Fixed Deposit Rates: Canara Bank has become the latest bank in the country to increase the interest rate offered to customers on their fixed deposit investments. The state-owned lender has increased interest rates on fixed deposits by 0.25 per cent or 25 basis points.
In an official statement, the country’s third largest nationalized bank said that the new rates are effective from March 1, 2022. Interest rates are applicable on fixed deposit investments of less than Rs 2 crore. Before Canara Bank, many other public and private banks have also increased the interest rates on fixed deposits. These banks include State Bank of India (SBI), Bank of Baroda (BOB), HDFC Bank and ICICI Bank.
Investors will get 2.90% interest on fixed deposit investments maturing in 7 to 45 days. The bank will offer an interest rate of 3.90% on FD investments maturing in 46 days to 90 days.
In addition, Canara Bank will offer an interest rate of 4.40% for FDs with maturities of 180 days or less. Also, customers can get an interest rate of 5.20 per cent on FDs with tenures of 2 to 3 years. Canara Bank is offering 5.20% interest rate on FDs maturing in more than 2 years but less than 3 years. Also, customers will get an interest rate of 5.45 per cent instead of 5.25 per cent for FDs with tenure of more than 3 years but less than 5 years.
The bank has also announced that senior citizens will continue to get higher interest rates on fixed deposit investments. The bank is offering 50 basis points or 0.5% higher interest rate on FD investments made by senior citizens.
- Interest rates are applicable on fixed deposit investments of less than Rs 2 crore.
- Before Canara Bank, many other public and private banks have also increased the interest rates on fixed deposits.
- These banks include State Bank of India (SBI), Bank of Baroda (BOB), HDFC Bank and ICICI Bank.
Canara Bank’s most current FD interest rates (below Rs 2 crore), effective from March 1, 2022
|7 days to 45 days||2.90|
|46 days to 90 days||3.90|
|91 days to 179 days||3.95|
|180 days to less than 1 Year||4.40|
|1 year only||5.10|
|Above 1 year to less than 2 years||5.15%|
|2 years & above to less than 3 years||5.20 %|
|3 years & above to less than 5 years||5.45%|
|5 years & above to 10 Years||5.50%|
Most Recent FD Interest Rates of Canara Bank for Senior Citizens (Below Rs.2 Crore)
After the most recent revision, senior citizens will be eligible for interest rates ranging from 2.90 per cent to 6 per cent on FDs maturing in 7 days to 10 years. In the month of February, SBI, HDFC Bank, Bank of Baroda (BoB), Central Bank of India and UCO Bank announced a hike in their fixed deposit rates.