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Canara Bank Revises FD Interest Rate Higher w.e.f. 8.8.2022: Check New Rates
Public sector lender Canara Bank has revised FD interest rate higher after the RBI in its August MPC outcome increased the key policy rate by 50 bps. 1Bps is one-hundredth of a percentage point. The new revised rates come into force from August 8, 2022. The revision in FD rate has been made for deposits below Rs. 2 crore.
Canara Bank offers fixed deposits in maturities ranging from 7 days to 10 years. Post the latest hike, depositors (general public) can now earn between 2.9%-5.75% while senior citizens can get a return between 2.9%-6.25%.
Here below are the latest FD rate on deposits below Rs. 2 crore as effective from August 8, 2022
| For Deposits less than Rs.2 Crore | w.e.f. 08.08.2022 | |||
|---|---|---|---|---|
| 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* | 2.9 | 2.93% | 2.9 | 2.93% |
| 46 days to 90 days | 4 | 4.06% | 4 | 4.06% |
| 91 days to 179 days | 4.05 | 4.11% | 4.05 | 4.11% |
| 180 days to 269 days | 4.65 | 4.73% | 5.15 | 5.25% |
| 270 days to less than 1 Year | 4.65 | 4.73% | 5.15 | 5.25% |
| 333 days Scheme | 5.1 | 5.20% | 5.6 | 5.72% |
| 1 year only | 5.5 | 5.61% | 6 | 6.14% |
| Above 1 year to less than 2 years | 5.55 | 5.67% | 6.05 | 6.19% |
| 666 Days | 6 | 6.14% | 6.5 | 6.66% |
| 2 years & above to less than 3 years | 5.6 | 5.72% | 6.1 | 6.24% |
| 3 years & above to less than 5 years | 5.75 | 5.88% | 6.25 | 6.40% |
On the FD tenure of 180 day to 269 days, the bank raised interest rate by 15 bps to 4.65%. Likewise, for the tenure of 270 days to less than one year, the bank raised FD rate from 4.55% to 4.65%. Senior citizens on this tenure shall fetch a return of 5.15%. Further on the FD for 1 year tenure, the bank hiked rate by 20 bps to 5.5%. Also for a FD tenure of 1 year to less than 2 years, there has been made a hike by 15 bps to 5.55%.
On the special deposit of 666 days, the bank offers interest rate of 6% to general public, while senior citizens will get 6.5% return.
