Bank has increased interest rate on long term deposits
Canara Bank has changed the interest rates on deposits less than 2 crores from 8 February. The bank has cut the interest received on deposits up to 1 year. At the same time, interest rates have been increased on deposits ranging from 2 years to 10 years. The bank will now pay 2.95% interest on maturity of 7 to 45 days. At the same time, 3.90 percent interest will be given on the maturity of 46 to 90 days. If you invest money for 91 to 179 days, then you will be given interest at the rate of 4 percent. After this, the bank is paying 4.45 per cent interest for 180 days i.e. 6 months to less than 1 year.
read this also- Air India will lose 10,000 crore this year! Central disinvestment plan may get a shock
Senior citizens will get more benefit on FD
Canara Bank has cut interest rates by 0.50 per cent, i.e. the interest rate on fixed deposits maturing in a year is 5.20 per cent. At the same time, if you get 5.20 percent interest for more than 1 year and less than 2 years, the bank is offering 5.40 percent interest on deposits of 2 to 3 years. Apart from this, the bank will pay 5.50 percent interest on deposits of 3 to 10 years. After the introduction of the new rates, interest rates for senior citizens can range from 2.95% to 6% on FD for 7 days to 10 years. Canara Bank offers 50 basis points more interest to senior citizens on deposits of 180 days to 10 years than ordinary customers. All rates are for deposits of less than Rs 2 crore.