Interest rate on FD term under one year
Canara Bank is now offering an interest rate of 2.90 percent on fixed term deposits with maturities of 7 to 45 days. Bank customers now receive interest of 3.90 percent and 3.95 percent on time deposits with a term of 46 to 90 days and 91 to 179 days. On deposits that expire in 180 days to less than a year, 4.40 percent are fetched.
Interest rate on FD term over one year
The one-year deposit rate was revised to 5.1 percent, while the two-year deposit rate was revised to 5.15 percent.
Fixed deposit rates between 2-3 years would be 5.20 percent and 3-5 years would be 5.45 percent. The 5-10 year fixed deposit plate was revised to 5.50. Seniors would earn 50 basis points more. The above interest rate also applies to recurring deposits, according to the Canara Bank website.
Canara Bank’s latest FD interest rates
Canara Unique Retail Term Deposit Program
Canara’s 1111 Days retail term deposit program offers an additional interest rate of 0.10 percent over the deposit’s term rate. The interest rate offered on this deposit is 5.55 percent.
Other banks that have increased FD rates
In the past two weeks, various banks like HDFC Bank, State Bank of India (SBI), IndusInd Bank, IDBI Bank, Bank of Baroda etc. have increased interest rates on various FD maturities. Others could soon follow suit.
The recent increase in fixed FD rates by banks is good news for risk-averse individuals who have fallen into decade-low FD rates due to bank rate cuts in recent years.