Canara Bank has increased the interest rates for FDs of less than Rs 2 crore. Also, the new FD rates have come into effect from April 5, 2023. Canara Bank is offering interest rates on deposits with maturities ranging from seven days to ten years and has revised deposit interest rates for general public to senior citizens.
Canara Bank: Just a day before the MPC announcements of the Reserve Bank of India (RBI), the leading public sector bank Canara Bank has increased the interest rates of Fixed Deposit ie FD. Canara Bank has increased the interest rates for FDs of less than Rs 2 crore. Also, the new FD rates have come into effect from April 5, 2023.
After the revision in FD interest rates, Canara Bank is offering an interest rate of 4% to 7.25% to its regular customers on callable deposits with maturities ranging from 7 days to 10 years. On the other hand, senior citizens are being given interest at the rate of 4 per cent to 7.75 per cent.
These are the interest rates after the revision
If you want to invest in fixed deposits, then Canara Bank can be a better option for you. Explain that after the amendment, the maximum interest rate for the bank’s FD with a period of 444 days is now 7.90 percent. In such a situation, you can avail great benefits by investing in FD in Canara Bank.
These are the new rates on callable deposits.
Let us tell you that from April 5, 2023, term deposit interest rates for callable deposits of less than Rs 2 crore will be 4 percent for deposits maturing in 7 days to 45 days for ordinary citizens and senior citizens. Will start from On the other hand, for deposits maturing in 5 years and above 10 years, regular customers can get interest at the rate of 6.70 per cent, while for senior citizens it is 7.20 per cent.
Explain that Canara Bank is offering interest rates on deposits with maturity ranging from seven days to ten years and has revised the interest rates on deposits ranging from general public to senior citizens. So let’s see the complete list of new rates.
New FD rates
The new interest rates of Canara Bank are as follows-
- Interest on fixed deposits maturing in 7-45 days -4.00 percent
- Interest on fixed deposits maturing in 46-90 days – 5.25 percent
- Interest on fixed deposits maturing in 91-179 days – 5.50 percent
- Interest on fixed deposits maturing in 180- 269 days – 6.25 percent
- Interest on deposits maturing in 270 days to 1 year – 6.50 percent
- Interest on fixed deposits maturing in 1 year – 7.00 percent
- Interest on fixed deposits maturing in 444 days – 7.45 percent
- Interest on deposits of more than 1 year and less than 2 years – 6.90 percent
- Interest on deposits of more than 2 years and less than 3 years – 6.80 percent
- Interest on deposits of 5 years or more, but less than 10 years – 6.70 percent
- Interest Rates for Senior Citizens
- Interest on fixed deposits maturing in 7-45 days -4.00 percent
- Interest on fixed deposits maturing in 46-90 days – 5.25 percent
- Interest on fixed deposits maturing in 91-179 days – 5.50 percent
- Interest on fixed deposits maturing in 180- 269 days – 6.75 percent
- Interest on deposits maturing in 270 days to 1 year – 7.00 percent
- Interest on fixed deposits maturing in 1 year – 7.50 percent
- Interest on fixed deposits maturing in 444 days – 7.75 percent
- Interest on deposits of more than 1 year and less than 2 years – 7.40 percent
- Interest on deposits of more than 2 years and less than 3 years – 7.35 percent
- Interest on deposits of 5 years or more, but less than 10 years – 7.20 percent
- In this situation, 1 percent penalty will be imposed.
According to the official website of Canara Bank, a penalty of 1 per cent has been imposed for premature closure or partial withdrawal or premature extension of domestic/NRO callable deposits of less than Rs 2 crore accepted or renewed on or after March 12, 2019. Will go
