Bank Customer Alert: Canara Bank Hikes Interest Rates on Fixed Deposits. Check Revised Rate Here

Canara Bank Hikes Fixed Deposit Interest Rate: Here comes a piece of good news for the bank customers of Canara Bank as the bank has increased the interest rate on fixed deposits. Interestingly, more and more banks in the recent past have hiked their interest rates on fixed deposits (FDs).Also Read – Axis Bank Hikes FD Rates; Check New Rates Here

In a statement, the Canara Bank said it has hiked its FD interest rates ranging from 10 to 25 basis points, or 0.10 to 0.25 per cent. The bank said the FD rate hike is applicable to fixed deposits of less than Rs 2 crore and with tenors between 46 days to 10 years. The development comes days after the Reserve Bank of India increased repo rates by 0.40 per cent or 40 basis points, to tackle rising inflation in the country. Also Read – Bank of Baroda Cuts Home and Car Loan Interest Rate | Check Details Here

Canara Bank said the FD interest rates have come into effect from May 12, Thursday. “Rates are applicable only for single deposit of Rs.5 Lakh & above. Minimum period for renewal of domestic/NRO term deposits is 7 days irrespective of the size of deposit. Below Rs.5 Lakh, Minimum tenor of deposit is 15 Days,” said the bank on its website. Also Read – Canara Bank Recruitment 2022: Apply For 12 Posts Before May 20| Check Eligibility, Other Details

The bank also stated that an additional interest of 0.50 per cent for senior citizens is available for fixed deposits of less than Rs 2 crore and with tenor of 180 days and above.

Check the revised interest rates on fixed deposits:

• 7 days to 45 days: For General Public – 2.90 per cent; For Senior Citizens – 2.90 per cent
• 46 days to 90 days: For General Public – 4.00 per cent; For Senior Citizens – 4.00 per cent
• 91 days to 179 days: For General Public – 4.05 per cent; For Senior Citizens – 4.05 per cent
• 180 days to 269 days: For General Public – 4.50 per cent; For Senior Citizens – 5.00 per cent
• 270 days to less than 1 year: For General Public – 4.55 per cent; For Senior Citizens – 5.05 per cent
• 1 Year only: For General Public – 5.30 per cent; For Senior Citizens – 5.80 per cent
• Above 1 year and less than 2 years: For General Public – 5.40 per cent; For Senior Citizens – 5.90 per cent
• 2 years and above to less than 3 years: For General Public – 5.45 per cent; For Senior Citizens – 5.95 per cent
• 3 years and above to less than 5 years: For General Public – 5.70 per cent; For Senior Citizens – 6.20 per cent
• 5 years and above to 10 years: For General Public – 5.75 per cent; For Senior Citizens – 6.25 per cent

Apart from Canara Bank, several other banks in the recent past have hiked the interest rate on FDs. Recently, Bandhan Bank, Kotak Mahindra Bank, Jana Small Finance Bank, Bank of Baroda, ICICI Bank and Punjab National Bank have also raised their interest rates on fixed deposits. Earlier this week, State Bank of India also increased its FD interest rates for bulk deposits by 60 to 90 basis points.