Following the RBI’s repo rate cut, Canara Bank has revised its FD interest rates. Senior citizens now earn up to 7% interest on the Canara Bank 555-day special FD, which is better than longer-term FDs.
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FD interest rates: Following the recent repo rate cut by the RBI, Canara Bank has changed its fixed deposit (FD) interest rates. Under the new rates, the bank is offering impressive returns on specific FDs with short and mid-term tenures. Senior citizens are now receiving up to 7% interest on select callable FDs.
Yes, FDs are still considered a safe investment option. Senior citizens always prefer to invest in bank FDs for their future. So, let’s find out how much return is being offered on Canara Bank’s 555-day FD.
Canara Bank FD Rates
Special tenures offer higher interest rates than long-term FDs, especially for senior citizens.
- 555-day FD
- General customers: 6.50%
- Senior citizens: 7.00% (highest among callable FDs)
444-day FD
- General customers: 6.45%
- Senior citizens: 6.95%
This clearly indicates that FDs with tenures longer than one year are offering lower interest rates. These offer 6.25% for general customers and 6.75% for senior citizens, meaning longer lock-in periods are no longer offering higher interest rates.
How to Calculate FDs
To use the online FD calculator, first visit Canara Bank’s website, canarabank.bank.in. Enter the deposit amount, the FD term, and the current interest rate. The calculator will then show you the total maturity amount and interest. For example, ₹1 lakh deposited for 1 year at 7% interest can yield approximately ₹1.07 lakh.
What does this mean for FD investors?
Due to falling interest rates, banks are opening short- and mid-term special FDs, such as 400–555 days. For investors, especially senior citizens, FDs with these tenures are currently offering higher returns than longer FDs of 5 years or more, where rates have largely stabilized.
(Note: This news is based on general information; consult a financial advisor for more information.)
