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Canara Bank Hikes FD Interest Rate From Today -- Check Latest Rates Here
Canara Bank's new FD rates are effective from March 5, 2023, according to the bank's official website.
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New Delhi: Just a day ahead of the announcement of Reserve Bank of India (RBI) Monetary Policy 2023, public sector lender Canara Bank has announced revision in its Fixed Deposit (FD) rates. Canara Bank has hiked FD interest rates under Rs 2 crore.
Canara Bank's new FD rates are effective from April 5, 2023, according to the bank's official website.
Following the modification in FD interest rates, Canara Bank will offer interest rates on callable deposits with maturities ranging from seven days to ten years that range from 4 percent to 7.25 percent for members of the general public and 4 percent to 7.75 percent for senior citizens.
| Callable | Non Callable (above Rs. 15 Lakh)$ | |||||||
|---|---|---|---|---|---|---|---|---|
| Term Deposits (All Maturities) | General Public | Senior Citizen | General Public | Senior Citizen | ||||
| Rate of Interest (% p.a.) | Annualised Interest yield (% p.a.) ** | Rate of Interest (% p.a.) # | Annualised Interest yield (% p.a.) ** | Rate of Interest (% p.a.) | Annualised Interest yield (% p.a.) ** | Rate of Interest (% p.a.) # | Annualised Interest yield (% p.a.) ** | |
| 7 Days to 45 Days | 4.00 | 4.06% | 4.00 | 4.06% | NA | NA | NA | NA |
| 46 Days to 90 Days | 5.25 | 5.35% | 5.25 | 5.35% | 5.30 | 5.41% | 5.30 | 5.41% |
| 91 Days to 179 Days | 5.50 | 5.61% | 5.50 | 5.61% | 5.55 | 5.67% | 5.55 | 5.67% |
| 180 Days to 269 Days | 6.25 | 6.40% | 6.75 | 6.92% | 6.30 | 6.45% | 6.80 | 6.98% |
| 270 Days to less than 1 Year | 6.50 | 6.66% | 7.00 | 7.19% | 6.55 | 6.71% | 7.05 | 7.24% |
| 1 Year Only | 7.00 | 7.19% | 7.50 | 7.71% | 7.25 | 7.45% | 7.75 | 7.98% |
| 444 Days | 7.25 | 7.45% | 7.75 | 7.98% | 7.40 | 7.61% | 7.90 | 8.14% |
| Above 1 Year to less than 2 Years | 6.90 | 7.08% | 7.40 | 7.61% | 7.15 | 7.34% | 7.65 | 7.87% |
| 2 Years & above to less than 3 Years | 6.85 | 7.03% | 7.35 | 7.56% | 7.10 | 7.29% | 7.60 | 7.82% |
| 3 Years & above to less than 5 Years | 6.80 | 6.98% | 7.30 | 7.50% | NA | NA | NA | NA |
| 5 Years & above to 10 Years | 6.70 | 6.87% | 7.20 | 7.40% | NA | NA | NA | NA |
Canara Bank defines non-callable term deposits as deposits where premature withdrawal is not permitted. Bank Offers 6.70 % p.a. for Canara Tax Saver Deposit scheme (General Public). Maximum deposit acceptable is Rs 1.50 Lakh. The above Rate of interest is applicable to Recurring deposits also.
Canara Bank Domestic Bulk Term Deposits Rates
| Domestic | Rate of Interest (% p.a.) | ||||
|---|---|---|---|---|---|
| For Deposits Rs. 2 Crore & above to less than Rs. 10 Crore * w.e.f. 05.04.2023 |
|||||
| Term Deposits (All Maturities) | Callable | Non-Callable ++ | |||
| Rate of Interest (% p.a.) | Annualised Interest yield (% p.a.)** | Rate of Interest (% p.a.) | Annualised Interest yield (% p.a.)** | ||
| 7 days to 45 days | 2.90 | 2.93% | - NA - @ | ||
| 46 days to 90 days | 3.10 | 3.14% | 3.15 | 3.19% | |
| 91 days to 179 days | 3.35 | 3.39% | 3.40 | 3.44% | |
| 180 days to 269 Days | 3.35 | 3.39% | 3.40 | 3.44% | |
| 270 days to less than 1 Year | 5.75 | 5.88% | 5.80 | 5.93% | |
| 1 year only | 6.00 | 6.14% | 6.15 | 6.29% | |
| Above 1 year to less than 2 years | 6.00 | 6.14% | 6.25 | 6.40% | |
| 2 years & above to less than 3 years | 6.00 | 6.14% | 6.25 | 6.40% | |
| 3 years & above to less than 5 years | 6.00 | 6.14% | 6.25 | 6.40% | |
| 5 years & above to 10 Years | 3.40 | 3.44% | 3.65 | 3.70 | |
Canara Bank Non Resident Accounts Rate of Interest
| Period of Deposit | Less than Rs.2 Crore (w.e.f. 05.04.2023) |
Rs. 2 Crore & above to less than Rs. 10 Crore (w.e.f. 05.04.2023) | ||
|---|---|---|---|---|
| Rate of Interest (% per annum) |
Annualised Interest Yield (% per annum) * |
Rate of Interest (% per annum) |
Annualised Interest Yield (% per annum) * |
|
| 1 year only. | 7.00 | 7.19% | 6.15 | 6.29% |
| 444 Days | 7.25 | 7.45% | NA | NA |
| Above 1 year to less than 2 years. | 6.90 | 7.08% | 6.25 | 6.40% |
| 2 years & above to less than 3 years. | 6.85 | 7.03% | 6.25 | 6.40% |
| 3 years & above to less than 5 years. | 6.80 | 6.98% | 6.25 | 6.40% |
| 5 years & above to 10 years. | 6.70 | 6.87% | 3.65 | 3.70% |
In the above, NRO – all maturities and same as applicable to Domestic Term Deposits while NRE –Term deposits, Rate of interest (%) per annum.
Canara Bank website says that no interest will be payable for the period run on NRE term deposits prematurely closed/ prematurely extended before completion of one year from the effective date of the deposit. NRE Term deposits are auto renewed only once as the Non-resident status is to be confirmed.
Overdue NRE deposits will be paid interest as applicable to Savings account from the date of maturity till the date of payment/ re-investment.
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