Canara bank has hiked FD interest rates for individuals and senior citizens

Canara Bank has increased interest rates on fixed deposits under Rs2 crore. According to the bank's official website, the new rates are in effect from January 18, 2023.
 
The bank offers interest rates on fixed-term deposits (FDs) with maturities anywhere from 7 days to 10 years that range from 3.25% to 7.15% for the general public and from 3.25% to 7.65% for senior citizens.
 
On the new 400-day FD tenor maturing deposits individuals would earn 7.15%. Senior citizens will receive 7.65% over the same time period.
 
The bank offered interest rate of 7.45% on non-callable deposits over Rs15 lakh on a 400-day tenor for regular citizens and 7.75 percent for senior citizens.
 
While those for 666 days FD tenor will have 7% for individuals and 7.5% for senior citizens.
 
Fixed deposits with maturities of 2 years and above to less than 3 years will receive 6.8% for individuals and 7.3% for senior citizens.
 
For fixed deposits with maturities of 3 years or longer but less than 5 years, individuals will receive 6.5%, senior citizens will receive 7%, and fixed deposits with maturities of 5 years or longer will receive 6.5% and 7%, respectively.
 
Additional interest of 0.50% for Senior Citizens is available for Deposits (Other than NRO/NRE and CGA Deposits) less than Rs2 crore and with tenor of 180 Days and above
 

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Changes in Our Business Model
 
 
25th Sept 2020
 
Greetings from Moneylife Advisory Services
 
Between financial years 2019-21, SEBI has come up with extensive changes to investor advisor regulations. On Sep 23, 2020, SEBI had issued new additional guidelines. This comes just two months after extensive changes announced in July 2020. Earlier, in December 2019 there was an ad hoc circular
 
As a result of these changes, IAs, cannot accept fees through credit cards, will have to sign a 26-clause investor agreement, have to maintain physical record written & signed by client, telephone recording, emails, SMS messages and any other legally verifiable record for five years. IAs were already asked to record the suitability and rationale for every piece of advice given, sign them and store them for five years.
 
While these extensive and frequent changes, designed to strengthen the conduct of IAs are well-meaning, these have sharply increased compliance efforts and cost. We, being online advisors, find many of changes harder to implement, compared to advisors working in the physical space. We will have to have an army of advisors, administrative and tech staff to be compliant. If we do this, we will have to divert money to these areas and the cost of our service will double. We want to remain the least-cost service in the market to benefit more and more people. In the circumstances, we are forced to change our business model from “advisory” to “research”. This will mean the following:
 
What remains the same:
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What changes:
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Over the next few weeks our site and our communication to you will reflect these and other additional changes.
 
We feel this will not affect you much in terms of what really matters in investing: knowing what to buy and when to buy. This is our edge and it will still be available to you.
 
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Debashis Basu
Founder