Due to the stalled economy due to COVID-19 virus, the interest rate received on bank deposits has drastically reduced in the past few times. Canara Bank of the public sector has announced to increase the interest rates on fixed deposits. The bank has increased the interest rate by 0.2% on fixed deposits of at least two years of maturity period. On Thursday, Canara Bank said in a statement, "After this increase, interest will be paid at 5.4% on fixed deposits of at least two years and less than three years' maturity period. Earlier this interest rate was 5.2%. ''
In addition, the interest rate on fixed deposits of 3 to 10 years maturity period has been increased from 5.3 to 5.5%. The statement said that senior citizens will be given half a per cent more interest at the revised rates. The new rates come into effect from 27 November. The statement said that after the revision in interest rates, Canara Bank is paying the highest interest among public sector banks on fixed deposits of 2 to 10 years maturity period.
SBI, India's largest public sector bank, on the other hand, has the lowest rate of interest on FDs at 2.9%. The highest is 5.4%. These rates of interest range from 7 days to 10 years.
7 days to 45 days - 2.9% 46 days to 179 days - 3.9% 180 days to 210 days - 4.4% 211 days to less than 1 year - 4.4% 1 year to less than 2 years - 4.9% 2 years to less than 3 years - 5.1% 3 years to less than 5 years - 5.3% 5 years and up to 10 years - 5.4%
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