With effect from 8 February 2021, Canara Bank has revamped interest rates on deposits which are less than 2 crores. Interest on deposits maturing in one year has been lowered by the bank. Canara Bank has higher interest rates on FDs with tenures of 2 years to ten years. For term deposits with a maturity period of 7-45 days, Canara Bank will now deliver a 2.95 percent interest rate after the new adjustment. The bank will offer 3.9, 4 and 4.45 percent interest rates for FDs with maturity periods of 46-90 days, 91 days to 179 days and 180 days to less than 1 year, respectively. The bank has cut the interest rate by 5 basis points i.e. 5.20% interest rate on FDs which mature in one year. The bank will provide an interest rate of 5.20 percent on term deposits maturing from over one year to less than two years. The bank will offer 5.40 percent for FDs between two years and three years. The state-owned bank will now deliver a 5.50 percent interest rate for three years to ten years of tenure.
Canara Bank FD Rates
|Tenure||ROI for regular depositors w.e.f 8 Feb 21|
|7 days to 45 days||2.95%|
|46 days to 90 days||3.90%|
|91 days to 179 days||4%|
|180 days to less than 1 Year||4.45%|
|Above 1 year to less than 2 year||5.20%|
|2 years & above to less than 3 years||5.40 %|
|3 years & above to less than 5 years||5.50%|
|5 years & above to 10 Years||5.50%|
For FDs maturing in 7 days to 10 years, senior citizens can get an interest rate ranging from 2.95 percent to 6 percent after the latest update by the bank. Canara Bank offers senior citizens 50 basis points higher than regular public on deposits maturing from 180 days to 10 years. Please note here that the above listed interest rates are for the deposit amount of below Rs 2 Cr.