After the increase in the repo rate, many banks have increased the interest of fixed deposits. Canara Bank has also joined this list.
FD Interest Rate: Fixed Deposit is considered to be the safest and easiest way to save. There is a lot of benefit in this too. There are many banks which offer good interest rates on FDs to their customers. Recently, the Reserve Bank of India has increased the repo rate. Whose burden fell on the borrowers. On the other hand, giving relief, many banks have increased the interest of FDs. HDFC, SBI and many other big banks have joined this list. Now Canara Bank has also joined this list.
This bank announced an increase in interest for fixed deposits of less than Rs 2 crore. A total of 55 basis points have been increased. According to the official website of the bank, the new rates will be applicable from Monday, December 19. The interest rate has also been fixed separately for FDs with different tenures.
3.25 percent interest will be available on FDs from 7 days to 10 years. And senior citizens will have the benefit of 6.50 percent interest rates. At the same time, 3.25% interest will be available on FDs of 7 to 45 days, 7% on FDs of 666 days, 4.50% for 46-179 days. Apart from this, the interest rate available on FDs maturing in 1 year has been changed from 6.25% to 6.75%.
