This Govt Bank Offers 7.5% Interest On Fixed Deposits! Are You Eligible? Find Out Right Here..

Do you believe in investing in Fixed Deposits? Canara Ba has some good news!

As per latest reports, Canara Bank has hiked the interest rate on fixed deposits. However, this is only for those deposits with amounts below Rs. 2 crore. 

The bank has informed this notification via its official website.

Read on to find out all the details!

Canara Bank Increases Interest Rate on FD

The bank’s official website states that the increased FD interest rate will take effect on October 7, 2022. Canara Bank raised the interest rate on fixed deposits on a few tenors by up to 135 basis points.

The Reserve Bank of India recently raised its repo rate for the fourth time in a row, which led to the increase in interest rates. Since May, the repo rate has increased by 190 basis points. The repo rate was increased by 50bops by the RBI in September. The current repo rate is 5.9 percent following the most recent increase.

As of now, the bank offers interest rates on deposits with maturities ranging from seven days to ten years that vary from 3.25 percent to seven percent for the general public and 3.25 percent to seven and fifty percent for elderly persons. 

All Interest Rates At Canara Bank Hiked

In fact, all of the bank’s interest rates have increased. 

The bank has raised the interest rate on fixed deposits maturing in 7 days to 45 days from 2.90% to 3.25%. On deposits with maturities ranging from 46 days to 90 days, the bank raised the interest rate from 4% to 4.25%. The interest rate on fixed deposits with maturities between 91 and 179 days is now 4.50 percent.

The senior citizens will receive an additional 0.50 percent interest on deposits (other than NRO/NRE and CGA Deposits) with a tenor of 180 days and higher on deposits under Rs. 2 crore, according to the bank’s official website. Additionally, the Canara Tax Saver Deposit account offers the general public a 7.0% annual rate and senior people a 7.5% annual rate. Additionally, the interest rate mentioned above also applies to recurring deposits.