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Bank of India, Canara Bank Revise FD Rate w.e.f. June 23, 2022: Check Latest Rates

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Following other private and public sector banks, 2 public sector banks namely Bank of India and Canara Bank have hiked interest rate on term or fixed deposits w.e.f. June 23, 2022. It is pertinent to mention here that the country's apex bank RBI in view of the macroeconomic condition took to an off-cycle rate hike by 40 bps, being later followed by another 50 bps hike in the repo rate in June MPC meet. Likewise, after 2 consecutive rate hikes, interest rate cycle has been reversed to higher rates.

 

Bank of India FD rates
 

Bank of India FD rates

The revision in term deposit rates has been made for deposits less than Rs. 2 crore. At the maximum, Bank of India is offering an interest of 5.5% per annum for deposits of 444 days. In the lowest tenure of 7-14 days, the bank offers interest rate of 2.85%. For this tenure, a minimum deposit of Rs. 1 lakh is to placed with the bank.

Maturity BucketsDeposits less than Rs.2 Cr (w.e.f. 23.06.2022)
7 days to 14 days2.85*
15 days to 30 days2.85
31 days to 45 days2.85
46 days to 60 days3.85
61 days to 90 days3.85
91 days to 179 days3.85
180 days to 269 days4.35
270 days to less than 1 year4.35
1 Year to 443 Days5.3
444 Days5.5
445 Days to < 2 Year5.4
2 Year to < 3 Year5.4
3 Year to < 5 Year5.35
5 Year to < 8 Year5.35
8 Year and upto 10 year5.35

Further as per the bank website, additional premium of 25 bps, over & above the existing 50 bps will be paid to Senior Citizen's on their retail TD (Less than Rs. 2 Cr) for all the tenors of 3 Years & above i.e. 75bps.

Earlier the bank had also revised rates for term deposits of Rs. 10 crore and more w.e.f. June 17, 2022. For this sum, the bank offers the highest interest rate of 2.9% for tenures ranging from 1 year to 10 years.

Canara Bank FD rates

Canara Bank FD rates

The third leading public sector bank has also revised its FD rates w.e.f. June 23, 2022 for both deposits less than Rs. 2 crore and bulk deposits. Also, the bank has introduced a new FD tenure of 333 days which will fetch a return of 5.1% to ordinary citizen and 5.6% to seniot citizens. This tenure is not available in case of bulk deposits.

DomesticFor Deposits less than Rs.2 Crore(w.e.f. 23.06.2022 ) 
 General Public Senior Citizen
Term Deposits (All Maturities)Rate of Interest (% p.a.)Rate of Interest (% p.a.) #
7 days to 45 days*2.92.9
46 days to 90 days44
91 days to 179 days4.054.05
180 days to 269 days4.55
270 days to less than 1 Year4.555.05
333 days Scheme5.15.6
1 year only5.35.8
Above 1 year to less than 2 years5.45.9
2 years & above to less than 3 years5.455.95
3 years & above to less than 5 years5.76.2
5 years & above to 10 Years5.756.25

"Additional interest of 0.50% for Senior Citizens is available for Deposits (Other than NRO/NRE and CGA Deposits) less than Rs. 2 Cr and with tenor of 180 Days and above", mentions the bank website.

Under its Canara Tax Saver deposit scheme for general public the bank offers 5.75% p.a. intererst rate.

Maximum deposit acceptable is Rs 1.50 Lakh.

Canara Bank domestic bulk term deposits

Canara Bank domestic bulk term deposits

For Deposits of Rs. 2 Crore & above to less than Rs. 10 Crore also the bank has revised rates w.e.f. today i.e. June 23, 2022. General public at the highest can earn a return of 4.8% on deposits maintained for 1 year to less than 2 years.

   DOMESTIC BULK TERM DEPOSITS 
 For Deposits Rs. 2 Crore & above to less than Rs. 10 Crore * 
 w.e.f. 23.06.2022Non-Callable
Term Deposits (All Maturities)Rate of Interest (% p.a.)Rate of Interest (% p.a.)
7 days to 45 days2.9- NA - @
46 days to 90 days3.13.1
91 days to 179 days3.353.35
180 days to 269 Days3.353.35
270 days to less than 1 Year3.353.35
1 year only4.84.85
Above 1 year to less than 2 years4.84.85
2 years & above to less than 3 years3.653.65
3 years & above to less than 5 years3.43.4
5 years & above to 10 Years3.4No Quotes @

Non-callable term deposits are Bulk deposits where premature withdrawal is not allowed. Also, Auto Renewal facility is not available on these Non-callable deposits.

Alongside, many other banks that have hiked interest rate are IndusInd Bank, DCB, City Union Bank and Federal Bank.

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