Canara Bank increased interest rates on Fixed deposit (FD) for an amount less than Rs 2 crore.

The bank also unveiled a new Fixed Deposit (FD) scheme, where the general public can earn an interest rate of 7% and senior citizen 7.5%.

As per the latest tweet by Canara Bank, “Get maximum return on your investment now! Introducing Canara Bank Special Deposit Scheme which offers 7.50% interest on investment for 666 days. Effective 7 October 2022.”

Canara Bank Latest FD Rates

Canara Bank has increased the interest rate on fixed deposits by up to 135 basis points on select tenors. Post the revision, the bank will offer interest rates between 3.25% to 7% for general citizens for tenures ranging from 7 days to 10 years and between 3.25% to 7.50% for senior citizens as a result of the revision. will offer.

The bank increased the interest rate on fixed deposits maturing in 7 days from 2.90% to 3.25%. On deposits maturing in 90 days from 46 days, banks increased the rate from 4% to 4.25%. Fixed deposits maturing in 91 to 179 days will now get 4.50% interest.

The bank increased the interest rate from 180 to 269 days to 5.90 percent. Canara Bank has increased the interest rate on fixed rate deposits from 4.65 per cent to 6 per cent for maturities ranging from 270 days to less than one year. The bank has increased the interest rate on FDs of less than two years to 6.50 percent on FDs of one year. The bank increased the rate from 6% to 7% for a period of 666 days. After the hike, the bank will pay an interest rate of 6.50 per cent for a period of 2 to 5 years. The bank will pay 7% interest for a tenure of 5 years or up to 10 years.

Canara Bank Latest FD Rates

Source: Canara Bank Website

Note that for senior citizens an additional interest of 0.50% is available for less than Rs. 2 crores and with a duration of 180 days and above.

Penalty for premature withdrawal

Premature closure, partial withdrawal or enhancement of domestic/NRO fixed deposits of less than Rs. 2 crores that are accepted or renewed will result in a penalty of 1.00%.

According to the Canara Bank website, “”For premature closure/partial withdrawal/premature extension of domestic/NRO fixed deposits, the bank levies a penalty of 1.00%. Such prematurely closed / partially withdrawn / prematurely extended deposits will earn interest at 1.00% less than the rate applicable for the relevant amount slab on the date of deposit as per rules and will be applicable for the period or at that rate 1.00% less on which deposit is accepted, whichever is lower. However, no interest shall be payable on premature closure/term deposits extended before the completion of the seventh day.