Public sector Canara Bank has given good news to the customers in the new year. Actually, Canara Bank has increased the interest rates on Fixed Deposit (FD) deposits. The bank has changed the interest rates for fixed deposits of less than Rs 2 crore. Customers now get interest ranging from 3.25 per cent to 7.15 per cent on getting FDs in Canara Bank.
According to the official website of the bank, the new rates have become effective from January 18, 2023. After the change, the bank is giving 3.25 percent interest to its customers on FDs of 7 days to 45 days. The bank is now offering 4.50 per cent interest on FDs of 46 days to 179 days, 5.50 per cent interest on FDs ranging from 180 days to less than 1 year, 6.75 per cent interest on 1 year FDs.
Senior citizens get 0.50 percent more interest on Canara Bank FDs, general customers get 6.80 percent interest on FDs of 1 year to 2 years, 7.15 percent on 400 days FDs and 7.00 percent on 666 days FDs. Now the bank is giving 6.80 percent interest on FDs ranging from 2 years to 3 years and 6.50 percent on FDs ranging from 3 years to 10 years. At the same time, senior citizens are getting 0.50 percent more interest on Canara Bank FD than general customers.
RBI has increased the repo rate
5 times in the last year Reserve Bank had increased the repo rate 5 times in the last year. With the intention of reducing inflation, the central bank increased the repo rate by another 0.35 percent to 6.25 percent in the bi-monthly monetary policy review on December 7, 2022.
Many banks have increased the rates of fixed deposits.
It is noteworthy that recently SBI, PNB, Kotak Mahindra Bank, HDFC Bank, Suryoday Small Finance Bank, Yes Bank, Jan Small Finance Bank etc. have also increased their FD rates. . This process of increasing FD rates has started after the increase in repo rates by RBI.
