Canara Bank revises fixed deposit interest rates: Check new figures
What's the story
Canara Bank has revised its fixed deposit (FD) interest rates for amounts less than ₹3 crore, effective December 1, 2024.
The new rates now range between 4% to 7.40% for the general public and 4% to 7.90% for senior citizens on callable deposits.
Callable FDs are those where investors have the option to withdraw their funds before maturity if they don't have a lock-in period.
Long-term deposits
FD rates for longer tenures
For longer tenures, Canara Bank's FD rates go up to 6.85% on deposits maturing between one and two years, and 7.3% on those maturing between two and three years.
The highest interest rate is offered on Canara Bank FDs for a tenure of three years and less than five years, with an interest rate of 8.14%.
Rate comparison
How Canara Bank's FD rates compare with other banks
Punjab National Bank (PNB) offers FD rates between 3.5% and 6.5% for the general public for seven days to 10 years. For senior citizens, the rates can go up to 7.3% for the same period.
ICICI Bank's FD rates vary between 3% and 10% for the general public for seven days to five years, with attractive returns of up to 7.80% offered to senior citizens on FDs maturing in 15-18 months.
Other banks
SBI and HDFC Bank's FD rates
State Bank of India (SBI) offers FDs for seven days to 10 years at attractive interest rates of up to 7.50% for senior citizens on a duration of two-three years.
HDFC Bank's FD rates range from 3% to 7% for seven days to 10 years, with the most lucrative one being 7.85% for a period ranging from two years and 11 months to 35 months.
Rate revisions
Other banks that have revised their FD rates
Several other banks such as Karnataka Bank, YES Bank, IndusInd Bank, and IDFC FIRST Bank have also revised their FD rates recently.
Karnataka Bank offers up to 7.50% on 375-day FDs while YES Bank has slashed its 18-month FD rate to 7.75% per annum.
IndusInd Bank offers FD interest rates between 3.50% and 7.99% for tenures between seven days and 10 years, and IDFC FIRST Bank between 3% and 7.90% for the same timeframe.