Amid the ongoing festivities, public sector lender Canara Bank has brought cheer for investors as it hiked fixed deposit interest rates by up to 135 basis points. Now investors will get better returns. According to the Canara Bank website, the new rates have come into effect from October 7.
The bank now offers an interest rate of 3.25 per cent on deposits maturing between seven days and 45 days and 4.25 per cent for fixed deposits maturing in 46 days to 90 days. Fixed deposits with maturities of 91 days to 179 days will now fetch an interest rate of 4.5 per cent.
Fixed deposits maturing between 180 days to 269 days will now attract 5.9 per cent interest for general public and 6.4 per cent for senior citizens. The bank is offering an interest rate of 6 per cent for general public and 6.5 per cent for senior citizens on deposits from 270 days to less than a year.
The bank is offering an interest rate of 6.5 per cent for general public and 7 per cent for senior citizens for fixed deposits with maturity of one year. Deposits with maturities of more than one year and less than two years will now attract interest at the rate of 6.5 per cent for general public and 7 per cent for senior citizens.
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Fixed deposits with a maturity period of 666 days will attract an interest of 7 per cent (general public) and 7.5 per cent for senior citizens. Canara Bank is now offering 6.5 per cent for general public and 7 per cent for senior citizens on fixed deposits with maturity period between 2 years to 3 years.
Deposits above three years and less than 5 years will attract an interest rate of 6.5 per cent for general public and 7 per cent for senior citizens. Fixed deposits with maturities of five years and above 10 years will earn an interest rate of 7 per cent for general public and 7.5 per cent for senior citizens.
Canara Bank said the rates are applicable only for single deposits of Rs 5 lakh and above. “The minimum period for renewal of Domestic/NRO Fixed Deposits is 7 days, irrespective of the size of the deposit. Below Rs 5 lakh, the minimum period of deposit is 15 days. Additional interest of 0.50% for senior citizens for deposits Available (other than NRO/NRE and CGA deposits) less than Rs 2 crore and with a tenure of 180 days and above,” the bank said.