Interest rate on fixed deposits is changed by Canara Bank

An increase in interest rates was made by public sector lender Canara Bank for fixed deposits under Rs. 2 crore.

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An increase in interest rates was made by public sector lender Canara Bank for fixed deposits under Rs. 2 crore. The new rates are in effect as of today, July 16, 2022, per the bank’s website. The bank is now offering an interest rate on deposits maturing in 7 days to 10 years of 2.90% to 5.75% for the general public and 2.90% to 6.25% for older individuals as a result of the modification.

Canara Bank FD Rates 2022

The bank is currently offering interest rates of 2.90% on deposits maturing in the next seven to forty-five days and 4.00% on deposits maturing in the next sixty days. Canara Bank is now offering an interest rate of 4.05 percent on deposits that mature in 91 to 179 days and a rate of 4.50 percent on term deposits that mature in 180 to 269 days. Deposits with a maturity date of 333 days or less will now earn interest at a rate of 5.10%, while those with a maturity date of 270 days or more will now earn interest at a rate of 4.55%.

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For fixed deposits that mature in a year or less, Canara Bank is now guaranteeing an interest rate of 5.40% and offering an interest rate of 5.30% on deposits that mature in a year or more. Fixed deposits at Canara Bank now have interest rates of 5.45 percent for those maturing in 2 years or more but less than 3 years and 5.70 percent for those maturing in 3 years or more but less than 5 years. The bank is currently offering a maximum interest rate of 5.75 percent on deposits that mature in 5 years or more but less than 10 years. The Canara Tax Saver Deposit Scheme will offer a 5.75 percent interest rate to the general public and a 6.25 percent interest rate to elderly citizens.

“Additional interest of 0.50% for Senior Citizens is available for Deposits (Other than NRO/NRE and CGA Deposits) less than Rs. 2 Cr and with tenor of 180 Days and above,” Canara Bank has mentioned on its website.