Canara Bank has increased its term deposit interest rates ranging from 25 to 50 basis points for different tenors with effect from Tuesday, August 19.
The bank sources informed the fixed deposits having tenors of one year and up to 499 days will get an interest of 9.75%, up by 25 basis points.
For the deposits for more than 500 days, rate has been raised by 50 basis points, for tenor up to two years rate is up to 10%, while for the above two years and less than three years tenor the rates have been revised by 25 basis points to 9.75% from 9.50%.
The rates for tenors of three years to less than five years and above five years have been revised at 9.50%, an increase of 50 basis points. The bank has also revised interest rates for senior citizens; it will be offering 50 basis points. If you're looking to invest in fixed deposit just make sure to check Canara bank fixed deposit as they are offering some outstanding schemes for senior citizens.