After the increase in the FD rates of private sector banks, UBI and Canara Bank are also giving 7% interest by revising the interest rates. Canara Bank has launched a special fixed deposit scheme for a tenure of 666 days. As per this scheme, the lender is offering an interest rate of 7% to its general customers
After four consecutive repo rate hikes by the Reserve Bank of India (RBI), several banks have increased interest rates on fixed deposits (FDs). State Bank of India (SBI) HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank are among the lenders that have increased interest on fixed deposits recently.
Also, these public sector banks have also increased the interest rates offered on FDs. Canara Bank and Union Bank of India have revised their fixed deposit rates. From May 2022, many government, private and small finance banks have increased the interest rates on FD and savings accounts.
Union Bank Of India Latest FD Rates
Union Bank of India is a government bank that has increased interest rates on FDs of less than ₹ 2 crore with effect from October 17. Following the latest hike, the bank offers 3% to 7% interest on FDs with maturities ranging from 7 days to 10 years. On maturity of 599 days
According to the bank’s official website, the interest is calculated on a daily basis and is credited on a quarterly basis in the months of April, July, October and January every year.
Canara Bank Latest FD Rates
Canara Bank has launched a special fixed deposit scheme for a tenure of 666 days. As per this scheme, the lender is offering an interest rate of 7% to its general customers, while senior citizens will get 7.5% on these deposits.
Canara Bank has increased its interest rates for all tenors and is currently offering interest rates on deposits maturing in 7 days to 10 years from 3.25% to 7.00% for general public and 3.25% for senior citizens up to 7.50%. According to the bank, the new rates are effective from 7 October 2022.
