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%|
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.
Read More News on
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
calling now::-76025;21992;:-all see contact me at your convenience I will have the issue of the books to read