Home / Money / Personal Finance /  Canara Bank hikes interest rates up to 135 bps on fixed deposits across tenors

The interest rate on retail fixed deposits of less than 2 Cr has been hiked at the public sector lender Canara Bank. According to the bank's official website, the new rates are in effect as of today, October 7, 2022. Following the adjustment, the bank raised its interest rates for all tenors and is currently providing an interest rate on deposits maturing in 7 days to 10 years that range from 3.25% to 7.00% for the general public and 3.25% to 7.50% for senior citizens.

Canara Bank FD Rates

The bank increased its interest rate on fixed deposits maturing in 7 days to 45 days by 35 basis points (bps), from 2.90% to 3.25%, and on retail term deposits maturing in 46 days to 90 days by 25 bps, from 4% to 4.25%. Fixed deposits maturing in 91 days to 179 days will now earn interest at a rate of 4.50% (up from 4.05% previously), a 45 basis point increase, while term deposits maturing in 180 days to 269 days will now earn interest at a rate of 5.90% (up from 4.65% previously), a 125 basis point increase.

On deposits maturing in 270 days to less than a year, Canara Bank increased its interest rate by 135 basis points, or 135 bps, from 4.65% to 6.00%. The bank increased its interest rate from 5.50% to 6.50% on fixed deposits maturing in 1 year to 2 years, an increase of 100 bps, and from 5.55% to 6.50% on term deposits maturing in 1 year or more but less than 2 years, an increase of 95 bps.

The interest rate on fixed deposits maturing in 666 days has climbed from 6% to 7.00%, a 100 basis point increase, while the interest rate on term deposits maturing in 2 years or more but less than 3 years has increased from 5.60% to 6.50%, a 90 basis point increase. Canara Bank upped its interest rate on fixed deposits maturing in 3 years and above to less than 5 years from 5.75% to 6.50%, a 75 bps increase, and on term deposits maturing in 5 years and above to 10 Years from 5.75% to 7.00, a 125 bps increase.

Canara Bank FD Rates
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Canara Bank FD Rates (canarabank.com)

For deposits (other than NRO/NRE and CGA Deposits) less than Rs. 2 Cr. and having a tenor of 180 Days and above, an additional rate of 0.50% is provided for senior citizens. For the Canara Tax Saver Deposit account, Canara Bank is offering 7.00% p.a to the general public and 7.50% for senior citizens. And the interest rate mentioned above also applies to recurring deposits.

Canara Bank has mentioned on its website that “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."

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).
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