Canara Bank hikes fixed deposit rates; check latest FD interest rates

Canara Bank has raised interest rates on fixed deposits by up to 25 basis points or 0.25 per cent. The revised rates are effective from March 1, 2022, according to Canara Bank's website.

Canara Bank is now offering a rate of 2.90 per cent on fixed deposits expiring between 7 to 45 days. Customers will now receive interest rates of 3.90 per cent and 3.95 per cent on fixed deposits maturing in 46 days to 90 days and 91 days to 179 days, respectively. 

On deposits expiring in 180 days to less than one year, the interest rate is fixed at 4.40 per cent.

The interest rate on one-year fixed deposits has been revised to 5.1 per cent, while the rate on two-year fixed deposits revised to 5.15 per cent. Fixed deposit rates between 2-3 years would be 5.20 per cent and 3-5 years would be 5.45 per cent. The 5-10 year fixed deposit slab has been revised to 5.50 per cent. 

The bank has also announced that senior citizens will continue receiving a higher interest rate on fixed deposit investments. The bank is offering 50 basis points or a 0.5 per cent higher interest rate on FD investments made by senior citizens.

The above interest rates are applicable to recurring deposits.

The bank's "1111 Days" retail term deposit scheme will offer an additional 0.10 per cent interest rate over and above the deposit's tenor rate. The interest rate offered on this deposit is 5.55 per cent.

Prior to Canara Bank, several other state-owned and private banks have also increased interest rates on fixed deposits. These banks include State Bank of India (SBI), Bank of Baroda (BOB), HDFC Bank and ICICI Bank, among others.