Canara Bank increases term deposit rates by 50bps

Canara Bank a Bangalore-based public sector lender has raised its interest rates on domestic term deposits by 50 basis points for the period ranging from 91 days and above to 2 years. The new rates will come into effect from October 10

As per revised interest rate for the tenors of 91 days and above to 179 days the increase has been done from 7 per cent to 7.50 per cent, 180 days to less than 1 year has been raised from 8.25 per cent to 8.75 per cent. On the deposits of one year and above to 499 days the raise has been done from 9.75 per cent to 10 per cent and 500 days to 2 years the increase has been done from 10 per cent to 10.50 per cent.

According to bank press release the bank will be offering 0.50 per cent more for senior citizens on the revised rates.