Canara Bank customers can now earn a better return on fixed deposits. The bank has come out with a special fixed deposit scheme under which it’s offering a return of 7.5 per cent. The bank launched its special fixed deposit scheme on October 11. “Now get maximum returns on your investment! Presenting Canara Special Deposit Scheme that offers 7.50% interest by investing for 666 days,” said the Bank. Investors should be aware that bank offers an interest rate starting from 3.25 per cent to a maximum of 7.19 per cent for the general public. However, it’s in the case of this Special Deposit Scheme that the bank is offering an additional interest of 0.31 per cent. However, if you are a senior citizen, you will get an interest of 7.71 per cent.
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Canara Bank has revised its fixed deposit rates with effect from October 7 and now offers a return of 3.25 per cent on deposits maturing between 7 days to 45 days. The fixed deposits for the tenure of 46 days to 90 days will earn an interest of 4.25 per cent, those for 91 days to 179 days will get 4.50 per cent and the fixed deposits for 180 days to 269 days will get an interest of 5.90 per cent.
According to the Canara Bank’s website, deposits for 270 days to less than 1 year time will earn an interest of 6 per cent and for 1 year to less than 5 years will get an interest of 6.5 per cent. Fixed deposits for the period of 5 years & above to 10 years will earn an interest of 7 per cent.
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The bank said that an additional interest of 0.50% will be applicable for senior citizens. The above rates are applicable for deposits less than Rs 2 crore. The additional benefits for senior citizens are applicable for fixed deposits with a tenor of 180 days and above.
Canara Bank FD Calculator
Suppose you are going to invest in the Canara Bank’s Special Fixed Deposit Scheme for 666 days, then you will get an interest rate of 7.5 per cent. Say if your investment amount is Rs 2.5 lakhs, you will earn an interest of Rs 34,212 and the maturity amount will be Rs 2,84,212. Say if you are going to invest Rs 5 lakhs, you will earn an interest of Rs 68,424 and your maturity amount will be Rs 5,68,424.
The deposit will be renewed automatically from the date of maturity for a similar period at the interest rate prevailing on the date of maturity for the original period of deposit, said the bank.
