Canara Bank revises FD interest rate: Check the latest interest rate here

Rate this post

Canara Bank has revised the interest rate on fixed deposits from today. As per the announcement made on the bank’s website, the interest rate has been revised for all tenures from 46 days to 10 years. The bank has not revised the FD interest rate for FD tenure from 7 days to 45 days.
The one-year Canara Bank FD will now fetch 6.25 per cent. For senior citizens, the one-year FD will fetch 6.75 per cent – 0.50 per cent higher than what is offered to the general public. Bank FDs of more than one year and less than two years is also offering same interest rate.

Canara Bank FD interest rate for public, senior citizens from October 31, 2022

Tenure Interest rate for general public (In %) per annum Interest rate for senior citizens (in %) per annum
7 days to 45 days 3.25 3.25
46 days to 90 days 4.50 4.50
91 days to 179 days 4.50 4.50
180 days to 269 days 5.50 6
270 days to less than 1 year 5.50 6
1 year only 6.25 6.75
Above one year less than 2 years 6.25 6.75
666 days 7.00 7.50
2 years and above to less than 3 years 6.25 6.75
3 years and above to less than 5 years 6.50 7.00
5 years and above to 10 years 6.50 7.00

Source: Canara Bank’s website
The bank FD having tenure from 46 days to 179 days will offer 4.50 per cent to both general public and senior citizens. For fixed deposit of tenures of 180 days to less than one year, the bank is offering interest rate of 5.50 per cent to general public and 6 per cent to senior citizens.

Individuals can earn 7 per cent on 666 days Canara Bank FD. The senior citizens will earn 7.50 per cent on same tenure.

FD tenure of two years but less than 3 years will fetch 6.25 per cent for general public and 6.75 per cent for senior citizens. For fixed deposit tenure of three years and less than 10 years, the interest rate offered by the Canara Bank is 6.50 per cent for general public and 7 per cent for senior citizens.

Why banks are hiking FD interest rates

Banks have been hiking FD interest rate recently. This has come after the Reserve Bank of India (RBI) started hiking key policy rates to control the inflation. In the month of October, the State Bank of India has revised the fixed deposit rate twice – first on October 15 and then on October 22, 2022.

HDFC Bank hiked the fixed deposit interest rate on October 26, 2022. The ICICI Bank has also revised the fixed deposit rates on October 29, 2022. All three banks are offering, 6.10 per cent on one-year FD to general public and 6.60 per cent to senior citizens.

The RBI has announced an additional monetary policy on November 3, 2022. As per the media reports, the monetary policy has been called as inflation has consistently remained above the higher than the mandated band.

Leave a Comment

Ads Blocker Image Powered by Code Help Pro

Ads Blocker Detected!!!

Please consider supporting us by disabling your ad blocker on our website