New Delhi: Just a day ahead of the Reserve Bank of India’s (RBI) monetary policy 2023 announcement, public sector lender Canara Bank has announced a revision in its fixed deposit (FD) rates. Canara Bank has increased the interest rates for FDs of less than Rs 2 crore.
The new FD rates of Canara Bank are effective from March 5, 2023, according to the official website of the bank.
Following the revision in FD interest rates, Canara Bank will offer interest rates on repayable deposits with maturities ranging from seven days to ten years, ranging from 4 per cent to 7.25 per cent for members of the general public and 4 per cent to 7.75 per cent for senior citizens. The percentage will be between
| redeemable | Non Refundable (Above Rs.15 Lakh)$ | |||||||
|---|---|---|---|---|---|---|---|---|
| Fixed Deposit (All Maturities) | general public | senior citizen | general public | senior citizen | ||||
| Interest Rate (% p.a.) | Annual Interest Income (% p.a.) ** | Interest Rate (% p.a.) # | Annual Interest Income (% p.a.) ** | Interest Rate (% p.a.) | Annual Interest Income (% p.a.) ** | Interest Rate (% p.a.) # | Annual Interest Income (% p.a.) ** | |
| 7 days to 45 days | 4.00 | 4.06% | 4.00 | 4.06% | He | He | He | He |
| 46 days to 90 days | 5.25 | 5.35% | 5.25 | 5.35% | 5.30 | 5.41% | 5.30 | 5.41% |
| 91 days to 179 days | 5.50 | 5.61% | 5.50 | 5.61% | 5.55 | 5.67% | 5.55 | 5.67% |
| 180 days to 269 days | 6.25 | 6.40% | 6.75 | 6.92% | 6.30 | 6.45% | 6.80 | 6.98% |
| 270 days to less than 1 year | 6.50 | 6.66% | 7.00 | 7.19% | 6.55 | 6.71% | 7.05 | 7.24% |
| only 1 year | 7.00 | 7.19% | 7.50 | 7.71% | 7.25 | 7.45% | 7.75 | 7.98% |
| 444 days | 7.25 | 7.45% | 7.75 | 7.98% | 7.40 | 7.61% | 7.90 | 8.14% |
| more than 1 year to less than 2 years | 6.90 | 7.08% | 7.40 | 7.61% | 7.15 | 7.34% | 7.65 | 7.87% |
| 2 years and more to less than 3 years | 6.85 | 7.03% | 7.35 | 7.56% | 7.10 | 7.29% | 7.60 | 7.82% |
| 3 years and above to less than 5 years | 6.80 | 6.98% | 7.30 | 7.50% | He | He | He | He |
| 5 years and above up to 10 years | 6.70 | 6.87% | 7.20 | 7.40% | He | He | He | He |
Canara Bank defines non-callable fixed deposits as deposits where premature withdrawal is not permitted. The bank offers 6.70% p.a. for Canara Tax Saver Deposit Scheme (General Public). The maximum deposit allowed is Rs 1.50 lakh. The above rate of interest is also applicable to Recurring Deposit.
Canara Bank Domestic Wholesale Fixed Deposit Rates
| domestic | Interest Rate (% p.a.) | ||||
|---|---|---|---|---|---|
| For deposit Rs. 2 crore and less than Rs. 100 million * web 05.04.2023 |
|||||
| Fixed Deposit (All Maturities) | redeemable | non-callable++ | |||
| Interest Rate (% p.a.) | Annual Interest Yield (% p.a.)** | Interest Rate (% p.a.) | Annual Interest Yield (% p.a.)** | ||
| 7 days to 45 days | 2.90 | 2.93% | – He – @ | ||
| 46 days to 90 days | 3.10 | 3.14% | 3.15 | 3.19% | |
| 91 days to 179 days | 3.35 | 3.39% | 3.40 | 3.44% | |
| 180 days to 269 days | 3.35 | 3.39% | 3.40 | 3.44% | |
| 270 days to less than 1 year | 5.75 | 5.88% | 5.80 | 5.93% | |
| only 1 year | 6.00 | 6.14% | 6.15 | 6.29% | |
| more than 1 year to less than 2 years | 6.00 | 6.14% | 6.25 | 6.40% | |
| 2 years and more to less than 3 years | 6.00 | 6.14% | 6.25 | 6.40% | |
| 3 years and above to less than 5 years | 6.00 | 6.14% | 6.25 | 6.40% | |
| 5 years and above up to 10 years | 3.40 | 3.44% | 3.65 | 3.70 | |
Canara Bank Non Resident Account Interest Rate
| term of deposit | less than Rs 2 crore (Web 05.04.2023, |
Rupee. 2 crore and less than Rs. 10 crore (with effect from 05.04.2023) | ||
|---|---|---|---|---|
| rate of interest (% Per year) |
annual Interest Yield (% p.a.) * |
rate of interest (% Per year) |
annual Interest Yield (% p.a.) * |
|
| 1 year only | 7.00 | 7.19% | 6.15 | 6.29% |
| 444 days | 7.25 | 7.45% | He | He |
| More than 1 year to less than 2 years. | 6.90 | 7.08% | 6.25 | 6.40% |
| 2 years and more to less than 3 years. | 6.85 | 7.03% | 6.25 | 6.40% |
| 3 years and above to less than 5 years. | 6.80 | 6.98% | 6.25 | 6.40% |
| 5 years and above up to 10 years. | 6.70 | 6.87% | 3.65 | 3.70% |
In the above, NRO – all maturities and same applicable to domestic term deposits while NRE – Term Deposit, rate of interest (%) per annum.
Canara Bank’s website says that no interest will be payable for the period running on NRE term deposits, prematurely closed/prematurely extended before completion of one year from the effective date of the deposit. NRE Fixed Deposit auto-renew only once as the non-resident status is to be confirmed.
Overdue NRE deposits will be paid interest as applicable to savings account from the date of maturity till the date of payment/re-investment.