Canara Bank revises FD interest rates; earn up to 7.25% on this fixed deposit tenure

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Canara Bank has revised fixed deposit interest rates on deposits below Rs 2 crore. According to the bank’s website, the new rates are effective from August 12, 2023.

Following the revision, the bank will offer interest rates on deposits maturing in 7 days to 10 years of 4 per cent to 7.25 per cent for the general public and 4 per cent to 7.75 per cent for senior citizens.

Latest Canara Bank FD rates

The bank is now giving an interest rate of 4% on deposits maturing between 7 and 45 days, and a rate of 5.25% on deposits maturing between 46 and 90 days. Canara Bank is presently offering a 5.5 percent interest rate on deposits maturing in 91 to 179 days, and a 6.25 percent interest rate on term deposits maturing in 180 to 269 days.

Those maturing in 270 days to less than a year would now receive a 6.50 percent interest rate, deposits maturing in 1 year will now earn a 6.90 percent interest rate, while 444 days will earn 7.25 percent interest rate.

Canara Bank offers an interest rate of 6.90 % on fixed deposits maturing in a above one year to less than two years, and it now guarantees an interest rate of 6.85% on deposits maturing two Years & above to less than 3 Years. Fixed deposits maturing in three years or more but less than five years now earn 6. 80 percent at Canara Bank, while those maturing in five years or more will get 6.70 percent.

Do keep in mind that premature closure of term deposits of less than Rs.2 Crore accepted/renewed will attract 1.00% penalty.According to the bank website, “Additional rate of interest 0.60% for Super Senior Citizen(80 years and above) is introduced under Canara-444 product only i.e. 7.85% for callable deposits and 8% for non callable deposits.”

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