BENGALURU: Public sector lender Canara Bank has raised interest rates on fixed deposits (FDs). It has also revised the rates of interest for savings bank deposits, and also introduced an additional slab of Rs 1,000 crore and above. The bank said the revised rates are effective from March 1, 2022.
From March 1, the bank is offering 2.90% interest on FDs expiring between 7 and 45 days, and 3.90% interest for deposits between 46 and 90 days. Customers will now receive interest of 3.95% for deposits maturing between 91 and 179 days.
Deposits expiring in 180 days to less than a year will fetch customers 4.40% and for senior citizens, it is 4.90%. For one-year deposits, the interest rate is 5.10% and for senior citizens, it is 5.60%. Customers who deposit over 1 year to less than 2 years, will receive interest of 5.15% and for senior citizens, the rate is 5.65%. FDs between 2 and 3 years will fetch an interest of 5.20%, and 5.79% for senior citizens. For 3 years and above to less than 5 years, interest rate will be 5.45% and 5.95% for senior citizens.
In a statement, Canara Bank said that it has given higher rate for new Retail Term Deposit product ‘Canara Unique’ for 1,111 days, and this will fetch 5.55% interest and for senior citizens, the interest is 6.05%. For those customers who deposit for 5 years and above to 10 years, the interest rate is 5.5% and for senior citizens, it is 6%. Also, in case of savings bank deposits, for outstanding balance of less than Rs 50 lakh, and also for balance of Rs 50 lakh to less than Rs 100 crore, the rate of interest is 2.90%.