Home / Money / Personal Finance /  Canara Bank hikes interest rates on fixed deposits: Check new rates here

Canara Bank, a public sector lender, increased interest rates on fixed deposits below 2 crore. The new interest rates on fixed deposits will take effect on August 8, 2022, according to the bank's official website. Following the revision, the bank is now providing interest rates on deposits maturing in 7 days to 10 years that range from 2.90 per cent to 5.75 per cent for the general public and 2.90 per cent to 6.25 per cent for senior citizens.

Canara Bank Latest FD Rates

The bank will continue to give an interest rate of 2.90 per cent on deposits maturing in the 7 to 45 days, while Canara Bank will continue to offer an interest rate of 4.00 per cent on fixed deposits maturing in 46 to 90 days. Fixed deposits with maturities between 91 to 179 days will continue to pay interest at a rate of 4.05 per cent, however, term deposits with maturities between 180 to 269 days will now pay an interest rate of 4.65 per cent, up from 4.50 per cent previously—a 15 basis point increase.

Canara Bank will now give an interest rate of 4.65 per cent on deposits maturing in 270 days to less than a year, up from 4.55 per cent before, a hike of 10 bps. Canara Bank increased the interest rate on deposits maturing in one year only by 20 basis points, from 5.30 per cent to 5.50 per cent, while maintaining the interest rate on the 333-day scheme at 5.10 per cent. On deposits maturing in above 1 year to less than 2 years, Canara Bank will now offer an interest rate of 5.55% which was earlier 5.40% a hike of 15 bps.

The bank has added a new tenure of 666 days, on which it is giving the highest interest rate of 6 per cent. Canara Bank will now provide an interest rate of 5.60 per cent on fixed deposits maturing in 2 years and above to less than 3 years, up from 5.45 per cent previously—a 15 basis point increase. The bank will now provide an interest rate of 5.75 per cent on fixed deposits maturing in 3 years or more but less than 5 years, up from 5.70 per cent previously, while it has maintained its 5.75 per cent interest rate on term deposits maturing in 5 years or more but less than 10 years.

Canara Bank FD Rates
View Full Image
Canara Bank FD Rates (canarabank.com)

On deposits up to 1.5 lakh, the bank is offering 5.75 per cent annual interest for the Canara Tax Saver Deposit Scheme (general public) and 6.25 per cent for senior citizens. Deposits (other than NRO/NRE and CGA Deposits) having a tenor of 180 days and above are eligible for an additional interest rate of 0.50 per cent for senior citizens at Canara Bank. The Reserve Bank of India increased its repo rate by 50 basis points from 4.9 percent to 5.4 per cent, which was followed by an increase in the interest rate on fixed deposits at Canara Bank. Furthermore, Canara Bank increased its repo rate-linked lending rate by 50 basis points (bps), bringing it to 8.30%. Effective August 7, the new loan rates will be in effect. According to information that has been published on the Canara Bank website, the interest rate on home loans has been raised to 8.10%.

 

ABOUT THE AUTHOR

Vipul Das

Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less

Recommended For You

Trending Stocks

×
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout