Government-owned, Canara Bank has increased fixed deposit interest rates by 10 bps to 25 bps on various tenors from Thursday. Senior citizens have emerged as the biggest beneficiary of the hike in FD rates.
from today onwards, Canara Bank Offers 4% interest rate on tenures from 46 days to 90 days – 10 basis points higher than the previous 3.9%. The bank increased the interest rate for 91 days by 10 bps to 4.05% from 3.95% offered earlier in the tenure of 179 days.
Earlier the bank had offered interest at the rate of 4.4% on FDs ranging from 180 days to less than 1 year. From May 12, the rates have gone up from 180 days to 4.50% in 269 days and 4.55% in 270 days in less than 1 year.
The interest rates for FDs maturing in 1 year have been increased by 20 basis points to 5.30% from the previous 5.10%. Meanwhile, interest on FDs with tenures of more than 1 year to less than 2 years – has been increased by 25 basis points to 5.40% from 5.15% offered earlier.
In addition, the interest rate on FDs maturing in 2 years and above and less than 3 years – has been increased by 25 basis points to 5.45% from 5.20% earlier. Also, on FDs of 3 years and above, there has been a hike of 25 basis points on FDs of less than 5 years, wherein the interest rate now stands at 5.70% from the previous 5.45%, while the rate on deposits of 5 years and above has been increased. has been increased to 5.75%. 5.5% to 10 years from the first offer.
The bank did not change the interest rate on FDs maturing from 7 days to 45 days. It continues to offer 2.90% on this period.
On its website, Canara Bank stated that “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 5 lakh, the minimum period of deposit is 15 days.”
The bank offers an additional interest of 0.50% to senior citizens on the amount of their deposits. 2 crores and with a duration of 180 days and above.
Also, Canara Bank offers 5.75% p.a. for Canara Tax Saver Deposit Scheme (General Public). Maximum deposit allowable is 1.50 lakhs.