Canara Bank has revised its fixed deposit interest rate with effect from February 8, 2021, on all deposits less than Rs 2 crore. The bank has cut FD interest rates on deposits maturing in a year and raised interest rates on FDs with tenure between two years and 10 years.
The bank has cut interest on deposits maturing in one year. For FDs with tenures 2 years to ten years, Canara Bank has hiked interest rates. After the latest revision, for term deposits with a maturity period of 7-45 days, Canara Bank will offer a 2.95% interest rate. For FDs with maturity period 46-90 days, 91 days to 179 days, and 180 days to less than 1 Year, the bank will give 3.9, 4, and 4.45% interest rates respectively.
Canara Bank latest fixed deposit interest rate (below Rs 2 crore) for the general public effective 8 February 2021:
- 7 days to 45 days – 2.95%
- 46 days to 90 days – 3.90%
- 91 days to 179 days – 4%
- 180 days to less than 1 Year- 4.45%
- 1 year only -5.20%
- Above 1 year to less than 2 years – 5.20%
- 2 years & above to less than 3 years – 5.40 %
- 3 years & above to less than 5 years-5.50%
- 5 years & above to 10 Years- 5.50%
After the latest revision, senior citizens will get an interest rate ranging from 2.95% to 6% for FDs maturing in 7 days to 10 years. Canara Bank gives 50 basis points more than the general customers to senior citizens on deposits maturing in 180 days to 10 years.
How does it compare to few PSB banks?
State Bank of India
| Maturity period | Interest rates | |
| General Public | Senior citizen | |
| Seven days to 45 days | 2.90% | 3.40% |
| 46 days to 179 days | 3.90% | 4.40% |
| 180 days to 210 days | 4.40% | 4.90% |
| 211 days to less than one year | 4.40% | 4.90% |
| One year to less than two years | 5.00% | 5.60% |
| Two years to less than three years | 5.10% | 5.60% |
| Three years to less than five years | 5.30% | 5.80% |
| Five years and up to 10 years | 5.40% | 6.20% |
Punjab National Bank (PNB)
| Maturity period | Interest rate | |
| General Public | Senior citizen | |
| Seven days to 14 days | 3.00% | 3.75% |
| 15 days to 29 days | 3.00% | 3.75% |
| 30 days to 45 days | 3.00% | 3.75% |
| 46 days to 90 days | 3.25% | 4% |
| 91 days to 179 days | 4.00% | 4.75% |
| 180 days to 270 days | 4.40% | 5.15% |
| 271 days to less than one year | 4.50% | 5.25% |
| 333 days | 4.50% | 5.25% |
| One year | 5.25% | 6% |
| 444 days | 5.25% | 6% |
| 555 days | 5.25% | 6% |
| Above one year and up to two years | 5.25% | 6% |
| Above two years and up to three years | 5.25% | 6% |
| Above three years and up to five years | 5.30% | 6.15% |
| Above five years and up to 10 years | 5.30% | 6.15% |
