has become the latest bank to increase fixed deposit (FD) interest rates for amounts below Rs 2 crore. The increased interest rates on Canara Bank’s FDs will take effect on May 12, 2022, according to the bank’s website.
Canara Bank will now offering a rate of 2.90 percent on fixed deposits expiring between 7 to 45 days. Bank customers will now receive interest rates of 4 percent and 4.05 percent on fixed deposits maturing in 46 days to 90 days and 91 days to 179 days, respectively. On deposits expiring in 180 days to 269 days will fetch 4.50 percent from earlier 4.40 percent.
Canara Bank latest FD interest rate
The interest rate on one-year fixed deposits has been revised to 5.1 percent, while the rate on two-year fixed deposits revised to 5.15. for tenure between 270 days to less than 1 year it will fetch 4.55 percent.
Fixed deposit of one year tenure will attract an interest rate of 5.30 percent. Above one year to less than 2 years it will fetch 5.40 percent. Fixed deposit rates between 2-3 years would be 5.45 percent and 3-5 years would be 5.70 percent. The 5-10 year fixed deposit slab has been revised to 5.75 percent.
Senior citizens would earn 50 basis points more. The above Rate of interest is applicable to Recurring deposits also, according to Canara Bank website.
The hike in FD Interest rate has come after the Reserve Bank of India (RBI) last week increased the repo rate by 40 basis points to 4.40 percent.