The highest interest rate for a callable deposit of less than Rs 2 crore is 7.25 per cent for a tenure of 444 days for the general public; it’s 7.75 per cent when it comes to senior citizens.
New Delhi: State-owned Canara Bank has revised the interest rates on term deposits less than Rs 2 crore, Rs 2 crore and above but less than Rs 10 crore. The new interest rates are applicable from 5 April 2023, as per the information available on the bank’s website.
For Domestic Fixed Term Deposits
The highest interest rate for a callable deposit of less than Rs 2 crore is 7.25 per cent for a tenure of 444 days for the general public; it’s 7.75 per cent when it comes to senior citizens. The highest interest rate for a non-callable deposit of less than Rs 2 crore (and greater than Rs 15 lakh) is 7.40 per cent for a tenure of 444 days for the general public; it’s 7.90 per cent when it comes to senior citizens.
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What Are Non-Callable Deposits?
As per the information available on the bank website, non-callable deposits are those deposits where premature withdrawal is not permitted.
Here’s The Breakdown Of Different Interest Rates For Deposits Less Than Rs 2 Crore
| TERM DEPOSITS Rate of Interest (%) p.a. For Deposits less than Rs.2 Crore w.e.f. 05.04.2023 | ||||||||
| Callable | Non Callable (above Rs. 15 Lakh) | |||||||
| Term Deposits (All Maturities) | General Public | Senior Citizen | General Public | Senior 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 Days | 4 | 4.06% | 4 | 4.06% | NA | NA | NA | NA |
| 46 Days to 90 Days | 5.25 | 5.35% | 5.25 | 5.35% | 5.3 | 5.41% | 5.3 | 5.41% |
| 91 Days to 179 Days | 5.5 | 5.61% | 5.5 | 5.61% | 5.55 | 5.67% | 5.55 | 5.67% |
| 180 Days to 269 Days | 6.25 | 6.40% | 6.75 | 6.92% | 6.3 | 6.45% | 6.8 | 6.98% |
| 270 Days to less than 1 Year | 6.5 | 6.66% | 7 | 7.19% | 6.55 | 6.71% | 7.05 | 7.24% |
| 1 Year Only | 7 | 7.19% | 7.5 | 7.71% | 7.25 | 7.45% | 7.75 | 7.98% |
| 444 Days | 7.25 | 7.45% | 7.75 | 7.98% | 7.4 | 7.61% | 7.9 | 8.14% |
| Above 1 Year to less than 2 Years | 6.9 | 7.08% | 7.4 | 7.61% | 7.15 | 7.34% | 7.65 | 7.87% |
| 2 Years & above to less than 3 Years | 6.85 | 7.03% | 7.35 | 7.56% | 7.1 | 7.29% | 7.6 | 7.82% |
| 3 Years & above to less than 5 Years | 6.8 | 6.98% | 7.3 | 7.50% | NA | NA | NA | NA |
| 5 Years & above to 10 Years | 6.7 | 6.87% | 7.2 | 7.40% | NA | NA | NA | NA |
Here’s The Breakdown Of Different Interest Rates For Deposits Of Rs 2 Crore and More But Less Than Rs 10 Crore
| For Deposits Rs. 2 Crore & above to less than Rs. 10 Crore w.e.f. 05.04.2023 | ||||
| Term Deposits (All Maturities) | Callable | Non-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 days | 2.9 | 2.93% | – NA – @ | |
| 46 days to 90 days | 3.1 | 3.14% | 3.15 | 3.19% |
| 91 days to 179 days | 3.35 | 3.39% | 3.4 | |
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For Non Resident Accounts
Here’s The Breakdown Of Different Interest Rates For Deposits Of Rs 2 Crore and More But Less Than Rs 10 Crore
| a. NRO – all maturities | Same as applicable to Domestic Term Deposits | |||
| b. NRE –Term deposits | Rate of interest (%) per annum | |||
| Period of Deposit | Less 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 | 7.19% | 6.15 | 6.29% |
| 444 Days | 7.25 | 7.45% | NA | NA |
| Above 1 year to less than 2 years | 6.9 | 7.08% | 6.25 | 6.40% |
| 2 years & above to less than 3 years | 6.85 | 7.03% | 6.25 | 6.40% |
| 3 years & above to less than 5 years | 6.8 | 6.98% | 6.25 | 6.40% |
| 5 years & above to 10 years | 6.7 | 6.87% | 3.65 | 3.70% |
