Canara Bank hikes FD rates by up to 55 bps, now get rates as high as 7% on tenure

 

• Canara Bank, one of the leading public sector lenders, has announced an increase in interest rates on fixed deposits of less than ₹2 crore.

Canara Bank, one of the leading public sector lenders, has announced an increase in interest rates on fixed deposits of less than ₹2 crore. According to the official website of the bank, the new rates will be effective from tomorrow, December 19, 2022. After the revision, the bank has fixed fixed deposit interest rates up to 55 bps over various tenures and now offers interest rates ranging from 3.25%. 6.50% for general public and 3.25% to 7.00% for senior citizens on deposits of 7 days to 10 years. Canara Bank will now pay a maximum interest rate of 7% to the general public on deposits maturing in 666 days.

Canara Bank FD Rates

The bank will continue to offer an interest rate of 3.25% on deposits maturing in 7 days to 45 days, while Canara Bank will continue to offer an interest rate of 4.50% on deposits maturing in 46 days to 179 days. Canara Bank will continue to offer an interest rate of 5.50% on FDs maturing in 180 days to less than 1 year, while the interest rate on deposits maturing in 1 year has increased by 50 basis points from 6.25% to 6.75%.

Deposits with maturity of more than one year to less than two years will now pay an interest rate of 6.80% as against 6.25% earlier, an increase of 55 basis points. Canara Bank will continue to offer an interest rate of 7% on deposits maturing in 666 days, but it has increased the interest rate by 55 basis points, from 6.25% to 6.80%, on deposits maturing in 2 years or more but less than 3 is on the deposit to be made. years. The deposit will continue to earn interest at the rate of 6.50% for maturities of 3 years and up to 10 years.

For deposits (other than NRO/NRE and CGA deposits) less than Rs. 2 crores. And for senior citizens with a tenure of 180 days and above an additional rate of 0.50% is provided. For Canara Tax Saver Deposit Scheme, Canara Bank is offering 6.50% per annum on deposits up to ₹1.5 lakh for non-senior citizens. According to the bank, recurring deposits are also eligible for the above interest rate.

Against the guidelines for premature withdrawal of fixed deposits, Canara Bank on its website mentions that “Premature closure/partial withdrawal/premature extension of domestic/NRO fixed deposits below Rs.2 crore A penalty of 1.00% will be imposed for are accepted / renewed on or after 12.03.2019. For premature closure/partial withdrawal/premature extension of domestic/NRO fixed deposits, the bank charges a penalty of 1.00%. Such prematurely closed / partially withdrawn / prematurely extended deposits shall earn interest at 1.00% less the rate applicable for the relevant amount slab as applicable on the date of deposit plus the applicable or deposit rate for the period 1.00% less is accepted, whichever is less.