PSB FD 2023: Top Bank Hikes FD Interest Rate, Senior Citizens To Benefit Most

Leading public sector bank, Canara Bank has introduced a hike in the interest rate below Rs 2 crore for domestic term deposits. The new rates have already become effective beginning from January 18, 2023, according to the bank's official website. The banks two fixed deposit tenors are now offering the highest interest rates to citizens. These two tenors are 400 days and 666 days.

Bank Offers 6.50 % p.a. for Canara Tax Saver Deposit scheme (General Public). Maximum deposit acceptable is Rs 1.50 Lakh. Check details below:

1. Rate Of Interest For General Public (Callable)

It is worth mentioning that regular citizens can now fetch maximum interest rate of 7.15% p.a. for FDs below Rs 2 crore for the tenor of 400 days. The minimum interest rate for general public begins at 3.25% for FDs for the tenor of 7 days to 45 days and the interest rate goes up to 6.50% p.a. for FDs maturing in 5 years & above to 10 years. Meanwhile, general citizens can get 7% p.a. interest rate for FDs maturing in 666 days.

2. Rate Of Interest For Senior Citizens (Callable)

It is important to note that senior citizens can get the maximum interest rate of 7.65 for FDs below Rs 2 crore for the tenor of 400 days. For senior citizens the minimum FD interest rate begins at 3.25% for FDs for the tenor of 7 days to 45 days. The interest rate goes to 7.00% p.a. for FDs maturing in 5 years & above to 10 years. Senior citizens can get 7.50 % p.a. interest rate for FDs maturing in 666 days.

3. Rate Of Interest For General Public (for Non-Callable deposits above Rs. 15 Lakh)

Now regular citizens can get maximum 7.25% p.a. interest rate on FDs for 400 days tenor. Meanwhile, the minimum interest rate begins at 4.55% for general public for FD maturing in 46 days to 90 days for non-callable deposits and will go to 6.75% for FDs maturing in 5 years and above to 10 years.

 

4. Rate Of Interest For Senior Citizens (for Non-Callable deposits above Rs. 15 Lakh)

Senior citizens will remain eligible to receive maximum 7.75% p.a. interest rate for FDs for the tenor of 400 days. The minimum rate of interest begins at 4.55% for non-callable deposits maturing in 46 days to 90 days and will go to 7.25% for deposits maturing in 5 years & above to 10 years.