Canara Bank Updated Interest Rate: A few days ago, Canara Bank, a public sector bank, made an important announcement. It announced that it has adjusted the interest rates for retail fixed deposits under Rs. 30 million. It has been made clear that these updated interest rates will take effect starting December 1, 2024.
Providing interest rates between 4 percent and a highest of 7.90 percent
Following the revision, it has stated that it is providing interest rates between 4 percent and 7.40 percent across different tenures for regular customers. It has been stated that it is providing interest rates between 4 percent and a highest of 7.90 percent for elderly individuals. Individuals seeking a reliable income may choose fixed deposits. Nonetheless, based on their financial requirements, they can achieve higher returns by saving in any bank that provides more favorable interest rates.
Let’s find out which bank offers the highest interest rates
Now let’s contrast the new interest rates at Canara Bank with those at major banks such as State Bank of India and HDFC Bank. Let’s investigate which bank offers the highest interest rates. Canara Bank presently provides the most competitive interest rates on term deposits ranging from three to five years. It provides a 7.40 percent interest rate for general customers, 7.90 percent for senior citizens, and 8.14 percent for super senior citizens.
State Bank of India (SBI) provides the top interest rates for term deposits lasting between two to three years. While it provides 7 percent interest to regular customers, it grants 7.50 percent interest to elderly individuals. HDFC Bank provides the best interest rates on deposits ranging from two years and 11 months to 35 months. It provides a highest interest rate of 7.85 percent for elderly individuals.
In the case of ICICI Bank, it provides seniors with a highest interest rate of 7.80 percent for FD tenure deposits ranging from 15 months to 18 months. Punjab National Bank is providing 7.55.
