Canara vs IDFC First FD Rates — Which is Better in 2026?
Canara offers 6.85% FD rate (1-year) vs IDFC First at 7.50%. IDFC First gives you ₹650 more interest per year on a ₹10L deposit. Both banks are RBI-regulated and DICGC insured up to ₹5L per depositor.
Last updated: April 6, 2026
Canara
6.85%
FD rate (1 year)
IDFC First
7.50%
FD rate (1 year)
✓ Better dealCanara vs IDFC First FD Rates — Detailed Comparison
| Feature | Canara | IDFC First |
|---|---|---|
| FD Rate (1Y) | 6.85% | ✓7.50% |
| Account Opening | No fee | No fee |
| Tenure | 7 days – 10 years | 7 days – 10 years |
| Eligibility | Any individual, joint, HUF | Any individual, joint, NRI (NRE/NRO) |
FD Rate (1Y)
Canara
6.85%
IDFC First
7.50%
Account Opening
Canara
No fee
IDFC First
No fee
Tenure
Canara
7 days – 10 years
IDFC First
7 days – 10 years
Eligibility
Canara
Any individual, joint, HUF
IDFC First
Any individual, joint, NRI (NRE/NRO)
Verdict
IDFC First offers the better FD rate (7.50%) vs Canara (6.85%). Both are DICGC insured up to ₹5L. If you have more than ₹5L to park, split across banks to maximise insurance coverage. Senior citizens get an additional 0.50% at most banks — always check the senior citizen rate separately.
Frequently Asked Questions
Which bank gives higher FD interest — Canara or IDFC First?+
IDFC First offers a higher FD rate. Canara pays 6.85% and IDFC First pays 7.50% on a 1-year FD. For longer tenures (3-5 years), rates may differ — always check the bank's rate card for your specific tenure.
Is FD in Canara or IDFC First safer?+
Both banks are RBI-regulated and deposits are insured by DICGC up to ₹5 lakh per depositor per bank. For amounts above ₹5L, consider splitting across both banks to maximise insurance coverage.
What is the maturity amount on a ₹1L FD for 1 year?+
At Canara's rate of 6.85%, a ₹1L FD matures to approximately ₹1,07,028. At IDFC First's rate of 7.50%, it is ₹1,07,714. Interest is taxable as per your income tax slab.
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Disclaimer: Interest rates shown are indicative as of April 2026 and subject to change without notice. Actual rates depend on your credit score, income, and bank policy. This is for informational purposes only and does not constitute financial advice. Always verify rates with the bank before applying.