Looking for a fixed deposit that can offer attractive returns without taking market risk?
Canara Bank is offering interest rates of up to 7.10% on its special 444-day FD scheme.
Senior citizens can get a higher rate compared with regular customers.
The public sector bank allows customers to open FDs for periods ranging from 7 days to 10 years, depending on their financial goals.
But the 444-day FD stands out because of the special interest rates available for different age groups.
Canara Bank 444-Day FD Interest Rates
For the special 444-day FD, Canara Bank is offering different interest rates based on the customer’s age.
Regular customers below 60 years: 6.50% interest
Senior citizens aged 60 years and above: 7.00% interest
Super senior citizens aged 80 years and above: 7.10% interest
This means senior citizens can earn 0.50% more than regular customers on the 444-day FD.
For super senior citizens, the rate is another 0.10% higher than the senior-citizen rate.
Senior Citizens Get an Extra Interest Benefit
Canara Bank provides an additional interest benefit to senior citizens on eligible fixed deposits.
Customers aged 60 years and above can receive an additional 0.50% interest over the regular rate on FDs with a maturity period of 180 days or more.
There is also an additional benefit for customers aged 80 years and above.
Super senior citizens can receive another 0.10% higher interest than senior citizens on eligible 444-day and 555-day FDs.
FD Tenure Can Go Up to 10 Years
Canara Bank offers flexibility when it comes to FD investment periods.
Customers can open an FD for as little as 7 days, while those looking for long-term investment can choose a tenure of up to 10 years.
For customers who prefer a fixed return and want to avoid the ups and downs of market-linked investments, bank FDs can be an option to consider.
However, investors should check the latest interest rates and applicable terms before opening an FD, as banks can revise their rates.
444-Day FD Could Be Attractive for Senior Citizens
The special 444-day scheme may be particularly interesting for senior citizens because of the additional interest benefit.
A regular customer gets 6.50%, while a senior citizen gets 7.00% and a super senior citizen can earn 7.10%.
So, if you are planning to lock your money in a fixed deposit, the 444-day tenure and age-based interest benefits are worth checking before making a decision.
