7.90% FD Interest Rate From This Govt Bank, New Rates Effective From April 5, 2023

Leading public sector bank, Canara Bank has raised fixed deposit interest rates. The bank has hiked FD interest rates for deposits below Rs 2 crore. The new interest rates have been implemented beginning from April 5, 2023, as per Canara Bank's official website. Maximum interest rate is now 7.90% for FDs with the tenure of 444 days.

It is worth noting that Reserve Bank of India's Monetary Policy Committee (MPC) scheduled for April 3, 5, and 6. As per reports, RBI is expected to further hike Repo Rate by 0.25% today. The Repo Rate is likely to be announced on April 6, 2023. Canara Bank has decided to revise interest rates ahead of the announcement.

After the revision, for callable deposits, general citizens will get an interest rate beginning from 4.00% to 7.25% while senior citizens will get interest rates varying from 4.00% to 7.75%.

The Term Deposit interest rates for callable deposits of less than Rs 2 crore with effect from April 5, 2023 will begin from 4.00% for deposits maturing in 7 days to 45 days to regular and senior citizens.

For deposits maturing in 5 years & above to 10 years, regular citizens can fetch 6.70% and senior citizens can get 7.20% p.a. (callable deposits)

For non-callable deposits, FDs maturing in 2 years & above to less than 3 years, regular citizens will get 7.10% interest rate and senior citizens will get 7.60% interest rate.

The interest rates for non-callable deposits, will begin from 5.30% for regular and senior citizens for FDs for the tenure of 46 days to 90 days.

Canara bank, for non-callable deposits above Rs 15 lakh, is offering the maximum interest rate for regular citizens at 7.40% and 7.90% to senior citizens for FDs maturing in 444 days.

According to Canara Bank's official website, "A penalty of 1.00% shall be levied for premature closure/part withdrawal/ premature extension of Domestic/NRO term deposits of less than Rs.2 Crore that are accepted /renewed on or after 12.03.2019."

Check the interest rates below in detail:

		Callable
Term Deposits (All Maturities)	General Public		Senior Citizen	.
	Rate of Interest (% p.a.)	Annualised Interest yield (% p.a.) **	Rate of Interest (% p.a.) #	Annualised Interest yield (% p.a.) **
7 Days to 45 Days	4	4.06%	4	4.06%
46 Days to 90 Days	5.25	5.35%	5.25	5.35%
91 Days to 179 Days	5.5	5.61%	5.5	5.61%
180 Days to 269 Days	6.25	6.40%	6.75	6.92%
270 Days to less than 1 Year	6.5	6.66%	7	7.19%
1 Year Only	7	7.19%	7.5	7.71%
444 Days	7.25	7.45%	7.75	7.98%
Above 1 Year to less than 2 Years	6.9	7.08%	7.4	7.61%
2 Years & above to less than 3 Years	6.85	7.03%	7.35	7.56%
3 Years & above to less than 5 Years	6.8	6.98%	7.3	7.50%
5 Years & above to 10 Years	6.7	6.87%	7.2	7.40%

		Non Callable (above Rs. 15 Lakh)$
Term Deposits (All Maturities)	General Public		Senior Citizen
	Rate of Interest (% p.a.)	Annualised Interest yield (% p.a.) **	Rate of Interest (% p.a.) #	Annualised Interest yield (% p.a.) **
7 Days to 45 Days	NA	NA	NA	NA
46 Days to 90 Days	5.3	5.41%	5.3	5.41%
91 Days to 179 Days	5.55	5.67%	5.55	5.67%
180 Days to 269 Days	6.3	6.45%	6.8	6.98%
270 Days to less than 1 Year	6.55	6.71%	7.05	7.24%
1 Year Only	7.25	7.45%	7.75	7.98%
444 Days	7.4	7.61%	7.9	8.14%
Above 1 Year to less than 2 Years	7.15	7.34%	7.65	7.87%
2 Years & above to less than 3 Years	7.1	7.29%	7.6	7.82%
3 Years & above to less than 5 Years	NA	NA	NA	NA
5 Years & above to 10 Years	NA	NA	NA	NA