Canara Bank, a public sector lender, raised interest rates on fixed deposits of less than 2 crore rupees. The new rates are effective today, July 16, 2022, according to the bank’s website. Following the revision, the bank now offers 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 6.250% for older adults.
Canara Bank FD Rates 2022
The bank is now offering an interest rate of 2.90% on deposits maturing between 7 and 45 days, and a rate of 4.00% on deposits maturing between 46 and 90 days. Canara Bank is currently offering a 4.05 percent interest rate on deposits maturing in 91 to 179 days, and a 4.50 percent interest rate on term deposits maturing in 180 to 269 days. Deposits maturing in 333 days will now earn a 5.10 percent interest rate, while those maturing in 270 days to less than a year will now earn a 4.55 percent interest rate.
Canara Bank now offers an interest rate of 5.30% on fixed deposits maturing in a year, and it now guarantees an interest rate of 5.40% on deposits maturing in a year or more but less than two years. Fixed deposits maturing in two years or more but less than three years now earn 5.45 percent at Canara Bank, while those maturing in three years or more but less than five years earn 5.70 percent. The Canara Tax Saver Deposit Scheme will pay a 5.75 percent interest rate to the general public and a 6.25 percent interest rate to senior citizens.
“Additional interest of 0.50 percent is available for Senior Citizens for Deposits (other than NRO/NRE and CGA Deposits) less than Rs. 2 Cr and with tenor of 180 days and above,” Canara Bank says on its website.