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Bangalore, Aug. 18

Canara Bank announced the increase in its interest rates for term deposits ranging from 25 to 50 basis points for different tenors with effect from Tuesday. The bank said term deposits for tenors of one year and up to 499 days will earn an interest of 9.75 per cent, up by 25 basis points. The rate has been raised by 50 basis points for deposits more than 500 days and up to two years to 10 per cent, while it has been revised by 25 basis points to 9.75 per cent from 9.50 per cent for above two years and less than three years, a bank release said. The rates respectively for tenors of three years to less than five years and above five years have been pegged at 9.50 per cent, an increase of 50 basis points. The bank will also be offering 50 basis points more for senior citizens on the revised rates. —

Our Bureau

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