Mumbai: The third largest public sector bank in the country, Canara Bank has increased interest rates on fixed deposits. The bank announced a hike of 0.25% or 25 basis points. The new rates are effective from March 1, 2022.
Fixed deposits with a maturity period of 7 to 45 days will get an interest rate of 2.90% . FDs with tenure of 46 days to less than 180 days will get an interest rate of 3.90%. Canara Bank will offer an interest rate of 4.40% for FDs with a maturity period of 180 days or less.
Also Read: Stock Market: Sensex, Nifty end lower for second day in a row
Customers will get an interest rate of 5.20% on FDs with a term period of 2 to 3 years. The interest rate for FDs with a term period of more than 3 years but less than 5 years will be 5.45%.
The interest rates are applicable on fixed deposit investments of less than Rs 2 crore. Senior citizens will get a higher interest rate on fixed deposit investments.
Earlier several other public sector and private banks have also increased interest rates on fixed deposits. These banks include State Bank of India (SBI), Bank of Baroda (BOB), HDFC Bank and ICICI Bank, among others.
Post Your Comments