Canara Bank has changed the interest rates on fixed deposits of less than 2 crore with effect from 8 February 2021. The bank has cut the interest received on deposits up to 1 year. At the same time, interest rates have been increased on deposits ranging from 2 years to 10 years.
New Delhi. In the midst of the crisis, Corona is looking for such investment options for investment, where his money is safe and he can get good returns. This is the reason why a large number of people in India consider it better to invest in gold. At the same time, there is also a large section, which considers investing in Mutual Funds as the safest. However, there are also many people who choose to invest in Fixed Deposits. Different banks are giving different interest on fixed deposits. In this episode, Canara Bank has introduced new interest rates on fixed deposits.
Bank has increased interest rate on long term deposits
Canara Bank has changed the interest rates on deposits less than 2 crores from 8 February. The bank has cut the interest received on deposits up to 1 year. At the same time, interest rates have been increased on deposits ranging from 2 years to 10 years. The bank will now pay 2.95% interest on maturity of 7 to 45 days. At the same time, 3.90 percent interest will be given on the maturity of 46 to 90 days. If you invest money for 91 to 179 days, then you will be given interest at the rate of 4 percent. After this, the bank is paying 4.45 per cent interest for 180 days i.e. 6 months to less than 1 year.
EPF Tax on EPF interest will not impact all salaried individuals
Senior citizens will get more benefit on FD.
Canara Bank has cut interest rates by 0.50% i.e. the interest rate on fixed deposits maturing in one year is 5.20%. At the same time, if you get 5.20 percent interest for more than 1 year and less than 2 years, the bank is offering 5.40 percent interest on deposits of 2 to 3 years. Apart from this, the bank will pay 5.50 percent interest on deposits of 3 to 10 years. After the introduction of the new rates, for senior citizens, the interest rate on FD for 7 days to 10 years can be found from 2.95% to 6%. Canara Bank offers 50 basis points more interest to senior citizens on deposits of 180 days to 10 years than ordinary customers. All rates are for deposits of less than Rs 2 crore.
