Canara Bank raises interest rates on term deposits. Check the revised rate here

Canara Bank raises fixed deposit interest rate: Here is good news for banking customers of Canara Bank since the bank has increased the interest rate on term deposits. Interestingly, more and more banks have recently raised their fixed deposit (FD) interest rates.Also Read – Axis Bank Raises FD Rates; Check the new rates here

In a statement, Canara Bank said it had raised its FD interest rates by 10 to 25 basis points, or 0.10 to 0.25%. The bank said the FD rate hike is applicable to fixed deposits of less than Rs 2 crore and with tenors between 46 days and 10 years. The development comes days after the Reserve Bank of India raised repo rates by 0.40% or 40 basis points, to combat rising inflation in the country. Also Read – Bank of Baroda Cuts Interest Rate on Home and Car Loans | Check details here

Canara Bank said FD interest rates took effect from May 12, Thursday. “The rates are only applicable for a single deposit of Rs.5 Lakh and above. The minimum renewal period for National Term Deposits/NROs is 7 days, regardless of deposit size. Below Rs.5 Lakh, the minimum deposit term is 15 days,” the bank said on its website. Read also – Canara Bank Recruitment 2022: apply for 12 positions before May 20 | Check eligibility, other details

The bank also said that an additional 0.50% senior interest is available for fixed deposits of less than Rs 2 crore and with a tenor of 180 days and above.

Check the revised interest rates on term deposits:

  • 7 days to 45 days: For the general public – 2.90%; For seniors – 2.90%
  • 46 days to 90 days: For the general public – 4.00%; For the elderly – 4.00 percent
  • 91 days to 179 days: For the general public – 4.05%; For seniors – 4.05%
  • 180 days to 269 days: For the general public – 4.50%; For seniors – 5.00 percent
  • 270 days to less than a year: For the general public – 4.55%; For seniors – 5.05%
  • 1 year only: for the general public – 5.30%; For seniors – 5.80%
  • More than one year and less than 2 years: For the general public – 5.40%; For seniors – 5.90%
  • 2 years and over to less than 3 years: For the general public – 5.45%; For seniors – 5.95%
  • 3 years and over to less than 5 years: For the general public – 5.70%; For seniors – 6.20%
  • 5 years and over to 10 years: For the general public – 5.75%; For seniors – 6.25%

Besides Canara Bank, several other banks have recently raised the interest rate on FDs. Recently, Bandhan Bank, Kotak Mahindra Bank, Jana Small Finance Bank, Bank of Baroda, ICICI Bank and Punjab National Bank have also increased their interest rates on term deposits. Earlier this week, the State Bank of India also raised its FD interest rates for bulk deposits by 60 to 90 basis points.

Leslie M. Gill