Canara Bank Revises FD Interest Rates: Now Offer Up To 7.50% On This Tenure

Canara Bank FD Rates

For deposits maturing in 7 days to 45 days the bank is now offering an interest rate of 3.25% and for those maturing in 46 days to 179 days Canara Bank is now offering an interest rate of 4.50%. Deposits maturing in 180 days to less than 1 year will now attract an interest rate of 5.50% and those maturing from 1 year to less than 2 years will now attract an interest rate of 6.25%. Canara Bank will now offer an interest rate of 7.00% on deposits maturing in 666 days and 6.25% on deposits maturing in 2 years and above to less than 3 years. Canara Bank will now offer an interest rate of 6.50% on deposits maturing in 3 years to 10 years.

For deposit up to Canara Tax Saver 1.5 lakh, the bank is offering 6.50% annually to non-senior citizens and 7% to senior citizens. 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. According to Canara Bank, the above interest rate is applicable on recurring deposits as well.

Canara Bank on its website has mentioned that “For premature closure/partial withdrawal/premature extension of domestic/NRO fixed deposits, the bank levies a penalty of 1.00%. Premature closure/partially withdrawn / Premature deposits will earn interest 1.00% less than the rate applicable for the relevant amount slab as per rules on the date of deposit and will be applicable for the tenure or 1.00% less than the rate of deposit as on the date the deposit is accepted, in which whichever is less.” However, no interest shall be payable on premature closure/premature extension before the completion of 7th day of term deposits.”

Canara Bank recently updated interest rates savings accountsEffective October 21, 22. The bank now offers a maximum interest rate of 4% on savings accounts.