Canara Bank Launches Special Term Deposit Scheme That Will End on Sept 30

In a move that is aimed to benefit the general public, Canara Bank has introduced special term deposit schemes that promises to offer better returns on their investments. Several banks recently hiked interest rates on their fixed deposits soon after Reserve Bank of India recently hiked the repo rate by 50 basis points thus taking it to 4.90% on June 8, 2022.

On the lines of RBI's move, now Canara Bank has gone a step ahead with the launch of this special term deposit that will come to an end on September 30, 2022.

According to a press release issued by the third largest nationalised bank of India, the special term deposit is applicable for deposits below Rs 2 crore on Friday.

As per the public lender statement, citizens can fetch an interest rate of 5.10% on their investments made under the special FD scheme. There is an additional benefit for senior citizens. They will receive an additional interest rate of 0.50% under the scheme taking the interest rate to 5.60%.

The bank said, the new term deposit will have a term period of 333 days. "The special scheme is available for deposits of less than Rs. 2 crore. This scheme is valid till 30.09.2022 with an interest rate of 5.10% p.a. for General Public and 5.60% p.a. for senior Citizens," added the bank.