After SBI, HDFC, BoB, Canara Bank increases fixed deposit rates; check latest FD rates | Personal Finance News

New Delhi: Canara Bank has become the new bank in the country to increase the interest rate offered to customers on their fixed deposit investments. State lenders have increased interest rates on fixed deposits by 0.25% or 25 base points.

In an official statement, the country’s third-largest bank said the new rates were effective from March 1, 2022. Interest rates are interest-bearing on investments. fixed at less than Rs 2 crore.

Prior to Canara Bank, many other state-owned banks and banks have also increased interest rates on fixed deposits. These banks include State Bank of India (SBI), Baroda Bank (BOB), HDFC Bank and ICICI Bank, among others.

Investors will receive an interest rate of 2.90% for fixed deposit investments that grow in seven to 45 days. The bank will offer an interest rate of 3.90% on FD investments that grow in 46 days to 90 days.

In addition, Canara Bank will offer an interest rate of 4.40% for FDs with a growth period of 180 days or less. In particular, customers can get an interest rate of 5.20 per cent on FDs with a time period of 2 to 3 years.

Canara Bank offers an interest rate of 5.20% on FDs growing in more than 2 years but at least 3 years. In particular, customers will receive returns at an interest rate of 5.45 per cent instead of 5.25 per cent for FDs with a time period of more than 3 years but at least 5 years. Also Read: Apple iPhone SE available at Rs 15,599 on Flipkart before launch iPhone SE 3rd gen

The bank has also announced that senior citizens will continue to receive higher interest rates on fixed deposit investments. The bank offers 50 percent or 0.5% higher interest rate on FD investments made by citizens. Also Read: RBI revokes license of Sarjeraodada Naik Shirala Sahakari Bank, Sangli

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