Canara Bank Saving Schemes: Public sector Canara Bank is offering excellent interest rates on FD accounts to its customers. An FD account can be opened with a minimum of 7 days, while investments can be made for a maximum of 10 years. This government bank offers interest rates ranging from 3.00% to 7.10% on FD accounts. Here, we will tell you about one such Canara Bank FD scheme, in which you can earn a fixed interest rate of ₹39,750 by depositing just ₹1 lakh.
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Canara Bank Offers Highest Interest on 555-Day FDs
Canara Bank is offering the highest interest rate on its 555-day special FD scheme. The bank offers 6.50% interest for general citizens, 7.00% for senior citizens, and 7.10% for super senior citizens (above 80 years of age) on 555-day FDs. Canara Bank is offering excellent interest of 6.25 percent to general citizens and 6.75 percent to senior citizens on FD scheme with tenure of 5 years.
A deposit of ₹1 lakh will earn a fixed interest of ₹39,750.
If you are a general citizen (under 60 years of age) and deposit ₹1 lakh in Canara Bank, you will receive a total of ₹1,36,354 at maturity, including a fixed interest of ₹36,354. Similarly, if you are a senior citizen (over 60 years of age) and deposit ₹1 lakh in Canara Bank, you will receive a total of ₹1,39,750 at maturity, including a fixed interest of ₹39,750.
Banks reduced FD interest rates after the RBI reduced the repo rate.
It should be noted that the Reserve Bank of India made a significant cut in the repo rate by 1.25 percent last year. While the RBI’s repo rate cut has made all loans, including home loans and car loans, cheaper, the returns on fixed deposits have also decreased. Due to the repo rate cut, all banks have reduced their interest rates on fixed deposits. Canara Bank also cut its fixed deposit rates. However, despite the reduction, fixed deposit rates continue to offer attractive interest rates.
Read More: RBI has made a new rule regarding CIBIL, from April 1, both banks and customers will benefit.
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