A new fixed deposit (FD) tenor has been added by Canara Bank. On its website, Canara Bank states that it has established a new 333-day scheme with a 5.10 percent interest rate. Senior citizens will receive 5.60 percent for the same tenor. As of June 23, 2022, this is valid. Bulk deposits are not permitted for this tenor.
The bank now provides regular citizens with interest rates ranging from 2.90 percent to 5.75 percent.
Senior citizens are entitled for an additional interest rate of 0.50 percent on deposits with a tenor of 180 days or more.
The bank is providing 5.75 percent yearly interest for the Canara Tax Saver Deposit programme (General Public). The most that can be deposited is Rs. 1.50 lakh.
As stated on the website, the bank gives the same interest rate for recurring deposits. On May 12, 2022, Canara Bank last increased its FD rates.
Penalty for early withdrawal
A 1 percent penalty would be assessed for early closure, partial withdrawal, or early extension of domestic/NRO term deposits under Rs. 2 crore.
The website states: "The Bank levies a penalty of 1.00 percent for premature closure/part withdrawal/premature extension of Domestic/NRO term deposits. Such prematurely closed/part withdrawn/prematurely extended deposits will earn interest at a rate that is either 1 percent lower than the rate at which the deposit was accepted or 1 percent lower than the rate that is applicable for the relevant amount slab as in effect on the date of deposit and as applicable for the period run, whichever is lower.
However, no interest will be paid on term deposits that are prematurely closed or extended before the end of the seventh day.
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