Canara Bank raises FD interest rates again; check latest rates here

Recently, banks have been hiking fixed deposit (FD) interest rates. The move comes after the Reserve Bank of India (RBI) started increasing key policy rates to contain inflation. The latest lender to join the list of banks raising their FD rates is Canara Bank. The new rates came into effect from 31 October. The FD rates of Canara Bank were earlier hiked on 7 October. With this increase in rate, the minimum interest rate offered by the bank for deposits under Rs 2 crore is now 3.25 percent. The maximum rate is up to 7 percent for the general public and 7.5 percent for senior citizens. The interest rate is 3.25 percent for deposits maturing in 7 to 45 days, and 4.5 percent for deposits with a term of 46 to 179 days. For fixed deposits ranging from 180 days to less than 1 year, Canara Bank will offer 5.5 percent interest to the general public and 6 percent to senior citizens.The bank is providing 6.25 percent interest to the general public and 6.75 percent to senior citizens on deposits with a term of 1 year to less than 2 years. On deposits ending 666 days, Canara Bank is offering 7 percent to the general public and 7.5 percent to senior citizens. FDs maturing in 2 years to less than 3 years will get an interest of 6.25 percent (general public) and 6.75 percent (senior citizens).Fixed deposits with a tenor of 3 years to 10 years will receive 6.5 percent interest (general public) and 7 percent (senior citizens). The above rates are applicable only on single deposits of Rs 5 lakh and above. Canara Bank also gives a 6.5 percent per annum return to the general public on the Canara Tax Saver Deposit scheme. The maximum acceptable deposit is Rs 1.50 lakh.The deposit will be renewed automatically on the date of maturity for a similar period at the rate of interest prevailing on the maturity date for the original period of deposit. The Canara Bank will levy a penalty of 1 percent for premature closure/part withdrawal/ premature extension of Domestic/NRO term deposits on amounts less than Rs 2 crore.Read all the Latest News, Trending News, Cricket News, Bollywood News,India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.