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Canara Bank Revises Interest Rates On Fixed Deposits of Less Than Rs. 2 Cr
Canara Bank, a public sector lender, has changed its interest rates on fixed deposits of less than Rs. 2 Cr. The new rates are effective as of today, January 17th, 2022, according to the bank's official website. The bank offers an "1111 Days" Canara Unique Retail Term Deposit Scheme with an additional 0.10 percent interest rate over and above the term deposit's period rate. Canara Amrit-75 Retail Term Deposit Scheme of "75 Months" is also available, with an additional rate of 0.15 percent over and above the fixed deposit's period rate. The bank's new interest rates, which go into effect today, are explained briefly here.
Canara Bank Fixed Deposit Interest Rates For Non-Senior Citizens
Canara Bank is proposing a 2.90 percent interest rate on deposits of less than Rs. 2 crores maturing in 7 days to 45 days to the general public as of January 17, 2022. Deposits maturing in 46 days to 90 days and 91 days to 179 days will now return 3.90 percent and 3.95 percent interest, respectively. On term deposits maturing in 180 days to less than 1 year and 1 year to less than 2 years, the general public will now receive interest rates of 4.40 percent and 5.00 percent, respectively.
Non-senior citizens will now get interest rates of 5.10 percent, 5.25 percent, and 5.35 percent on deposits maturing in two years or less than three years, three years or less than five years, and Canara Unique "1111 Days." Canara Bank is now offering an interest rate of 5.25% and 5.40% to the general public on their term deposits maturing in 5 years & above to 10 Years and Canara Amrit "75 Months".
| Tenors | Rate of Interest (% p.a.) | Annualised Interest yield (% p.a.) |
|---|---|---|
| 7 days to 45 days | 2.9 | 2.93% |
| 46 days to 90 days | 3.9 | 3.96% |
| 91 days to 179 days | 3.95 | 4.01% |
| 180 days to less than 1 Year | 4.4 | 4.47% |
| 1 year only | 5 | 5.09% |
| Above 1 year to less than 2 years | 5 | 5.09% |
| 2 years & above to less than 3 years | 5.1 | 5.20% |
| 3 years & above to less than 5 years | 5.25 | 5.35% |
| Canara Unique "1111 Days" | 5.35 | 5.46% |
| 5 years & above to 10 Years | 5.25 | 5.35% |
| Canara Amrit "75 Months" | 5.4 | 5.51% |
| Source: Bank Website. W.e.f. 17.01.2022 |
Canara Bank Fixed Deposit Interest Rates For Senior Citizens
Canara Bank is also giving senior citizens an additional 0.50 percent interest rate on deposits (other than NRO/NRE and CGA deposits) less than Rs. 2 crores maturing in 180 days or more.
| Tenors | Rate of Interest (% p.a.) | Annualised Interest yield (% p.a.) |
|---|---|---|
| 7 days to 45 days* | 2.9 | 2.93% |
| 46 days to 90 days | 3.9 | 3.96% |
| 91 days to 179 days | 3.95 | 4.01% |
| 180 days to less than 1 Year | 4.9 | 4.99% |
| 1 year only | 5.5 | 5.61% |
| Above 1 year to less than 2 years | 5.5 | 5.61% |
| 2 years & above to less than 3 years | 5.6 | 5.72% |
| 3 years & above to less than 5 years | 5.75 | 5.88% |
| Canara Unique "1111 Days" | 5.85 | 5.98% |
| 5 years & above to 10 Years | 5.75 | 5.88% |
| Canara Amrit "75 Months" | 5.9 | 6.03% |
| Source: Bank Website. W.e.f. 17.01.2022 |
Canara Bank NRO-NRE Deposit Interest Rates
With effect from 17th January 2022, the bank has also revised its interest rates on NRO and NRE term deposits. On NRO and NRE deposits of less than Rs. 2 Cr, the bank is currently giving the following interest rates.
| Tenure | Rate of Interest (% p.a.) On Deposit of Less than Rs.2 Cr | Annualised Interest Yield (% p.a.) |
|---|---|---|
| 1 year only | 5 | 5.09 |
| Above 1 year to less than 2 yrs | 5 | 5.09 |
| 2 yrs & above to less than 3 yrs | 5.1 | 5.2 |
| 3 yrs & above to less than 5 yrs | 5.25 | 5.35 |
| Canara Unique "1111 Days" | 5.35 | 5.46 |
| 5 yrs & above to 10 yrs | 5.25 | 5.35 |
| Canara Amrit"75 Months" | 5.4 | 5.51 |
| Source: Bank Website. W.e.f. 17.01.2022 |
