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HomeEconomyView FD Interest Rate, Tenure, Eligibility MPNRC
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View FD Interest Rate, Tenure, Eligibility MPNRC

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India’s third largest nationalized lender Canara Bank has recently announced that it has launched a special Fixed Deposit (FD) scheme for both general public and senior citizens. The move is similar to that of another public sector bank, Bank of Baroda, which also introduced a special FD scheme, days after the Reserve Bank of India hiked its repo rates. Canara Bank’s special FD scheme is applicable on deposits below Rs 2 crore, the lender said in a statement.

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Canara Bank’s special FD scheme is valid till 30 September this year and those who are depositing less than Rs 2 crore will be able to take advantage of this scheme. The tenure for the special deposit scheme is 333 days, and the FD interest rate is 5.10 percent for general public and 5.60 percent for senior citizens.

In a statement, the lender said, “Canara Bank has launched a new fixed deposit scheme for its customers for a period of 333 days. The special scheme is available for deposits of less than Rs. 2 crores. The scheme is valid till 30.09.2022 with an interest rate of 5.10 per cent per annum for general public and 5.60 per cent per annum for senior citizens.

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Here are the Canara Bank FD interest rates effective from June 23 on deposits below Rs 2 crore:

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7 days to 45 days: for general public – 2.90 percent; For senior citizens – 2.90 percent

46 days to 90 days: for general public – 4.00 percent; For senior citizens – 4.00 percent

91 days to 179 days: for general public – 4.05 percent; For senior citizens – 4.05 percent

180 days to 269 days: for general public – 4.50 percent; For Senior Citizens – 5.00 percent

270 days to less than 1 year: for general public – 4.55 percent; For senior citizens – 5.05 percent

333 day special plan: for general public – 5.10 percent; For senior citizens – 5.60 percent

1 year only for general public – 5.30 percent; For senior citizens – 5.80 percent

More than 1 year to less than 2 years: for general public – 5.40 percent; For senior citizens – 5.90 percent

From 2 years and above to less than 3 years: for general public – 5.45 percent; For senior citizens – 5.95 percent

From 3 years and above to less than 5 years: for general public – 5.70 percent; For senior citizens – 6.20 percent

5 years and above to 10 years: for the general public – 5.75 percent; For senior citizens – 6.25 percent

“For senior citizens an additional interest of 0.50 per cent is available for deposits (other than NRO/NRE and CGA deposits) of less than Rs. 2 crore and with a tenure of 180 days and above,” says the Canara Bank website. These rates are also applicable on recurring deposits.

The Canara Bank FD scheme comes as Bank of India on Thursday, June 23, announced a special FD scheme for investors for 444 days. Banks are increasing their FD interest rates and launching new schemes after RBI announced repo rate hike.

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