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Government-owned, Canara Bank has raised fixed deposit interest rates in the range of 10 bps to 25 bps on various tenures with effect from Thursday. Senior citizens emerge as the biggest beneficiary of the FD rates hike.

From today onward, Canara Bank offers a 4% interest rate on 46 days to 90 days tenure - higher by 10 basis points from the previous 3.9%. The bank hiked the interest rate by 10 bps to 4.05% on 91 days to 179 days tenure from the previously offered 3.95%.

Earlier, the bank offered a 4.4% rate on FDs maturing 180 days to less than 1 year. From May 12th, the rates have risen to 4.50% from 180 days to 269 days, and 4.55% on 270 days to less than 1 Year.

For FDs maturing on 1-year, the interest rates have been increased by 20 basis points to 5.30% from the previous 5.10%. Meanwhile, the interest on FDs holding tenure of above 1 year to less than 2 years - has been raised by 25 basis points to 5.40% from the previously offered 5.15%.

Furthermore, the interest rate on FDs maturing in 2 years and above to less than 3 years - has been increased by 25 basis points to 5.45% from the former 5.20%. Also, a 25 basis points hike is made on FDs maturing 3 years & above to less than 5 years with the interest rate now being 5.70% from the previous 5.45%, while the rate is increased to 5.75% on deposits expiring 5 years & above to 10 Years from previously offered 5.5%.

The bank did not change the interest rate on FDs maturing from 7 days to 45 days. It continues to offer 2.90% on this period.

On its website, Canara Bank said that "rates are applicable only for single deposit of Rs5 Lakh and above. Minimum period for renewal of domestic/NRO term deposits is 7 days irrespective of the size of deposit. Below 5 Lakh, Minimum tenor of deposit is 15 Days."

The bank offers additional interest of 0.50% to Senior Citizens on their deposits less than 2 crore and with tenor of 180 Days and above.

Also, Canara Bank offers 5.75 % per annum for the Canara Tax Saver Deposit scheme (General Public). The maximum deposit acceptable is 1.50 Lakh.

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