Canara Bank revises rates on FDs, savings: What's changed for you

Business Standard

23-05-2025

Canara Bank has updated its interest rates for fixed deposits (FDs) and savings accounts, effective May 21 and May 19, respectively.
Latest FD interest rates of Canara Bank
The revised FD rates apply to deposits less than Rs 3 crore. Notably, the bank has a special 444-day scheme with competitive returns.
Highlights:
General public: Interest rates range from 4 per cent to 7.19 per cent, based on the tenure of the deposit.
Senior citizens (60 years and older): An additional 0.50 per cent interest over the general rate.
'Super' senior citizens (80 years and older): An extra 0.60 per cent interest over the general rate.
Canara Tax Saver Deposit Scheme: Offers 6.70 per cent per annum for the general public, with a maximum deposit limit of Rs 1.5 lakh.
444-day FD scheme: Provides higher interest rates, with super senior citizens earning up to 7.70 per cent on non-callable deposits.
Below is a table of tenures and rates offered by the lender
General Public Senior Citizen Rate of Interest (% p.a.)
Annualised Interest yield (% p.a.) **
Rate of Interest (% p.a.) #
Annualised Interest yield (% p.a.) **
7 Days to 45 Days 4 4.06% 4 4.06% NA 46 Days to 90 Days 5.25 5.35% 5.25 5.35% 5.35 91 Days to 179 Days 5.5 5.61% 5.5 5.61% 5.6 180 Days to 269 Days 6.15 6.29% 6.65 6.82% 6.25 270 Days to less than 1 Year 6.25 6.40% 6.75 6.92% 6.35 1 Year Only 6.85 7.03% 7.35 7.56% 7 444 Days 7 7.19 7.5 7.71 7.1 Above 1 Year to less than 2 Years 6.85 7.03% 7.35 7.56% 7 2 Years & above to less than 3 Years 6.9 7.08 7.4 7.61 7 3 Years & above to less than 5 Years 7 7.19 7.5 7.71 NA 5 Years & above to 10 Years 6.7 6.87% 7.2 7.40% NA
Savings account interest rates of Canara Bank
Effective May 19, Canara Bank's savings account interest rate stands at 2.90 per cent p.a., positioning it competitively among peer banks.
Benefits for depositors These revised rates offer depositors an opportunity to optimise their savings and investments:
Senior and Super Senior Citizens: Enhanced interest rates on FDs provide better returns for retirees.
General Public: The special 444-day FD scheme is an attractive option for medium-term investments.
The Canara Tax Saver Deposit Scheme offers a blend of tax benefits and reasonable returns.