FD Interest Rates: Canara Bank has revised interest rates on deposits below Rs 2 crore. The bank’s new FD interest rates will be applicable from 8 February 2021.
There is big news for Canara Bank customers of the public sector. Canara Bank has revised interest rates on deposits below Rs 2 crore. Where Canara Bank has increased interest rates on fixed 2-year to 10-year deposits. At the same time, the bank has cut interest on deposits maturing in 1 year. The new FD interest rates of Canara Bank will be applicable from 8 February 2021. Earlier, the bank had revised the interest rates on FD on November 16, 2020.
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After this amendment, Canara Bank will offer 2.95% interest rate for term deposits with maturity period of 7-45 days. The interest rate for FDs of maturity period 46-90 days, 91 days to 179 days and 1 year to 180 days will be 3.9 percent, 4 percent and 4.45 percent respectively.
Such a reduction in the interest rate on FD maturing in 1 year
The bank has reduced the interest rate by 5 basis points (BPS) for FDs maturing in a year. Now the interest rate on this FD will be 5.20 percent. For term deposits of less than 2 years and more than one year, the bank will offer interest rate of 5.20%. For FDs ranging from 2 years to 3 years, the bank will pay 5.40 percent interest. And for a period of 3 years to 10 years, the government bank will now give 5.50 percent interest.
Canara Bank FD’s latest interest rates (less than Rs 2 crore)
7 days to 45 days – 2.95%
46 days to 90 days – 3.90%
91 days to 179 days – 4%
180 days and less than 1 year – 4.45%
1 year only -5.20%
More than 1 year and less than 2 years – 5.20%
2 years or more and less than 3 years – 5.40%
3 years or more and less than 5 years -5.50%
5 years or more and 10 years – 5.50%
Senior citizens more interest
After this amendment, the interest rate for FDs maturing from 7 days to 10 years for senior citizens will be from 2.9 percent to 6 percent. Canara Bank pays 50 basis points more interest to senior citizens on deposits maturing from 180 days to 10 years than normal customers.