule reference: June 10, 2026. Kotak tax-saver five-year product plus current Domestic/NRO/NRE callable rate table effective 10 June 2026.
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.
A useful comparison shows what can make either option unsuitable instead of averaging those conditions into a score.
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Reviewed September 10, 2026 · 3 attached first-party sources
Reviewed September 10, 2026 · 2 attached first-party sources