Canara Bank FD Rates
The bank will continue to give an interest rate of 3.25% on deposits maturing in 7 days to 45 days, while Canara Bank will continue to offer an interest rate of 4.50% on deposits maturing in 46 days to 179 days. Canara Bank will continue to give an interest rate of 5.50% on FDs maturing in 180 days to less than 1 year, while the interest rate on deposits maturing in 1 year has raised by 50 basis points, from 6.25% to 6.75%.
Deposits maturing from more than one year to less than two years will now pay an interest rate of 6.80%, up from 6.25% before, a 55 basis point hike. Canara Bank will continue to give an interest rate of 7% on deposits maturing in 666 days, but it has upped the interest rate by 55 basis points, from 6.25% to 6.80%, on deposits maturing in 2 years or more but less than 3 years. Deposits will continue to earn interest at a rate of 6.50% for maturities of 3 years and up to 10 years.
For deposits (other than NRO/NRE and CGA Deposits) less than Rs. 2 Cr. and having a tenor of 180 Days and above, an additional rate of 0.50% is provided for senior citizens. For the Canara Tax Saver Deposit scheme, Canara Bank is offering 6.50% per year for non-senior citizens on deposits of up to ₹1.5 lakh. According to the bank, recurring deposits are also eligible for the aforesaid rate of interest.
Against the guidelines of premature withdrawals of fixed deposits, Canara Bank has mentioned on its website that “A penalty of 1.00% shall be levied for premature closure/part withdrawal/ premature extension of Domestic/NRO term deposits of less than Rs.2 Crore that are accepted /renewed on or after 12.03.2019. For premature closure/part withdrawal/premature extension of Domestic/NRO term deposits, the Bank imposes a penalty of 1.00%. Such prematurely closed/part withdrawn/prematurely extended deposits will earn interest at 1.00% below the rate as applicable for the relevant amount slab as ruling on the date of deposit and as applicable for the period run OR 1.00% below the rate at which the deposit has been accepted, whichever is lower." However, no interest will be payable on term deposits prematurely closed/prematurely extended before completion of 7th day."
