Canara Bank Hikes Interest Rates On FDs Effective From 7 October, Check Rates Here

Canara Bank, a leading public sector lender, has today hiked the interest rate on fixed deposits below 2 Crore. The hiked rates will be effective from October 7, 2022, according to the bank's official website.

The Bank now offers an interest rate on deposits maturing in 7 days to 10 years that ranges from 3.25 per cent to 7 per cent for the general public and 3.25 per cent to 7.50 per cent for senior citizens. The bank has increased its interest rates for all tenors.

Senior citizens receive an extra rate of 0.50% on deposits (other than NRO/NRE and CGA Deposits) with a tenor of 180 days or more and a value of less than Rs. 2 crore. Canara Bank is giving 7.00% p.a. to the general public and 7.50% to senior citizens for the Canara Tax Saver Deposit account. Additionally, recurring deposits are also subject to the interest rate specified below.

It should be noted that the interest rate hike is following the repro rate hike by the Reserve Bank of India (RBI). RBI has hiked the repo rate 4 times since May of this year in an effort to keep inflation under control. Since May, the repo rate has increased by 190 basis points. The most recent rate increase of 50 bps is the fourth in September since May. 5.9 per cent is the current repo rate.

FD Interest rates On Domestic Deposits Below 2 Cr w.e.f 07.10.2022

Tenor	General Public Interest (% p.a.)	Senior Citizen Interest (% p.a.)
7 days to 45 days	3.25	3.25
46 days to 90 days	4.25	4.25
91 days to 179 days	4.5	4.5
180 days to 269 days	5.9	6.4
270 days to less than 1 Year	6	6.5
1 year only	6.5	7
Above 1 year to less than 2 years	6.5	7
666 Days	7	7.5
2 years & above to less than 3 years	6.5	7
3 years & above to less than 5 years	6.5	7
5 years & above to 10 Years	7	7.5

Source- Canarabank.com