Canara Bank has raised interest rates on fixed deposits across various maturities by up to 25 basis points. The revised rates are effective from March 1, the bank said in a statement.
As per the revised rates, Canara Bank is offering a rate of 2.90 percent on fixed deposits expiring between 7 and 45 days. On fixed deposits maturing in 46 days to 90 days, the interest rate is 3.90 percent and 3.95 percent for deposits expiring 91 days to 179 days. On deposits expiring in 180 days to less than one year will fetch 4.40 percent.
The interest rate on fixed deposits for a tenure of 1 year has been increased to 5.1 percent while for one-two years, it is raised to 5.15 percent from 5 percent, the bank said. Fixed deposit between 2-3 years would invite an interest rate of 5.20 percent and 3-5 years 5.45 percent from 5.25 percent earlier, it said.
A maximum 25 basis point hike has been done for the 5-10 years fixed deposit slab to 5.5 percent, it added. Senior citizens would earn 50 basis point more across all the brackets.
The above rate of interest is applicable to recurring deposits too, according to the bank.
Check new interest rates here:
| 2. TERM DEPOSITS | ||||
| A. Domestic | Rate of Interest (%) p.a. | |||
| For deposits less than Rs 2 Crore | ||||
| w.e.f. March 1, 2022 | ||||
| Term Deposits (All Maturities) | General Public | Senior Citizen | ||
| Rate of Interest (% p.a.) | Annualised Interest yield (% p.a.) ** | Rate of Interest (% p.a.) # | Annualised Interest yield (% p.a.) ** | |
| 7 days to 45 days* | 2.9 | 2.93 | 2.9 | 2.93 |
| 46 days to 90 days | 3.9 | 3.96 | 3.9 | 3.96 |
| 91 days to 179 days | 3.95 | 4.01 | 3.95 | 4.01 |
| 180 days to less than 1 Year | 4.4 | 4.47 | 4.9 | 4.99 |
| 1 year only | 5.1 | 5.20 | 5.6 | 5.72 |
| Above 1 year to less than 2 years | 5.15 | 5.25 | 5.65 | 5.77 |
| 2 years & above to less than 3 years | 5.2 | 5.30 | 5.7 | 5.82 |
| 3 years & above to less than 5 years | 5.45 | 5.56 | 5.95 | 6.08 |
| Canara Unique “1111 Days” | 5.55 | 5.67 | 6.05 | 6.19 |
| 5 years & above to 10 Years | 5.5 | 5.61 | 6 | 6.14 |
Canara Unique Retail Term Deposit Scheme of "1111 Days" offers and additional rate of interest of 0.10 percent over and above the rate for the tenure of the deposit.
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