Canara Bank Reduces Interest On Term Deposits: Check New Rates

Public sector lender Canara Bank has revised its FD rates for deposits less than Rs. 2 crore with effect from August 8, 2021. The revision has been made for all deposit tenures between a maturity period of 46 days to 90 days. In case of the deposits that mature between 1 year and less than 2 years, the rate has been cut by 10 basis point. 1-basis point is one-hundredth of a percentage point. Now, these FDs maturing between 1 year and less than 2 years will offer 5.1% per annum interest rate.

Here are the new FD rates of Canara Bank term deposits that will be applicable from August 8, 2021:

7 days to 45 days - 2.90%
46 days to 90 days - 3.90%
91 days to 179 days - 3.95%
180 days to less than 1 Year- 4.40%
1 year only -5.10%
Above 1 year to less than 2 years - 5.10%
2 years & above to less than 3 years - 5.10 %
3 years & above to less than 5 years-5.25%
5 years & above to 10 Years- 5.25%
After the latest revision, senior citizens will get an interest rate ranging from 2.90% to 5.75% for FDs maturing in 7 days to 10 years. Canara Bank gives 50 basis points more than the general customers to senior citizens on deposits maturing in 180 days to 10 years.

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