Canara Bank hikes interest rates on fixed deposits: Check new rates here

Canara Bank Latest FD Rates

The bank will continue to give an interest rate of 2.90 per cent on deposits maturing in the 7 to 45 days, while Canara Bank will continue to offer an interest rate of 4.00 per cent on fixed deposits maturing in 46 to 90 days. Fixed deposits with maturities between 91 to 179 days will continue to pay interest at a rate of 4.05 per cent, however, term deposits with maturities between 180 to 269 days will now pay an interest rate of 4.65 per cent, up from 4.50 per cent previously—a 15 basis point increase.

Canara Bank will now give an interest rate of 4.65 per cent on deposits maturing in 270 days to less than a year, up from 4.55 per cent before, a hike of 10 bps. Canara Bank increased the interest rate on deposits maturing in one year only by 20 basis points, from 5.30 per cent to 5.50 per cent, while maintaining the interest rate on the 333-day scheme at 5.10 per cent. On deposits maturing in above 1 year to less than 2 years, Canara Bank will now offer an interest rate of 5.55% which was earlier 5.40% a hike of 15 bps.

The bank has added a new tenure of 666 days, on which it is giving the highest interest rate of 6 per cent. Canara Bank will now provide an interest rate of 5.60 per cent on fixed deposits maturing in 2 years and above to less than 3 years, up from 5.45 per cent previously—a 15 basis point increase. The bank will now provide an interest rate of 5.75 per cent on fixed deposits maturing in 3 years or more but less than 5 years, up from 5.70 per cent previously, while it has maintained its 5.75 per cent interest rate on term deposits maturing in 5 years or more but less than 10 years.

On deposits up to ₹1.5 lakh, the bank is offering 5.75 per cent annual interest for the Canara Tax Saver Deposit Scheme (general public) and 6.25 per cent for senior citizens. Deposits (other than NRO/NRE and CGA Deposits) having a tenor of 180 days and above are eligible for an additional interest rate of 0.50 per cent for senior citizens at Canara Bank. The Reserve Bank of India increased its repo rate by 50 basis points from 4.9 percent to 5.4 per cent, which was followed by an increase in the interest rate on fixed deposits at Canara Bank. Furthermore, Canara Bank increased its repo rate-linked lending rate by 50 basis points (bps), bringing it to 8.30%. Effective August 7, the new loan rates will be in effect. According to information that has been published on the Canara Bank website, the interest rate on home loans has been raised to 8.10%.

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