Canara Bank FD Schemes: Canara Bank, a government bank, is offering great interest on FD accounts to its customers. FD account can be opened in Canara Bank for a minimum period of 7 days to 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 learn about such an FD scheme of Canara Bank, in which fixed interest of Rs 79,500 can be earned by depositing just Rs 2 lakh.
How much interest is Canara Bank giving on FD accounts?
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. Let us tell you that Canara Bank is giving additional interest to Super Citizens only on special FD schemes of 444 days and 555 days.
On depositing Rs 2 lakh, you will get fixed interest of Rs 79,500.
If you are an ordinary citizen and deposit Rs 2 lakh in Canara Bank, then on maturity you will get a total of Rs 2,72,708, which includes fixed interest of Rs 72,708. Similarly, if you are a senior citizen, i.e. your age is above 60 years and you deposit Rs 2 lakh in Canara Bank, then on maturity you will get a total of Rs 2,79,500, which includes fixed interest of Rs 79,500.
FD interest rates affected due to decrease in 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 the banks had also reduced the interest rates offered on FD.
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