Canara Bank Hikes Fixed Deposit Interest Rate On Less Than 2 Cr Deposits, w.e.f 01 March 2022

Canara Bank, a state-owned bank, hiked interest rates on fixed deposits of various maturities on domestic deposits less than Rs 2 crore by up to 25 basis points on Tuesday. Canara Bank stated in a statement that the new rates would go into effect on March 1, 2022.

In a statement issued by the bank, it has been said that the interest rate on fixed deposits of 2-3 years has been increased to 5.20 percent and on deposits of 3-5 years to 5.45 percent from 5.25 percent earlier. It said that the interest rate on fixed deposits of 5-10 years has been increased to 5.5 percent by increasing the maximum 0.25 percent.

Deposits (other than NRO/NRE and CGA Deposits) less than Rs. 2 Cr and having a tenor of 180 days or more would be eligible for an additional 0.50 percent interest rate for Senior Citizens. Also, Canara Unique Retail Term Deposit Scheme of "1111 Days" offers with an additional rate of interest of 0.10% over and above the rate for the tenor of the deposit.

Interest rate To General Public (Domestic) on Deposit of Less Than 2 Crore

Tenure	Rate of Interest (% p.a.)	Annualised Interest yield (% p.a.) **
7 days to 45 days*	2.90%	2.93%
46 days to 90 days	3.90%	3.96%
91 days to 179 days	3.95%	4.01%
180 days to less than 1 Year	4.40%	4.47%
1 year only	5.10%	5.20%
Above 1 year to less than 2 years	5.15%	5.25%
2 years & above to less than 3 years	5.20%	5.30%
3 years & above to less than 5 years	5.45%	5.56%
5 years & above to 10 Years	5.50%	5.61%
Canara Unique "1111 Days"	5.55%	5.67%

* Rates are applicable only for a single deposit of Rs.5 Lakh & above. The minimum period for renewal of domestic/NRO term deposits is 7 days irrespective of the size of the deposit. Below Rs.5 Lakh, the Minimum tenor of the deposit is 15 Days.

Interest Rates To Senior Citizen (Domestic) On Deposit Less Than 2 Crore

Tenure	Rate of Interest (% p.a.)	Annualised Interest yield (% p.a.) **
7 days to 45 days*	2.90%	2.93%
46 days to 90 days	3.90%	3.96%
91 days to 179 days	3.95%	4.01%
180 days to less than 1 Year	4.90%	4.99%
1 year only	5.60%	5.72%
Above 1 year to less than 2 years	5.65%	5.77%
2 years & above to less than 3 years	5.70%	5.82%
3 years & above to less than 5 years	5.95%	6.08%
5 years & above to 10 Years	6.00%	6.14%
Canara Unique "1111 Days"	6.05%	6.19%

*Senior citizens get additional 50% interest on deposit tenure of more than 180 days and above.