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