Fixed Deposit Interest Rates: The customers with fixed deposits in Canara Bank have got a setback. Canara Bank has changed the interest rates on deposits, this change is applicable from August 8, 2021 on deposits less than 2 crores. Canara Bank has cut interest rates on all deposits except deposits with a maturity period of 46 to 90 days.
Canara Bank cuts interest rates on FDs
So let us tell you one by one what are the new interest rates. After the change in interest rates, Canara Bank is offering 2.90 percent interest on term deposits with maturity of 7-45 days. Apart from this, interest of 3.9 percent is available on maturity of 46-90 days, 3.95 percent on tenor of 91 to 179 days and 4.40 percent on fixed deposits with maturity period of 180 days to less than one year.
Apart from this, the bank has cut interest rates by 10 basis points i.e. 0.1 percent on fixed deposits of lesser tenure from 1 year to 2 years. Now the bank is offering 5.10 percent interest on these fixed deposits. Canara Bank has also reduced the interest rates of fixed deposits from 2 years to three years by 30 basis points. The bank is now offering an interest of 5.10 per cent for the tenure of 2 years to 3 years.
New rates applicable from 8 August 2021
Canara Bank has also cut interest rates on fixed deposits ranging from 3 years to less than 5 years, by 0.25 percent or 25 basis points. Now for this period, customers will get only 5.25 percent interest, which was 5.5 percent earlier. The new interest rates on Canara Bank fixed deposits have been effective from August 8, 2021. If you are not aware of this and have opened FD in your Canara Bank, then now you will get less interest.
Gtain interest rates Canara Bank by FD
Term New Rates
7 day- 45 days 2.90%
46 days – 90 days 3.90%
91 days – 179 days 3.95%
180 days – less than1 year 4.40%
1 year – less than 2 years 5.10%
2 years – below 3 years 5.10%
3 years – below 5 years 5.25%
5 years – above 10 years 5.25%
After the revised interest rates, senior citizens will get an interest rate of 2.90 percent to 5.75 percent for FDs maturing in 7 days to 10 years. Canara Bank offers 50 basis points more interest to senior citizens than normal customers on FDs maturing in 180 days to 10 years.