Canara Bank Saving Schemes: Public sector Canara Bank is offering excellent interest on FD accounts to its customers. FD account can be opened in Canara Bank for a minimum period of 7 days, whereas investment in the FD scheme can be made for a maximum of 10 years. This government bank is offering interest ranging from 3.00 percent to 7.10 percent on FD accounts. Here we will tell you about such an FD scheme of Canara Bank, in which fixed interest of Rs 39,750 can be earned by depositing just Rs 1 lakh.
Canara Bank is giving highest interest on 555 days FD
Canara Bank is giving the highest interest to its customers on 555 day special FD scheme. This bank is offering 6.50 percent interest to general citizens, 7.00 percent to senior citizens and 7.10 percent to super senior citizens (above 80 years) on FD of 555 days. Canara Bank is offering an excellent interest rate of 6.25 percent to general citizens and 6.75 percent to senior citizens on FD scheme with a tenure of 5 years.
On depositing Rs 1 lakh, you will get fixed interest of Rs 39,750.
If you are a normal citizen, i.e. your age is less than 60 years and you deposit Rs 1 lakh in Canara Bank, then on maturity you will get a total of Rs 1,36,354, which includes fixed interest of Rs 36,354. Similarly, if you are a senior citizen, i.e. your age is above 60 years and you deposit Rs 1 lakh in Canara Bank, then on maturity you will get a total of Rs 1,39,750, which includes fixed interest of Rs 39,750.
Banks had reduced FD interest rates after RBI reduced the repo rate.
Let us tell you that last year the Reserve Bank of India had made a big cut in the repo rate by 1.25 percent. Due to reduction in repo rate by RBI, while all the loans including home loan, car loan became cheaper, on the other hand the returns on FD also reduced. Due to reduction in repo rate, all banks also reduced the interest rates offered on FD. In the same sequence, Canara Bank had also reduced the interest rates on FD. However, despite the reduction in FD interest rates, attractive interest is still available.
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