India’s third largest nationalised lender Canara Bank has announced recently that it has introduced a special fixed deposit (FD) scheme for both general public and senior citizens. The move succeeds a similar one from another public sector bank, Bank of Baroda, who also introduced a special FD scheme days after the Reserve Bank of India hiked its repo rates. The Canara Bank special FD scheme is applicable to deposits below Rs 2 crore, the lender said in a statement.
The Canara Bank special FD scheme is valid till September 30 this year and those who are depositing below Rs 2 crore will be able to avail the benefits of this scheme. The tenure for the special deposit scheme is 333 days, and FD interest rate is 5.10 per cent for general public and 5.60 per cent for senior citizens.
In a statement, the lender said, “Canara Bank has introduced a new Term Deposit Scheme for a period of 333 days for its customers. The special scheme is available for deposits of less than Rs. 2 crore. This scheme is valid till 30.09.2022 with an interest rate of 5.10 per cent p.a. for general public and 5.60 per cent p.a. for senior citizens.”
Here are the Latest Canara Bank FD Interest Rates with Effect from June 23 on Deposits Below Rs 2 Crore:
7 days to 45 days: For General Public – 2.90 per cent; For Senior Citizens – 2.90 per cent
46 days to 90 days: For General Public – 4.00 per cent; For Senior Citizens – 4.00 per cent
91 days to 179 days: For General Public – 4.05 per cent; For Senior Citizens – 4.05 per cent
180 days to 269 days: For General Public – 4.50 per cent; For Senior Citizens – 5.00 per cent
270 days to less than 1 year: For General Public – 4.55 per cent; For Senior Citizens – 5.05 per cent
333 days special scheme: For General Public – 5.10 per cent; For Senior Citizens – 5.60 per cent
1 year only: For General Public – 5.30 per cent; For Senior Citizens – 5.80 per cent
Above 1 year to less than 2 years: For General Public – 5.40 per cent; For Senior Citizens – 5.90 per cent
2 years and above to less than 3 years: For General Public – 5.45 per cent; For Senior Citizens – 5.95 per cent
3 years and above to less than 5 years: For General Public – 5.70 per cent; For Senior Citizens – 6.20 per cent
5 years and above to up to 10 years: For General Public – 5.75 per cent; For Senior Citizens – 6.25 per cent
“Additional interest of 0.50 per cent for Senior Citizens is available for Deposits (Other than NRO/NRE and CGA Deposits) less than Rs. 2 Crore and with tenor of 180 Days and above,” says the Canara Bank website. These rates are applicable to recurring deposits also.
The Canara Bank FD scheme comes after the Bank of India had announced a special FD scheme for 444 days for investors on Thursday, June 23. Banks have been hiking their FD interest rates and introducing new schemes following the RBI’s announcement of a repo rate hike.
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