Canara Bank has revised fixed deposit interest rates for amounts below Rs 2 crore. According to the bank’s website, the new rates are effective from October 5, 2023.
After the revision, the bank will offer interest rates on deposits maturing in 7 days to 10 years of 4 per cent to 7.25 percent for the general public and 4 percent to 7.75 percent for senior citizens for callable deposits.
The bank is now offering 4% interest on deposits maturing between 7 and 45 days, and 5.25% interest on deposits maturing between 46 and 90 days. Canara Bank currently offers 5.5 percent interest on deposits maturing in 91 to 179 days and 6.25 percent interest on term deposits maturing in 180 to 269 days.Deposits maturing in 270 days to less than a year now earn a 6.25 percent interest rate, deposits maturing in 1 year earn a 6.90 percent interest rate. The bank offers the highest interest rate of 7.25% maturing in 444 days.
Canara Bank offers an interest rate of 6.90% on fixed deposits maturing in a year or less, and it currently guarantees an interest rate of 6.85% on deposits maturing above one year to less than three years. Fixed deposits maturing in three years or more but less than five years earn 6.80% at Canara Bank, while those maturing in five years or more earn 6.70%.
Callable | Non Callable (above Rs. 15 Lakh) | |||
Term Deposits (All Maturities) | General Public | Senior Citizen | General Public | Senior Citizen |
7 Days to 45 Days | 4 | 4 | NA | NA |
46 Days to 90 Days | 5.25 | 5.25 | 5.35 | 5.35 |
91 Days to 179 Days | 5.5 | 5.5 | 5.6 | 5.6 |
180 Days to 269 Days | 6.15 | 6.65 | 6.25 | 6.75 |
270 Days to less than 1 Year | 6.25 | 6.75 | 6.35 | 6.85 |
1 Year Only | 6.9 | 7.4 | 7.05 | 7.55 |
444 Days | 7.25 | 7.75 | 7.4 | 7.9 |
Above 1 Year to less than 2 Years | 6.85 | 7.35 | 7 | 7.5 |
2 Years & above to less than 3 Years | 6.85 | 7.35 | 7 | 7.5 |
3 Years & above to less than 5 Years | 6.8 | 7.3 | NA | NA |
5 Years & above to 10 Years | 6.7 | 7.2 | NA | NA |
The bank will offer interest rates of 5.35 percent to 7.40 percent for the general public for deposits above Rs 15 lakh. Non-callable term deposits are deposits where premature withdrawal is not allowed.Canara Bank offers interest rate between 4 percent to 7.75 percent for senior citizens for callable deposits. For non-callable deposits above Rs 15 lakhs, the bank offers the highest interest rate of 7.90 percent on 444 days tenure.
Also read: 5-year post office RD vs bank RDs: Which offers best recurring deposit interest rate?
According to the bank, “Additional rate of interest 0.60% for Super Senior Citizens (80 years and above) is introduced under Canara-444 product only i.e. 7.85% for callable deposits and 8% for non callable deposits.”