Canara Bank has slashed interest rates on deposits which are less than ₹2 crore with effect from 16 November. The bank has cut interest on all tenures either by 5 basis points (bps) or 10 bps. After the latest revision, for term deposits with maturity period 7-45 days, Canara Bank will offer 2.95% interest rate. For FDs with maturity period 46-90 days, 91 days to 179 days and 180 days to less than 1 Year, the bank will give 3.9, 4. and 4.45% interest rates respectively.
For FDs maturing in one year to less than three years, Canara Bank has slashed interest rate by 5 basis points (bps). For term deposits maturing in 1 year, the bank will give 5.25 % and for deposits maturing in above one year to less than three years, the bank will offer an interest rate of 5.20%.
For FDs with three to ten years tenure, the state-owned bank will now give 5.30% interest rate.
Canara Bank latest FD interest rates (below ₹2 crore) for general public effective 16 November
7 days to 45 days – 2.95%
46 days to 90 days – 3.90%
91 days to 179 days – 4%
180 days to less than 1 Year- 4.45%
1 year only -5.25%
Above 1 year to less than 2 years – 5.20%
2 years & above to less than 3 years -5.20%
3 years & above to less than 5 years-5.30%
5 years & above to 10 Years- 5.30%
After the latest revision, senior citizens will get interest rate ranging from 2.95% to 5.80% for FDs maturing in 7 days to 10 years. Canara Bank gives 50 basis points more than the general customers to senior citizens on deposits maturing in 180 days to 10 years. Earlier, the bank had revised the interest rates on FDs on1st October.
Private lenders HDFC Bank and Axis Bank too revised interest rates on FDs on selected maturities with effect from 13 November.