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Canara Bank has announced a treat for its retail customers with increase in interest rate on fixed deposits for one year by 20 basis points (bps) with effect from November 1, 2018 for deposits less than Rs one crore, taking the interest rate to 7 per cent (for general customers) and 7.50 per cent (for senior citizens). The annual yield works out to be 7.19 per cent and 7.71 per cent respectively.
With this increase, the interest on fixed deposits for one year to less than two years period will be 7 per cent (for general customers) and 7.50 per cent (for senior citizens).
Special FD schemes
Canara Bank has also initiated special fixed deposit schemes (Canara Shikhar Deposit) for 444 and 555 Days where the rates are as high as 7.05 per cent and 7.10 per cent (for general customers) and 7.55 per cent and 7.60 per cent (for senior citizens).
The annual yield works out to be 7.24 per cent and 7.29 per cent for general customers and 7.77 per cent and 7.82 per cent for senior citizens. The interest rates being offered now are most competitive amongst the public sector banks with much better and attractive yields.
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