If you have made up your mind for FD for investment, then this news can give you more benefits. Canara Bank has announced to give more benefit on FD from today.
Delhi: People usually opt for FD for investment. In such a situation, we are telling you which bank you will get the most benefit from investing in. Canara Bank has decided to introduce new interest rates from today, due to which the benefit on FD has increased more.
Which customers will benefit
Canara Bank has reduced 5 Basis Points (BPS). With this, Canara Bank has also changed the interest rates on deposit amount less than 2 crores. The bank has increased interest rates for FDs ranging from 2 years to 10 years. The effect of this will be that now the maturity of your FD will be more quick.
New list of interest rate
On 7-45 days – 2.95%
46- 90 days – 3.90%
91-179 days – 4%
180-1 years- 4.45%
Over a period of 1 year – 5.20%
Above 1 year and below 2 years – 5.20%
2 years or more and less than 3 years – 5.40%
3 years or more and less than 5 years – 5.50%
For 5 years or more and up to 10 years – 5.50%
Interest rate for Senior Citizen
After the change, senior citizens will get interest rates ranging from 2.95 percent to 6 percent on FD for a period of 7 days to 10 years. Canara Bank pays 50 basis points more interest to senior citizens on deposits maturing for 180 days to 10 years. Let us know that earlier on 16 November 2020, Canara Bank had revised the interest rates on FD.
Also Read: RBI change rule cheque clearance more soon
Understand Fixed Deposit
Fixed deposit with a certain amount of time in a bank is called Fixed Deposit. In banking parlance, people generally know it as FD. FD is considered to be very safe and high return for investment. If you also want to invest for short term then investing in FD of Canara Bank will prove to be very beneficial.
