The public sector lender Canara Bank made investors happy during the current festivities by raising fixed deposit interest rates by up to 135 basis points across tenors. Investors will now receive a higher return. On October 7, the new rates went into effect, per the website of Canara Bank.
Currently, the bank offers interest rates of 3.25 percent for term deposits that mature in seven days to 45 days and 4.25 percent for those that mature in 46 days to 90 days. The interest rate on time deposits with a maturity tenor of 91 days to 179 days is now 4.5 percent.
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Fixed deposits with maturities of 180 to 269 days will now earn a general public interest rate of 5.9 percent and a senior citizen interest rate of 6.4 percent. On deposits held for 270 days to less than a year, the bank is offering a 6 percent interest rate to the general public and a 6.5 percent interest rate to senior citizens.
For fixed deposits with a maturity time of one year, the bank is offering an interest rate of 6.5 per cent for the general public and 7 per cent for senior citizens. Deposits above one year and less than two year maturity period will now earn a rate of interest of 6.5 per cent for the general public and 7 per cent for senior citizens.
Fixed deposits with a 666-day maturity period will pay interest at a rate of 7% for the general public and 7.5% for senior citizens. For fixed deposits with a maturity of between two and three years, Canara Bank is currently offering a rate of 6.5% for the general public and 7% for senior citizens.
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Deposits with a maturity of more than three years but less than five years will earn interest at a rate of 6.5% for the general public and 7% for senior citizens. The interest rate on fixed deposits with a maturity of five years or more but less than or equal to ten years is seven percent for the general public and seven and a half percent for senior citizens.
“Minimum period for renewal of domestic/NRO term deposits is 7 days irrespective of the size of the deposit. Below Rs 5 Lakh, Minimum tenure of deposit is 15 Days. 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 the Bank.
