Canara Bank Fixed Deposit Interest Rate Hike: More and more banks are joining everyday to hike their interest rates on fixed deposits (FDs), the latest being Canara Bank. The public sector lender, Canara Bank has hiked its FD interest rates ranging from 10 to 25 basis points, or 0.10 to 0.25 per cent. The Canara Bank FD rate hike is applicable to fixed deposits of less than Rs 2 crore and with tenors between 46 days to 10 years. This comes days after the Reserve Bank of India, or RBI increased repo rates by 0.40 per cent or 40 basis points, to tackle rising inflation in the country amid factors such as geopolitical tensions and supply shortage.
The new Canara Bank 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. It said 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. The Canara Bank FD interest rate hike is applicable to accounts with less than Rs 2 crore deposit.
Here are the revised interest rates on fixed deposits of below Rs 2 crore at the Canara Bank from May 12, 2022:
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
Several banks have been increasing their fixed deposit interest rates following the RBI’s announcement on May 4. Recently, Bandhan Bank, Kotak Mahindra Bank, Jana Small Finance Bank, Bank of Baroda, ICICI Bank and Punjab National Bank raised their interest rates on fixed deposits across multiple tenor baskets for retail customers. Two days ago, India’s largest public sector lender, State Bank of India, had also increased its FD interest rates for bulk deposits by 60 to 90 basis points, thereby following cue. The Canara Bank FD interest rate hike also comes as a direct result of the RBI’s move.
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