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    Canara Bank hikes interest rates on FDs with tenures of 2 to 10 years

    Synopsis

    As per the press release, this makes Canara Bank offering the highest interest rate in this bracket among all the other PSU banks.

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    The interest rate is applicable for deposits of less than Rs 2 crore.
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    Canara Bank has announced that it has hiked interest rates on retail term deposits with tenures of 2 years to 10 years. The revised interest rates are effective from November 27, 2020. (The revised interest rates will be applicable for deposits of less than Rs 2 crore.)

    According to a press release issued by the bank, after the rate hike, fixed deposits with tenure of 2 years but less than 3 years will fetch 5.40% for the general public and 5.90% for senior citizens -- annualised yield will be 5.51% for the general public and 6.03% for the senior citizens. For fixed deposits with tenure of 3 years or more but up to 10 years, the interest rate offered to general public has been revised to 5.50% and 6% for senior citizens.

    Revised interest rate on fixed deposits from Nov 27,2020
    Tenure Interest rate for public Interest rate for senior citizens
    2 years to <3 years 5.40% 5.90%
    3 years to 10 years 5.50% 6.00%
    Source: Press release of Canara Bank

    As per the press release, with this rate hike, "This makes Canara Bank offering the highest interest rate in this bracket among all the other PSU."

    Canara Bank's announcement comes just a day before the Reserve Bank of India's bi-monthly monetary policy announcement. The apex bank kept the key rates unchanged.
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    3 Comments on this Story

    K V Subba Rao39 days ago
    It is a good move
    B G Baliga47 days ago
    It is good to see Canara Bank hiking deposit rates.
    Bank depositors have been hard pressed by the sharp fall in deposit rates over the last 2-3 years. Meanwhile prices have been rising on the back of the increased excise duty on fuel.
    service support48 days ago
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