Compare ICICI Bank Tax Saver 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 ICICI Bank customers who want a current five-year locked deposit with clear online opening and maturity rules and can accept taxable interest.
Eligible public-sector-bank depositors who want a low minimum tax-saving FD and value a clearly documented death exception and payout-mode choices.
littleden.blog · Comparison research sheet
Prepared 14 Sep 2026 · Source page: https://littleden.blog/compare-banking/icici-tax-saver-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 | ICICI Bank Tax Saver Fixed Deposit | Canara Bank Tax Saver Scheme |
|---|---|---|
| Current five-year rate evidence | ICICI Bank’s current FD schedule effective 4 September 2026 places the 3-years-1-day-to-5-years bucket at 6.50% p.a. general and 7.10% p.a. senior citizen; the Tax Saver FD is fixed at exactly five years. | 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 ₹10,000 and thereafter in ₹100 multiples; maximum aggregate Tax Saver FD amount under one PAN is ₹1.5 lakh; fixed tenure of five years. | Minimum ₹100 in ₹100 multiples; maximum ₹1.5 lakh per person; fixed five-year tax-saver period. |
| Deduction context / payout | Cumulative or traditional non-cumulative deposit with monthly or quarterly interest payout. Qualifying principal may be deductible within the applicable aggregate statutory ceiling; interest is taxable/TDS-applicable. | 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 withdrawal, loan/lien and overdraft against the Tax Saver FD are not permitted. ICICI also states the product cannot be auto-renewed; maturity proceeds return to the selected savings account. | 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 | Individuals and HUFs with valid PAN/KYC under ICICI’s current product terms; tax deduction eligibility depends on the applicable tax regime and 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 condition | The five-year lock and no-auto-renew maturity instruction are product-specific and distinguish this deposit from an ordinary callable ICICI 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 | ICICI Bank Tax Saver Fixed Deposit | Canara Bank Tax Saver Scheme |
|---|---|---|
| 5 years | 6.50% · senior 7.10% | 6.25% · senior 6.75% |
Schedule reference: September 4, 2026. ICICI Tax Saver FD is exactly five years; current domestic FD schedule effective 4 September 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.
These tools help narrow or inspect the records. They do not replace bank eligibility, live pricing or account-specific controls.
One side's source depth or freshness never fills a gap in the other record.
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.
Reviewed September 10, 2026 · 3 attached first-party sources
Reviewed September 10, 2026 · 2 attached first-party sources