FINANCE

Canara Bank Hikes FD Interest Rate From Today — Check Latest Rates Here

New Delhi: Just a day ahead of the announcement of Reserve Bank of India (RBI) Monetary Policy 2023, public sector lender Canara Bank has announced revision in its Fixed Deposit (FD) rates. Canara Bank has hiked FD interest rates under Rs 2 crore.

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Canara Bank’s new FD rates are effective from March 5, 2023, according to the bank’s official website.

Following the modification in FD interest rates, Canara Bank will offer interest rates on callable deposits with maturities ranging from seven days to ten years that range from 4 percent to 7.25 percent for members of the general public and 4 percent to 7.75 percent for senior citizens.

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CallableNon Callable (above Rs. 15 Lakh)$ 
Term Deposits (All Maturities)General PublicSenior CitizenGeneral PublicSenior Citizen
Rate of Interest (% p.a.)Annualised Interest yield (% p.a.) **Rate of Interest (% p.a.) #Annualised Interest yield (% p.a.) **Rate of Interest (% p.a.)Annualised Interest yield (% p.a.) **Rate of Interest (% p.a.) #Annualised Interest yield (% p.a.) **
7 Days to 45 Days4.004.06%4.004.06%NANANANA
46 Days to 90 Days5.255.35%5.255.35%5.305.41%5.305.41%
91 Days to 179 Days5.505.61%5.505.61%5.555.67%5.555.67%
180 Days to 269 Days6.256.40%6.756.92%6.306.45%6.806.98%
270 Days to less than 1 Year6.506.66%7.007.19%6.556.71%7.057.24%
1 Year Only7.007.19%7.507.71%7.257.45%7.757.98%
444 Days7.257.45%7.757.98%7.407.61%7.908.14%
Above 1 Year to less than 2 Years6.907.08%7.407.61%7.157.34%7.657.87%
2 Years & above to less than 3 Years6.857.03%7.357.56%7.107.29%7.607.82%
3 Years & above to less than 5 Years6.806.98%7.307.50%NANANANA
5 Years & above to 10 Years6.706.87%7.207.40%NANANANA

Canara Bank defines non-callable term deposits as deposits where premature withdrawal is not permitted. Bank Offers 6.70 % p.a. for Canara Tax Saver Deposit scheme (General Public). Maximum deposit acceptable is Rs 1.50 Lakh. The above Rate of interest is applicable to Recurring deposits also.

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Canara Bank Domestic Bulk Term Deposits Rates

DomesticRate of Interest (% p.a.) 
 For Deposits Rs. 2 Crore & above to less than Rs. 10 Crore *
w.e.f. 05.04.2023
 
Term Deposits (All Maturities)CallableNon-Callable ++ 
Rate of Interest (% p.a.)Annualised Interest yield (% p.a.)**Rate of Interest (% p.a.)Annualised Interest yield (% p.a.)** 
7 days to 45 days2.902.93%– NA – @ 
46 days to 90 days3.103.14%3.153.19% 
91 days to 179 days3.353.39%3.403.44% 
180 days to 269 Days3.353.39%3.403.44% 
270 days to less than 1 Year5.755.88%5.805.93% 
1 year only6.006.14%6.156.29% 
Above 1 year to less than 2 years6.006.14%6.256.40% 
2 years & above to less than 3 years6.006.14%6.256.40% 
3 years & above to less than 5 years6.006.14%6.256.40% 
5 years & above to 10 Years3.403.44%3.653.70

Canara Bank Non Resident Accounts Rate of Interest

Period of DepositLess than Rs.2 Crore
(w.e.f. 05.04.2023)
Rs. 2 Crore & above to less than Rs. 10 Crore (w.e.f. 05.04.2023)
Rate of Interest
(% per annum)
Annualised
Interest Yield (% per annum) *
Rate of Interest
(% per annum)
Annualised
Interest Yield (% per annum) *
1 year only.7.007.19%6.156.29%
444 Days7.257.45%NANA
Above 1 year to less than 2 years.6.907.08%6.256.40%
2 years & above to less than 3 years.6.857.03%6.256.40%
3 years & above to less than 5 years.6.806.98%6.256.40%
5 years & above to 10 years.6.706.87%3.653.70%

In the above, NRO – all maturities and same as applicable to Domestic Term Deposits while NRE –Term deposits, Rate of interest (%) per annum.

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Canara Bank website says that no interest will be payable for the period run on NRE term deposits prematurely closed/ prematurely extended before completion of one year from the effective date of the deposit. NRE Term deposits are auto renewed only once as the Non-resident status is to be confirmed.

Overdue NRE deposits will be paid interest as applicable to Savings account from the date of maturity till the date of payment/ re-investment.

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