 "Canara Bank increases fixed deposit rates, offers up to 7.90% interest")
Canara Bank has updated its fixed deposit interest rates for deposits below Rs 3 crore, with the revised rates taking effect from December 1. Interest rates for callable deposits range from 4 per cent to 7.40 per cent for the general public and from 4 per cent to 7.90 per cent for senior citizens, according to the bank's website.
Canara Bank offers 4 per cent interest on term deposits with maturities ranging from seven to 45 days and 5.25 per cent on those maturing between 46 and 90 days. Deposits with a maturity period of 91 to 179 days earn an interest rate of 5.5 per cent, while those with maturities between 180 and 269 days are eligible for a 6.25 per cent interest rate.
The interest rate for deposits maturing between 270 days and less than a year is now set at 6.25 per cent. Fixed deposits with a one-year maturity will earn an interest rate of 6.85 per cent, while deposits maturing in 444 days will attract a higher rate of 7.25 per cent.
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For longer tenures the bank offers a 6.85 per cent interest rate on fixed deposits with maturities ranging from one to two years, and a 7.30 per cent rate for deposits with tenures between two and three years. The highest rate of 7.40 per cent is applicable to fixed deposits with a tenure exceeding three years but under five years.
Senior citizen fixed deposits interest rates range from 4 per cent to 7.90 per cent on callable deposits with maturities from seven days to 10 years.
New interest rates on Canara Bank FD
Canara Bank applies a 1 per cent penalty on premature withdrawals, partial withdrawals, or early extensions of domestic and Non-Resident Ordinary term deposits below Rs 3 crore. This policy is effective for deposits opened or renewed on or after March 12, 2019.