With effect from 8 February 2021, Canara Bank has revised interest rates on deposits that are less than 2 crores. Interest on deposits reaching maturity in one year has been cut by the bank. Canara Bank has higher interest rates for FDs with tenures of 2 years to ten years. For term deposits with a maturity time of 7-45 days, Canara Bank will give a 2.95 percent interest rate after the new revision. The bank will offer 3.9, 4, and 4.45 percent interest rates for FDs with maturity periods of 46-90 days, 91 days to 179 days, and 180 days to less than 1 year, respectively.
The bank has cut the interest rate by 5 basis points for FDs that mature in one year (bps). These FDs will now offer an interest rate of 5.20 percent. It is going to impact many customers. Due to this decision, the customers are quite happy and that is why you also need to know the correct information about the same.
Details About The Changes Made By Canara Bank:
The Canara Bank will pay an interest rate of 5.20 percent for term deposits maturing from over one year to less than two years.
The bank will offer 5.40 percent for FDs between two years and three years. The state-owned bank now will pay a 5.50 percent interest rate for 3 years to ten years of tenure.
This is the latest Canara Bank latest FD interest rates (below ₹2 crores) for the general public. It is going to be effective from 8 February 2021.
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 -5.20%
Above 1 year to less than 2 years – 5.20%
2 years & above to less than 3 years – 5.40 %
3 years & above to less than 5 years-5.50%
5 years & above to 10 Years- 5.50%
Since the latest revision, for FDs maturing in 7 days to 10 years, senior citizens can get an interest rate varying from 2.95 percent to 6 percent. Canara Bank offers senior citizens 50 basis points more than general customers on deposits maturing from 180 days to 10 years. Previously, borrowing costs or interest rates on FDs were updated by the bank on 16 November 2020.
It is very important for the customers to keep themselves updated throughout these kinds of revisions by the banks. This always helps them to keep the highest benefit from the services these banks offer.
