The country’s state-run bank Canara Bank has given a big blow to the customers doing Fixed Deposit (FDs) here. Canara Bank has revised the interest rates on deposits less than Rs 2 crore with effect from August 8, 2021.
The bank has cut the interest rate on all deposits except for the maturity period of 46 days to 90 days. After this change, Canara Bank will offer 2.90 per cent interest on fixed deposits with maturity period of 7 days to 45 days.
The bank is offering 3.9 percent interest on maturity period of 46 days to 90 days, 3.95 percent on maturity period of 91 days to 179 days and 4.40 percent on FDs from 180 days to less than 1 year.
Yes Bank has changed the interest rates of FD, now know how much interest you will get
25 basis point cut in interest rate
Canara Bank has reduced the rates of FDs maturing in less than 1 year to less than 10 basis points. These FDs will now get an interest rate of 5.10 percent. At the same time, for FDs maturing in 3 years and less than 5 years and 5 years and 10 years, the bank has cut the interest rate by 25 basis points. The interest rate of these FDs will be 5.25 percent.
New interest rates on less than Rs 2 crore
7 days to 45 days- 2.90%
46 days to 90 days – 3.90%
91 days to 179 days – 3.95%
180 days to less than 1 year – 4.40%
1 year only – 5.10%
Above 1 year and less than 2 years – 5.10%
Above 2 years and below 3 years – 5.10%
Above 3 years and below 5 years – 5.25%
Above 5 years and up to 10 years – 5.25%
Investment opportunity even after Rakesh Jhunjhunwala took stake in Canara Bank, 19% chance of going up from current level
Senior citizens benefit
After the new changes, senior citizens will get interest rates ranging from 2.90 percent to 5.75 percent on FDs maturing in 7 days to 10 years. Canara Bank is offering 50 basis points more interest to senior citizens on deposits maturing in 180 days to 10 years as compared to ordinary customers.
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