Canara Bank has reportedly revised the rates of interest on deposits that are less than ₹2 crores. This will take effect from the 8th of February 2021. The bank has managed to cut the interest on deposits that are supposed to mature in one year. For fixed deposits that have a tenure of 2 years to ten years, Canara Bank has been able to hike the interest rates. Following the latest revision, Canara Bank will be offering a 2.95 percent interest rate for term deposits with a maturity period of 7-45 days. For Fixed Deposits with a maturity period of 46-90 days, 91 days to 179 days, and 180 days to less than 1 Year, the bank will give 3.9, 4, and 4.45 percent interest rates respectively.
For any fixed deposit that matures in one year, the bank has managed to slash the interest rate by 5 basis points (bps). These fixed deposits will now be able to fetch at least a 5.20 percent interest rate.
On the other hand, for the fixed deposits with two years to three years, the bank will be giving a 5.40 percent. For a tenure of three years to ten years, the state-owned bank will now give a 5.50 percent interest rate.
Canara Bank’s latest fixed deposit interest rates below ₹2 crores for the general public will take effect on 8th February 2021
7 days to 45 days is 2.95 percent
46 days to 90 days is 3.90 percent
91 days to 179 days is 4 percent
180 days to less than 1 Year is 4.45 percent
1 year only is 5.20 percent
Above 1 year to less than 2 years is 5.20 percent
2 years & above to less than 3 years is 5.40 percent
3 years & above to less than 5 years is 5.50 percent
5 years & above to 10 Years is 5.50 percent.
Following the latest revision, senior citizens will also get an interest rate that ranges from 2.95% to 6% for any fixed deposit that matures in 7 days to 10 years. Furthermore, Canara Bank gives 50 basis points more to the general customers and the senior citizens on the deposits that mature in 180 days to 10 years.
