Image Credit: Deccan Chronicle
Public sector lender, Canara Bank revised its interest rates for fixed deposits on August 9. The revised rates are applicable only for deposits less than Rs. 2 crores, with a maturity period of 7-45 days.
For FDs with a maturity period of 7-45 days, the interest rate will be 2.9%. For maturity periods 46-90 days, 91 days to 179 days and 180 days to less than 1 Year, the interest rates will be 3.9, 3.95 and 4.40% respectively.
The lender slashed interest rates for FDs maturing in one year to less than two years, by 10 base points (bps). The interest rates will now be 5.10%.
For FDs maturing in 3 years to less than 5 years, and for 5 years and less than 10 years, the interest rates were reduced by 25 bps. It will now be 5.25%.
The following are the revised interest rates for FDs (Data sourced from Canara Bank Website) :
- 7- 45 days: 2.9%
- 46 – 90 days: 3.90%
- 91 – 179 days: 3.95%
- 180 days to less than 1 year: 4.40%
- Above 1 year to less than 2 years: 5.10%
- 2 years & above to less than 3 years: 5.10%
- 3 years & above to less than 5 years: 5.25%
- 5 years & above to 10 Years: 5.25%
The interest rates for FDs under the Retail Term Deposit Scheme for ‘1111 days’ is 5.35%
