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Fixed deposit comparison

SBI Tax Savings Scheme Fixed Deposit vs Canara Bank Tax Saver Scheme

Compare SBI Tax Savings Scheme 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

SBI Tax Savings Scheme 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
State Bank of IndiaSBI Tax Savings Scheme Fixed Deposit

SBI customers who want a public-sector tax-saving deposit and are willing to verify the exact live five-year resident rate at booking rather than relying on an older cached rate.

Cost / pricing
SBI states that the applicable rate is the prevailing Term Deposit rate for Public/Senior Citizens. The engine leaves the exact five-year numeric anchor refresh-gated because the current first-party rate page did not expose a safely attributable tax-saver five-year row in this review.
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

SBI Tax Savings Scheme Fixed Deposit vs Canara Bank Tax Saver Scheme

Prepared 14 Sep 2026 · Source page: https://bankingreference.info/compare-banking/sbi-tax-savings-scheme-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.

SBI Tax Savings Scheme Fixed Deposit

Taxpayer / regime eligibility
Eligible SBI depositors under current scheme/KYC and tax-law conditions; senior pricing is subject to the current resident senior-citizen term-deposit schedule.
Qualifying amount / lock-in
Minimum ₹1,000 and thereafter in ₹100 multiples; maximum ₹1.5 lakh per financial year for the tax-saving scheme. SBI publishes a minimum five-year and maximum ten-year scheme period.

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.

SBI Tax Savings Scheme Fixed Deposit

Current five-year rate evidence
SBI states that the applicable rate is the prevailing Term Deposit rate for Public/Senior Citizens. The engine leaves the exact five-year numeric anchor refresh-gated because the current first-party rate page did not expose a safely attributable tax-saver five-year row in this review.

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.

SBI Tax Savings Scheme Fixed Deposit

Preclosure / loan restriction
The tax-saving lock-in is at least five years. Do not treat this as an ordinary callable SBI term deposit or infer a current five-year rate from a promotional maximum.
Tax-law / maturity condition
Rate is explicitly tied to SBI’s prevailing Public/Senior Citizen term-deposit rate; exact booking date and chosen scheme tenor remain controlling.

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 SBI Tax Savings Scheme Fixed DepositOther maintained comparisons for Canara Bank Tax Saver Scheme
Exact terms

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Banking product terms side by side for SBI Tax Savings Scheme Fixed Deposit and Canara Bank Tax Saver Scheme
Decision factorSBI Tax Savings Scheme Fixed DepositCanara Bank Tax Saver Scheme
Current five-year rate evidenceSBI states that the applicable rate is the prevailing Term Deposit rate for Public/Senior Citizens. The engine leaves the exact five-year numeric anchor refresh-gated because the current first-party rate page did not expose a safely attributable tax-saver five-year row in this review.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 ₹1,000 and thereafter in ₹100 multiples; maximum ₹1.5 lakh per financial year for the tax-saving scheme. SBI publishes a minimum five-year and maximum ten-year scheme period.Minimum ₹100 in ₹100 multiples; maximum ₹1.5 lakh per person; fixed five-year tax-saver period.
Deduction context / payoutTerm Deposit or Special Term Deposit payout mechanics follow SBI’s applicable deposit terms; qualifying principal can fall within the current aggregate tax-saving deduction framework, while interest remains subject to tax/TDS rules.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 restrictionThe tax-saving lock-in is at least five years. Do not treat this as an ordinary callable SBI term deposit or infer a current five-year rate from a promotional maximum.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 eligibilityEligible SBI depositors under current scheme/KYC and tax-law conditions; senior pricing is subject to the current resident senior-citizen term-deposit schedule.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 conditionRate is explicitly tied to SBI’s prevailing Public/Senior Citizen term-deposit rate; exact booking date and chosen scheme tenor remain controlling.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.
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.

State Bank of India

SBI Tax Savings Scheme 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 current exact five-year numeric rate is intentionally refresh-gated instead of copied from older SBI schedules.
  • 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.
  • Interest on the deposit is not made tax-free merely because the principal is a qualifying tax-saving instrument.
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.

SBI Tax Savings Scheme Fixed Deposit

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

  1. Issuer product pagehttps://sbi.bank.in/web/yono/tax-saver-fixed-deposit?inheritRedirect=true
  2. Issuer product pagehttps://sbi.bank.in/web/interest-rates/deposit-rates/retail-domestic-term-deposits

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.