From today onward, Canara Bank offers a 4% interest rate on 46 days to 90 days tenure - higher by 10 basis points from the previous 3.9%. The bank hiked the interest rate by 10 bps to 4.05% on 91 days to 179 days tenure from the previously offered 3.95%.
Earlier, the bank offered a 4.4% rate on FDs maturing 180 days to less than 1 year. From May 12th, the rates have risen to 4.50% from 180 days to 269 days, and 4.55% on 270 days to less than 1 Year.
For FDs maturing on 1-year, the interest rates have been increased by 20 basis points to 5.30% from the previous 5.10%. Meanwhile, the interest on FDs holding tenure of above 1 year to less than 2 years - has been raised by 25 basis points to 5.40% from the previously offered 5.15%.
Furthermore, the interest rate on FDs maturing in 2 years and above to less than 3 years - has been increased by 25 basis points to 5.45% from the former 5.20%. Also, a 25 basis points hike is made on FDs maturing 3 years & above to less than 5 years with the interest rate now being 5.70% from the previous 5.45%, while the rate is increased to 5.75% on deposits expiring 5 years & above to 10 Years from previously offered 5.5%.
The bank did not change the interest rate on FDs maturing from 7 days to 45 days. It continues to offer 2.90% on this period.
On its website, Canara Bank said that "rates are applicable only for single deposit of Rs5 Lakh and above. Minimum period for renewal of domestic/NRO term deposits is 7 days irrespective of the size of deposit. Below ₹5 Lakh, Minimum tenor of deposit is 15 Days."
The bank offers additional interest of 0.50% to Senior Citizens on their deposits less than ₹2 crore and with tenor of 180 Days and above.
Also, Canara Bank offers 5.75 % per annum for the Canara Tax Saver Deposit scheme (General Public). The maximum deposit acceptable is ₹1.50 Lakh.
