According to the Canara bank’s official website, the new rates are in effect as of October 31, 2022. Canara Bank revises FDs interest rates: check new rates. Interest rates on fixed deposits under Rs2 crore have been adjusted by Canara Bank, one of the top public sector lenders.
Following the revision, the bank is currently offering FDs interest rates on deposits maturing in 7 days to 10 years that range from 3.25% to 6.50% for the general public and 3.25% to 7.00% for senior citizens. The bank is now giving a maximum interest rate of 7.00% to the general public and 7.50% to senior citizens on deposits maturing in 666 days.
On 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 fetch an interest rate of 5.50% and those maturing in 1 year to less than 2 years will now fetch 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 those maturing in 2 years & above to less than 3 years. On deposits maturing in 3 years to 10 years, Canara Bank will now offer an interest rate of 6.50%. For the Canara Tax Saver Deposits of up to Rs1.5 lakh, the bank is offering 6.50% annually to non-senior citizens and 7% to senior citizens.
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For deposits (other than NRO/NRE and CGA Deposits) less than Rs. 2 Cr. and having a tenor of 180 Days and above, an additional rate of 0.50% is provided for senior citizens. According to the Canara Bank, the above interest rate also applies to recurring deposits. Canara Bank has mentioned on its website that “For premature closure/part withdrawal/premature extension of Domestic/NRO term deposits, the Bank imposes a penalty of 1.00%.
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