Rate of interest on retail fixed deposits of less than Public sector lender Canara Bank has been increased by Rs 2 crore. According to the official website of the bank, the new rates are effective from today, October 7, 2022. Post adjustments, the bank increased its interest rates for all tenors and is currently offering interest rates on deposits maturing from 7 days to 10. year which ranges from 3.25% to 7.00% for general public and 3.25% to 7.50% for senior citizens.
Canara Bank FD Rates
The bank raised its interest rate on fixed deposits maturing in 7 days by 35 basis points (bps) from 2.90% to 3.25%, and on retail term deposits from 46 days to 90 days by 25 bps, from 4% to 4.25 % until. Fixed deposits maturing in 91 days to 179 days will now attract interest at 4.50% (up from 4.05% earlier), an increase of 45 basis points, while fixed deposits maturing in 180 days to 269 days will now attract a single rate Interest will accrue 5.90% (up from earlier 4.65%), an increase of 125 basis points.
On deposits maturing from 270 days to less than one year, Canara Bank raised its interest rate by 135 basis points, or 135 bps, from 4.65% to 6.00%. The bank increased its interest rate on fixed deposits maturing in 1 year to 2 years from 5.50% to 6.50%, an increase of 100 basis points, and 5.55 on fixed deposits maturing in 1 year or more but less than 2 years. % has been increased from 6.50%. , an increase of 95 bps.
The interest rate on fixed deposits maturing in 666 days has increased from 6% to 7.00%, an increase of 100 basis points, while the interest rate on fixed deposits maturing in 2 years or more but less than 3 years has increased from 5.60% to 6.50. %, an increase of 90 basis points. Canara Bank The interest rate on fixed deposits maturing in 3 years and above has been increased from 5.75% to 6.50%, an increase of 75 basis points, and from 5.75% to 7.00 on term deposits maturing in 5 years and above. 125 bps increase.
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For deposits (other than NRO/NRE and CGA deposits) less than Rs. 2 crore and for a period of 180 days and above, an additional rate of 0.50% is provided for senior citizens. For Canara Tax Saver Deposit Account, Canara Bank is offering 7.00% p.a. for general public and 7.50% for senior citizens. And the interest rate mentioned above is applicable on recurring deposits as well.
Canara Bank on its website mentions that “the rates are applicable only for single deposits of Rs.5 lakh and above. The minimum period for renewal of domestic/NRO term deposits is 7 days, irrespective of the size of the deposit.” Below Rs 5 lakh, the minimum period of deposit is 15 days.”
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