The former Brighton midfielder, who signed for the club in 2011, is currently sidelined with a knee ligament injury sustained in Norwich's opening-day Premier League draw with Everton.
And the 24-year-old is delighted to have penned a two-year contract extension which he admits caught him by surprise.
"Obviously I wasn't expecting it being injured, but it's fantastic," he said. "I appreciate the support of everyone at the club, right from the fans to everyone here. Hopefully I can repay their faith in me once I'm back fit.
"It's been a great two years so far and what we've achieved in that time has been absolutely brilliant. Hopefully we can do as well as that, and maybe aim a little bit higher as well."
Bennett has made a total of 64 senior appearances since moving to the club in 2011.
Norwich manager Chris Hughton believes the midfielder is deserving of a new deal and underlined the faith they have in him.
"It's nice timing for Elliott as he's going through a big chunk of the season injured, so it just shows that we have that faith in him," Hughton told the club's official site.
"He's such a good individual, so we feel he'll be fine coming through.
"We're really delighted for Elliott and he thoroughly deserves it.
"We all know about the injury he picked up in the first game of the season against Everton, so I'll say particular thanks to our chief executive, the chairman and the board, who were very much in support of this."