Canara Bank introduced a new term deposit scheme for its customers on Friday. The new scheme is for a period of 666 days.
According to the bank, the special scheme is available for deposits of less than ₹2 crore and offers interest rates of up to 7.50 per cent, the highest rate of interest offered by any public sector bank.
The general public will be able to receive an annual interest rate of 7.00 per cent, while senior citizens will receive an annual interest rate of 7.50 per cent.
On Friday, Canara Bank’s stock closed at ₹229.10, up 0.90 per cent, on the Bombay Stock Exchange. It is a central public sector undertaking owned by the Ministry of Finance, Government of India, and is headquartered in Benagluru. The bank, which was founded in 1906, also has offices in London, Hong Kong, Dubai and New York.