Canara Bank FD Interest Rates w.e.f. May 2020

Canara Bank recently revised their existing FD interest rates and updated the same in the system. Due to current scenario of Covid 19 pandemic, RBI is encouraging banks to lend more. Hence we can see the direct effect of this on decreased lending rates.

Decreased lending rates directly implies that banks are encouraging people on spending more rather than holding their money. This is the main reason behind decreased FD rates.

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In previous FY, Canara Bank offered FD interest rates up to 6.50 % p.a. on ‘general saving accounts’ and up to 7% p.a. to ‘Senior Citizens Account’.

Canara Bank offers Fixed Deposit for wide range of maturity periods. You can avail fixed deposit facility for maturity period from 7 days to maximum 10 years.

Below table illustrates fixed deposit interest rates offered by Canara Bank over various maturity periods. Note that the interest rates mentioned below are only applicable on domestic deposits and for the deposit amount of less than INR 2 Cr.

Canara Bank FD rates w.e.f 07 May 2020

FD Maturity Period	Savings Account (Yearly interest rate)	Senior Citizen Account (Yearly interest rate)
7 to 45 days	4	4
46 to 90 days	4.5	4.5
91 to 179 days	4.5	4.5
180 days to less than 1 year	5.10	5.60
1 year	5.75	6.25
1 year to less than 2 years	5.75	6.25
2 years & above to less than 3 year	5.75	6.25
3 years & above to less than 5 years	5.70	6.20
5 years & above to 10 years	5.70	6.20

Canara Bank latest revised FD interest rates w.e.f. 07 May 2020. The Bank has slashed the interest rates on domestic Term Deposits to upto 0.65%.