Canara Bank has increased the interest rates on fixed deposits of less than Rs 2 crore (Fixed Deposit Interest Rates Hikes). According to the official website of the bank, the new rates have become effective from today. Let us know about it in detail.
Recently many government and private banks have increased the interest rates of fixed deposits. In the month of December, RBI had increased the repo rate by 35 basis points. From May 2022 to December 2022, the repo rate has been increased by 2.25 percent.
Canara Bank FD Rates
- The bank has changed the interest rates of FDs from 7 days to 10 years.
- After the revised, it has increased from 3.25 percent to 7.15 percent for the general public and 3.25 percent to 7.65 percent for senior citizens.
- Canara Bank FD can earn 7.15% on 400 days FD.
- Senior citizens will get 7.65 percent interest rate on 400 days FD.
- On non-callable deposits of more than Rs 15 lakh, bank regular customers will get 7.45 percent interest on 400 days tenure.
- Bank senior citizens will get an interest rate of 7.75 per cent on non-callable deposits of more than Rs 15 lakh.
What are non callable deposits?
According to the Canara Bank website, non-callable term deposits are deposits in which premature withdrawal is not permitted.
Over due deposit
If the domestic fixed deposit matures and the money is not repaid, the unclaimed amount with the bank will be credited with the fixed interest rate applicable to the matured fixed deposit or savings accounts will earn less interest than
