Canara Bank has changed the interest rates of its FD and after this, 3% interest is being given on fixed deposits ranging from 7 days to 45 days.
New Delhi: Most of the banks are currently reducing their deposit rates and Canara Bank has changed the interest rates of deposits in this series. Canara Bank has changed the interest rates on deposits of less than Rs 2 crore and the new rates have come into effect from yesterday ie August 10.
The bank is
now paying interest at the rate of 3 per cent for term deposits with a maturity term of 7 days to 45 days on bank FDs . The bank is giving 4% interest on FDs of maturity term of 46 to 90 days and Canara Bank is giving interest of 4.05% on FDs of 91 days to 179 days. Apart from this, Canara Bank is giving an interest rate of 4.50 percent on FDs of less than 180 days to one year.
Bank interest rates on FDs of one year and above
Canara Bank is offering 5.4% interest on FDs with a maturity of one year. Along with this, Canara Bank is offering 5.35% interest rate for term of maturity of more than one year and less than three years. Canara Bank is paying 5.3% interest on fixed deposits ranging from three years to 10 years.
RBI did not change the rates in this credit policy
Reserve Bank of India did not change the rates in the credit policy of this time last week and kept the repo rate at 4 per cent. After this, banks do not have much pressure to cut loan rates this time and banks are continuously cutting rates of deposits.