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Following Bank of India (BoI), Canara Bank has also introduced special fixed deposit (FD) scheme for public in general. This special term deposit scheme introduced by the state-owned bank is for amount below 2 crore. This special Canara Bank FD scheme is valid till 30th September 2022 and the interest rate offered on this special FD scheme is 5.10 per cent per annum. If the investor is a senior citizen then an additional 50 bps interest rate will be given.

Announcing about special FD scheme, Canara Bank issued a press statement citing, "Canara Bank has introduced a new Term Deposit Scheme for a period of 333 days for its customers. The special scheme is available for deposits of less than Rs. 2 crore. This scheme is valid till 30.09.2022 with an interest rate of 5.10% p.a. for General Public and 5.60% p.a. for senior Citizens."

Here we list out important details in regard to this special FD scheme launched by the Canara Bank:

1] Tenure: This special FD scheme is offered for a tenure of 333 days.

2] Deadline: Those interested in scheme can open FD account by 30th September 2022.

3] FD interest rate: This special term deposit scheme launched by the Canara Bank offers an annual interest rate of 5.10 per cent for public in general whereas senior citizens will get 5.60 per cent annual return on their money.

On Thursday, Bank of India had introduced a 444 days special term deposit scheme offering 5.50 per cent interest rate per annum for public in general and 6 per cent interest rate per annum for senior citizens. While announcing the launch of this special FD scheme, Bank of India said that the term deposit was launched on account of the Bank’s ensuing 117th Foundation Day to be celebrated on 7th Sept 2022. The scheme is available at the bank's all branches and online platforms including internet banking and BOI Mobile App. However, this special term deposit offer is valid for a particular period. Also, the bank has hiked its ROI up to 40 basis points on term deposits of various tenures.

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