PSU FD: Canara Bank Revises FD Interest Rates For Deposits Less Than Rs 2 Cr

Leading public sector undertaking, Canara Bank has revised fixed deposit interest rates for deposits below Rs 2 crore. The new fixed deposit interest rates have already become effective beginning from October 5, 2023. Canara Bank revised its FD interest rates a day before RBI's MPC meet. It is worth noting that RBI has continued to maintain the status quo in the key policy rate and retained repo rate at 6.5% for fourth consecutive time.

Meanwhile, Canara Bank will offer regular customers an interest rate of 4.00%-7.25% and senior citizens can get an interest rate of 4.00% to 7.40% for deposits maturing in 7 days to 10 years for callable deposits.Check the latest fixed deposit interest rates below:

For non-callable deposits, Canara Bank will offer general public an interest of 5.35%-7.40% and senior citizens can fetch an interest rate of 5.35%-7.90% for deposits above Rs 15 lakh. It is worth noting that in non-callable deposits, premature withdrawal is not permitted.

According to the Canara Bank's website, "Bank Offers 6.70 % p.a. for Canara Tax Saver Deposit scheme (General Public). Maximum deposit acceptable is Rs 1.50 Lakh."
"Additional interest of 0.50% for Senior Citizens is available for Deposits (Other than NRO/NRE and CGA Deposits) less than Rs. 2 Cr and with tenor of 180 Days and above," said Canara Bank.

Canara Bank's highest interest rate for FDs below the amounts of Rs 2 crore for regular customers remains at 7.40% and for senior citizens, it is 7.90% under non-callable deposits.

For callable deposits, regular customers can fetch maximum interest rate of 7.25% and senior citizens can get an interest rate of 7.75% on term deposits maturing in 444 days.