Canara Bank has said that the new rates on fixed deposit investments are effective from March 1, 2022.
New Delhi: Canara Bank has become the latest bank in the country to increase the interest rate offered to customers on their fixed deposit investments. The state-owned lender has increased the interest rates on fixed deposits by 0.25% or 25 basis points.
In an official statement, the third-largest nationalised bank in the country said that the new rates are effective from March 1, 2022. The interest rates are applicable on fixed deposit investments of less than Rs 2 crore.
Prior to Canara Bank, several other state-owned 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.
Investors will receive interest at 2.90% for fixed deposit investments maturing in seven to 45 days. The bank will offer an interest rate of 3.90% on FD investments maturing in 46 days to 90 days.
Moreover, Canara Bank will offer an interest rate of 4.40% for FDs with a maturity period of 180 days or less. Also, customers can get an interest rate of 5.20 per cent on FDs with a term period of 2 to 3 years.
Canara Bank is offering a 5.20% interest rate on FDs maturing in more than 2 years but less than 3 years. Also, customers will get returns at a 5.45 per cent interest rate instead of 5.25 per cent for FDs with a term period of more than 3 years but less than 5 years.
The bank has also announced that senior citizens will continue receiving a higher interest rate on fixed deposit investments. The bank is offering 50 basis points or a 0.5% higher interest rate on FD investments made by senior citizens.
