Canara Bank has made adjustments to its Fixed Deposit (FD) interest rates for deposits of less than Rs 2 crore. The revised rates came into effect on August 12, 2023.
Canara Bank now offers a spectrum of FD options spanning from 7 days to 10 years, catering to the diverse needs of its customers.
The interest rates vary between 4% and 7.25% for the general public, while senior citizens can enjoy rates ranging from 4% to 7.75%.
Revised FD Rates
For deposits maturing within 7 to 45 days, Canara Bank is offering an interest rate of 4%.
Meanwhile, deposits with maturity periods of 46 to 90 days will earn an interest rate of 5.25%.
The bank extends a 5.5% interest rate for deposits maturing between 91 and 179 days, and a 6.25% interest rate for deposits maturing between 180 and 269 days.
As per the revised rates, deposits maturing within 270 days to less than a year will yield an interest rate of 6.50%.
Deposits maturing in one year will attract an interest rate of 6.90%, while the rate rises to 7.25% for deposits maturing in 444 days.
For the tenure of more than one year but less than two years, Canara Bank offers an interest rate of 6.90%.
Depositors can expect an interest rate of 6.85% for FDs maturing in 3 years and more, up to 4 years.
For those looking at a longer commitment, Canara Bank will provide an interest rate of 6.80% for deposits maturing in more than three years but less than five years.
Finally, an interest rate of 6.70% awaits those who opt for FDs maturing in five years or more.
Terms and Conditions
The revised interest rates apply to both new and renewed FDs of less than Rs 2 crore. Should you choose to close your FD prematurely, a penalty of 1.00% will be applicable.
The bank also offers an additional interest of 0.60% to super senior citizens, defined as individuals aged 80 years and above.
Canara Bank’s revised FD rates aim to offer competitive returns while catering to the unique financial goals of its diverse customer base.
The new rates provide flexibility and a range of options for individuals looking to grow their savings through fixed deposits.