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Canara Bank Changes Interest Rates
In the long list of major banks that are revising their interest rates, Canara Bank is the new one. As the Reverse Bank of India (RBI) decides to remain the same the repo & reverse repo rates. Major banks have decided to revise their FD rates for the customers. If you are a customer of Canara Bank then you should check the revised rates. As per the announcement by Canara Bank the new interest rates are in effect from March 1, 2022.
Revised FD Rates
Interest Rates For FD Period Of Less Than a Year
Canara Bank now offers an interest rate of 2.90 per cent for the FD plans which have a 7-45 days maturity period. For the tenure plan between 46-90 days, the FD return rates are 3.90 per cent. 3.95 per cent interest rates for the FD plans between 91-179 days. For the tenure of 180 days to less than a year the returns are 4.40 per cent on FDs.
FD Return Rates For The Plans Of Above One Year
After the revision of 5.1 percent, FD rates are given for the maturity period of one year. For the two years, FD plans the interest rates are 5.15 per cent. You will earn a 5.20 percent return rate for the FD plan of 2-3 years and 5.45 per cent for a tenure plan of 3-5 years. FD of 5-10 years in Canara bank will give an interest rate of 5.50 per cent. Despite these conditions, senior citizens will earn additional 50 basis points according to the FD plans.
Unique Retail Term Deposit Scheme Of Canara Bank
The customers who will avail of this plan will earn an additional interest rate of 0.10 per cent over the other FD rates. This means, for the FD of 1111 days the customers will get the interest rates of 5.55 per cent.