Fixed Deposit Rates: Reserve Bank of India has increased its repo rate for the fourth time in a row on 30 September 2022. The central bank is continuously taking big steps to control the rising inflation in the country.
Since the decision to increase the repo rate, many banks have decided to increase their fixed deposit rates and loan interest rates continuously. Now the country’s two largest public sector banks Canara Bank and Indian Overseas have decided to increase their FD rates.
Indian Overseas Bank has increased its deposits by 35 basis points on deposits of less than Rs 2 crore. The new rates of the bank have come into effect from October 10, 2022. At the same time, the new rates of Canara Bank have been implemented from 7 October 2022. If you are also planning to do FD in both the banks, then we are giving you information about the interest rates offered by both the banks-
Interest on FD of Indian Overseas Bank less than Rs 2 crore-
Indian Overseas Bank FD Rates is offering interest rates ranging from 3.60% to 5.85% on FDs of less than Rs 2 crore to its general customers. These rates are being offered on FDs of 7 days to 10 years. At the same time, the bank is offering the maximum interest rate of 6.00% on FD of 1000 days. Let us know about the interest rate available on different FDs.
- 7-45 days-3.60%
- 46-90 days-3.75%
- 91-179 days-4.10%
- FDs below 180-1 year – 4.65%
- 1 year to 2 years (excluding 444 days) -5.70%
- 444 days-5.85%
- 2 to 3 years (excluding 1000 days) -5.70%
- 1000 days-6.00%
- On FDs above 3 – 5.85%
Interest received on Canara Bank FD of less than Rs 2 crore-
At the same time, the country’s largest public sector bank Canara Bank (Canara Bank FD Rates) is offering interest rates ranging from 3.25% to 7.00% on FDs of 7 days to 10 years to its general customers. On the other hand, talking about senior citizens, the bank is offering interest rates ranging from 3.25% to 7.50% on deposits of less than 2 crores. These new rates have come into effect from 7 October 2022. Let’s know about the new rates of the bank-
- 7-45 days-3.25%
- 46-90 days-4.25%
- 91-179 days-4.50%
- 180-269 days-5.90%
- 270-1 up to year-6.00%
- 1 year-6.60%
- 1 to 2 years -6.50%
- 666 days-7.00%
- 2 to 3 years -6.50%
- 3 to 5 years-6.50%
- 5 to 10 years-7.00%
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