Canara Bank FD Interest Rates 2022: Canara Bank has yet again hiked its fixed deposit interest rate with effect from today, i.e. October 31. The Canara Bank FD rates were earlier hiked with effect from October 7. With this rate hike, the bank’s minimum interest rate now starts from 3.25 per cent and the maximum is up to 7 per cent for the general public and 7.5 per cent for senior citizens. Canara Bank has hiked the fixed deposit interest rates for deposits under Rs 2 crore.
The bank now offers an interest rate of 3.25 per cent for deposits maturing in 7 days to 45 days, and 4.5 per cent for deposits for 46 days to 179 days. Canara Bank fixed deposit interest rates for 180 days to less than one year will now earn 5.5 per cent for the general public and 6 per cent for senior citizens. The bank now offers 6.25 per cent for the general public and 6.75 per cent for senior citizens on deposits maturing in one year and less than two years.
The Canara Bank now offers 7 per cent for the general public and 7.5 per cent for senior citizens on deposits for 666 days. The deposits maturing in 2 years to less than 3 years will earn an interest of 6.25 per cent for the general public and 6.75 per cent for senior citizens.
The fixed deposits for 3 years to 10 years tenor will now earn 6.5 per cent for the general public and 7 per cent for senior citizens. The bank said that the above rates are applicable only for a single deposit of Rs 5 lakh and above.
Canara Bank also offers a 6.5% p.a. return for the general public on the Canara Tax Saver Deposit scheme. However, the maximum deposit acceptable is Rs 1.50 lakh only.
The deposit will be renewed automatically from the date of maturity for a similar period at the interest rate prevailing on the date of maturity for the original period of deposit. The Canara Bank will levy a penalty of 1% for premature closure/part withdrawal/ premature extension of Domestic/NRO term deposits of less than Rs 2 crore.
Canara Bank FD Interest Rates 2022 Calculator:
If you will make a fixed deposit of Rs 5 lakh with Canara Bank for one year period, you will earn an interst of Rs 31,990 while senior citizen will earn an interest of Rs 33,668. If you make a FD for 666 days, you will earn a return of Rs 35,930 while senior citizens will get a return of Rs 38,568.