Canara Bank Hikes Interest Rates On Fixed Deposits (W.e.f. 12.05.2022)

Canara Bank, a public sector lender, has raised interest rates on fixed deposits of less than Rs 2 crore that mature in 46 days to ten years. According to the bank's official website, the new rates are in force from today 12th May 2022.

Canara Bank Regular FD Rates

The bank will continue to provide a 2.90 per cent interest rate on term deposits maturing in 7 to 45 days. The bank previously offered a 3.90 per cent interest rate on deposits maturing in 46 to 90 days, but that rate has been raised to 4%, a 10 basis point increase. The bank formerly offered a 3.95 per cent interest rate on fixed deposits maturing in 91 to 179 days, but now the rate is 4.05 per cent, a 10 basis point increase.

Canara Bank formerly offered a 4.40 per cent interest rate on term deposits maturing in 180 days to less than a year, but the rate has now been raised to 4.50 per cent on deposits maturing in 180 days to 269 days and 4.55 per cent on deposits maturing in 270 days to less than a year. Canara Bank increased the interest rate on fixed deposits maturing in one year from 5.10 per cent to 5.30 per cent, a 20 basis point increase, while the interest rate on deposits maturing in two years or less was raised from 5.15 per cent to 5.40 per cent a 25 basis point rise.

The interest rate on domestic fixed deposits expiring in two years or less has been raised by 25 basis points from 5.20 per cent to 5.45 per cent. Previously, the bank offered a 5.45 per cent interest rate on deposits maturing in 3 years and less than 5 years, but now the rate will be 5.70 per cent, a 25 basis point increase.

Previously, Canara Bank offered a 5.50 per cent interest rate on fixed deposits maturing in 5 to 10 years, but now the rate is 5.75 per cent, a 25 basis point hike. On tax-saving fixed deposits of up to Rs 1.5 lakh maturing in 5 years, regular customers will now get an interest rate of 5.75%. The bank has mentioned on its website that "Rates are applicable only for single deposit of Rs.5 Lakh & above. Minimum period for renewal of domestic/NRO term deposits is 7 days irrespective of the size of deposit. Below Rs.5 Lakh, Minimum tenor of deposit is 15 Days."

Term Deposits (All Maturities)	Rate of Interest (% p.a.)	Annualised Interest yield (% p.a.)
7 days to 45 days	2.9	2.93%
46 days to 90 days	4	4.06%
91 days to 179 days	4.05	4.11%
180 days to 269 days	4.5	4.58%
270 days to less than 1 Year	4.55	4.63%
1 year only	5.3	5.41%
Above 1 year to less than 2 years	5.4	5.51%
2 years & above to less than 3 years	5.45	5.56%
3 years & above to less than 5 years	5.7	5.82%
5 years & above to 10 Years	5.75	5.88%
Source: Bank Website. W.e.f. 12.05.2022

Canara Bank FD Rates For Senior Citizens

According to the official website of Canara Bank "Additional interest of 0.50% for Senior Citizens is available for Deposits (Other than NRO/NRE and CGA Deposits) less than Rs. 2 Cr and with tenor of 180 Days and above." Following the revision made today, senior citizens will get the below-listed interest rates on their deposits.

Term Deposits (All Maturities)	Rate of Interest (% p.a.)	Annualised Interest yield (% p.a.)
7 days to 45 days	2.9	2.93%
46 days to 90 days	4	4.06%
91 days to 179 days	4.05	4.11%
180 days to 269 days	5	5.09%
270 days to less than 1 Year	5.05	5.15%
1 year only	5.8	5.93%
Above 1 year to less than 2 years	5.9	6.03%
2 years & above to less than 3 years	5.95	6.08%
3 years & above to less than 5 years	6.2	6.35%
5 years & above to 10 Years	6.25	6.40%
Source: Bank Website. W.e.f. 12.05.2022

Canara Bank NRO/NRE Fixed Deposit Interest Rates

The bank is currently giving the following interest rates on non-resident accounts, i.e. NRO/NRE deposits, as of May 12, 2022.

Period of Deposit	Interest in % p.a. for deposits of less than Rs 2 Cr	Interest rate in % p.a. for deposits of Rs 2 Cr to 10 Cr
1 year only	5.3	3.75%
Above 1 year to less than 2 yrs	5.4	3.75%
2 yrs & above to less than 3 yrs	5.45	3.65%
3 yrs & above to less than 5 yrs	5.7	3.40%
5 yrs & above to 10 yrs	5.75	3.40%
Source: Bank Website. W.e.f. 12.05.2022