Canara Bank Increases Interest Rates on Fixed Deposit

Canara Bank, a lender in the public sector, has increased interest rates for fixed deposits below Rs2 crore. According to the bank’s website, the new fixed deposit interest rates will go into effect on August 8, 2022. The bank now offers interest rates for deposits that mature within 7 days to 10 year. These rates range from 2.90 to 5.75 percent for the general public to 2.90 to 6.25 percent for seniors.

Canara Bank Latest FD Rates

The bank will continue offering an interest rate at 2.90 percent on deposits maturing within the 7-45 days. Canara Bank will offer an interest rate at 4.00 percent on fixed deposits maturing between 46 and 90 days. Fixed deposits maturing between 91 and 179 days will continue paying interest at 4.05 percent. However, term deposits maturing between 180 and 269 days will now be paid an interest rate of 4.65 percent, up from 4.50% previously.

Canara Bank will now offer a 4.65 percent interest rate on deposits that mature in less than one year. This is an increase of 10 basis points from the 4.55 per cent. Canara Bank raised the interest rate for deposits that mature within one year by only 20 basis points to 5.30% to 5.50% while keeping the rate on the 333 day scheme at 5.10%. Canara Bank will offer a 5.55% interest rate on deposits that mature within the next 1 to 2 years. This is a 15-bps increase from the earlier 5.40%.

The bank added a new tenure for 666 days. It is now offering the highest interest rate at 6 percent. Canara Bank will now offer a 5.60 percent interest rate on fixed deposits that mature in less than three years. This is a 15 basis point increase from the 5.45% previously. Fixed deposits that mature in less than 3 years will now have an interest rate of 5.75 percent, up from 5.70% previously. However, the bank has retained its 5.75 percent interest rate for term deposits that mature in less than 5 years.

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