Getty ImagesCanara 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.)
As per 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
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 where the apex bank is expected to keep key rates unchanged.
As per 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% |
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 where the apex bank is expected to keep key rates unchanged.