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Canara Bank Increase FD Rate For Select Maturities


With effect from August 9, the state-run Canara Bank has revised FD rates of select maturities with deposits less than Rs. 2 crore. Here is a list of newly revised rates:

Canara Bank Increase FD Rate For Select Maturities
FD tenure Previous rates (in per annum) Revised rates effective August 9
7-45 days 5.75% 5%
46-269 days 6% 6%
270 days to less than 1 year 6.20% 6.20%
1 year 6.70% 6.50%
> 1 year to less than 3 years 6.40% 6.50%
3 years to less than 5 years 6.40% 6.40%
5 to less than 8 years 6.00% 6.40%
8 years to above 10 years 6.00% 6.30%

Also, the bank has hiked interest rate on tax-saving FDs with maturity ranging between 5-10 years. Senior citizens will continue to get 50 basis points higher return than general category customers.

The previous revision in FD rates by Canara Bank was made on July 4.

Since, the RBI in its monetary policy review on August 7 revised repo rate lower, many banks have been lowering down their deposit rates.

Story first published: Wednesday, August 14, 2019, 10:34 [IST]
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