Canara Bank Revises Fixed Deposit Rates

For the second time in a month, state-owned Canara Bank has revised interest rates on deposits, which are less than Rs2 crore with effect from August 30.  

Few days back, after the Reserve Bank of India (RBI) cut the repo rate by 35 basis points, the bank had revised the interest rate on term deposits on August 9. For term deposits with maturity period of 7-45 days, Canara Bank offers 5 per cent interest rate. For FDs with maturity period 46-269 days, the bank has kept the rate unchanged at 6 per cent. Term deposits maturing in 270 days to less than 1 year will also fetch the same interest rate as earlier that is 6.20 per cent.

Canara Bank’s latest FD interest rates for general public for 7 to 14 days is 5 per cent, for 15 to 30 days is 5 per cent and for 46 to 60 days is 6 per cent. However, the interest rate on FDs with one-year maturity period has been left unchanged. These deposits will get people an interest rate of 6.50 per cent. 

For deposits maturing in above 1 to less than 3 years, the bank has decreased the interest rate by 50 basis points; these FDs will now give you an interest rate of 6 per cent. FDs maturing in 5 to less than 8 years will offer an interest rate of 6.25 per cent whereas deposits with maturity period of 8 years to above 10 years will give a return of 6.25 per cent. 

Canara Bank’s latest FD rates for general public for maturity between 2 years and 5 years is as follows:

For deposits maturing in 2 years and above to less than 3 years, 6 per cent interest is provided. For FDs maturing in 3 years to less than five years, the bank gives 6.25 per cent interest. Canara Bank has also slashed the interest rate on tax-saving FDs maturing in five to ten years. 

Senior citizens will get 50 basis points more than the general customer across all tenures. Many banks including, State Bank of India (SBI), HDFC Bank, PNB bank of Baroda and Kotak Mahindra Bank have also revised FD interest rates in select buckets in the month of August.