Canara Bank Logo
Canara Bank

Public Sector

vs
Bank of India Logo
BOI

Private Sector

Canara Bank vs Bank of India Recurring Deposit Comparison 2025

Compare interest rates, features, and returns between Canara Bank (Public Sector) and Bank of India (Private Sector). Compare the security of public sector banking with the convenience of private sector services.

Canara Bank: Min ₹100
BOI: Min ₹500
Security vs Convenience
Compare Your RD Returns
500₹50,000
years
1 year10 years

Interest Rate Comparison

RD Interest Rates by Tenure

General rates across different tenures

Current selection: 3 years (1095 days) -Canara Bank: % |BOI: %

Side-by-Side Rate Comparison

Direct comparison of general rates

Canara Bank
BOI

Feature Comparison

Features
Canara Bank
Canara Bank
Public Sector
BOI
BOI
Private Sector
Minimum RD Amount
100
500
Current Interest Rate (Selected Tenure)
%
%
Premature Withdrawal Penalty
1%
1%
Official Rate Source
View Official RatesView Official Rates
Canara Bank
Public Sector Bank

Key Advantages:

Government-owned bank with strong security
Wide branch network across India
Competitive interest rates
Canara Shikhar special scheme (444 days)
Online FD booking facility
Senior citizen benefits
Bank of India
Private Sector Bank

Key Advantages:

Government-owned bank with strong security
Established in 1906, nationalized in 1969
Wide branch network across India
Special Star Utsav FD scheme (777 days)
Green Deposit for sustainable investments
Tax-saving FD options available
Important: Recurring Deposit Safety & Insurance Coverage

₹5 Lakh Insurance Limit

The Deposit Insurance and Credit Guarantee Corporation (DICGC) provides insurance coverage of up to ₹5 lakhs per depositor per bank. This includes both principal and accrued interest for RDs.

⚠️ Recommendation:

Keep your total deposits (RDs + FDs + Savings) under ₹5 lakhs per bank. If you need larger investments, distribute them across multiple banks.

Smart Distribution Strategy

Multiple RDs: Open RDs in both Canara Bank and BOI

Family Accounts: Use different family members' accounts for additional coverage

Best of Both: Combine Canara Bank (security) with BOI (convenience)

💡 Pro Tip:

RDs are perfect for goal-based investing. You can open separate RDs for different financial goals across different banks to maximize returns and safety.

Key Insights & Recommendations

Choose Canara Bank If:
  • • Minimum amount: ₹100
  • Public Sector banking preference
  • Government-owned bank with strong security
  • Wide branch network across India
  • Competitive interest rates
Choose BOI If:
  • • Minimum amount: ₹500
  • Private Sector banking preference
  • Government-owned bank with strong security
  • Established in 1906, nationalized in 1969
  • Wide branch network across India
Best Strategy:
  • • Open multiple RDs for different goals
  • • Keep ≤₹5L per bank for insurance
  • • Use Canara Bank for stability
  • • Use BOI for convenience
  • • Review rates periodically

Ready to Invest in Recurring Deposits?

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