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Canara Bank hikes FD interest rates; what SBI, ICICI and others are offering

Canara Bank hikes FD interest rates; what SBI, ICICI and others are offering

Canara Bank hikes FD interest rates; what SBI, ICICI and others are offering
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By CNBCTV18.com May 13, 2022 4:26 PM IST (Published)

The SBI FD interest rates for senior citizens for all tenors are 50 basis points (0.5 percent) higher than the interest rates offered to normal citizens.

Canara Bank has announced a hike in interest rates on fixed deposits (FDs) of less than Rs 2 crore across tenures. The rates have been increased by 10-25 basis points or 0.10-0.25 percent. The revised rates will be effective from May 12 as per the bank’s website.

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Here are the latest interest rates offered by Canara Bank on Fixed Deposits of less than Rs. 2 Crore for various tenors.
TenureInterest rate for normal citizenInterest rate for senior citizen
7 days to 45 days2.90 percent2.90 percent
46 days to 90 days4.05 percent4.05 percent
180 days to 269 days4.50 percent5.00 percent
270 days to less than 1 year4.55 percent5.05 percent
1 Year only5.30 percent5.80 percent
Above 1 year and less than 2 years5.40 percent5.90 percent
2 years and above to less than 3 years5.45 percent5.95 percent
3 years and above to less than 5 years5.70 percent6.20 percent
5 years and above to 10 years5.75 percent6.25 percent

The move comes as a result of the hike in RBI’s repo rate. Several other banks like the ICICI bank, SBI, and Kotak Mahindra Bank have also hiked their FD interest rates since the RBI’s announcement.

Here is a comparison of the latest interest rates hikes offered by other banks on fixed deposits.

State Bank of India

India’s largest public sector bank, the State Bank of India revised interest rates offered on bulk fixed deposits of Rs 2 crore and above across various tenors. The bank increased interest rates on bulk deposits by 40-90 basis points or 0.40-0.90 percent. The revised interest rest have already come into effect since 10 May 2022.

Here are the latest interest rates offered by SBI on bulk fixed deposits of Rs 2 crore and above.

TenureNew Interest rate for Normal Citizen
7 days to 45 days3.00 percent
46 days to 179 days3.5 percent
180 days to 210 days3.5 percent
211 days to 1 year3.75 percent
1 year to 2 years4 percent
2 years to 3 years4.25 percent
3 years to 5 years4.5 percent
5 years to 10 years4.5 percent

The SBI FD interest rates for senior citizens for all tenors are 50 basis points (0.5 percent) higher than the interest rates offered to normal citizens.

ICICI Bank

ICICI Bank also announced a hike in interest rates offered on the fixed deposits of Rs 2 crore to Rs 5 crore by 5 bps across specific tenors. As per the official website of ICICI, the rates on term deposits maturing in 15 months to 10 years have been raised. The revised rates will come into effect from May 13.

Here are the interest rates offered by ICICI bank of FDs of Rs 2 crore to Rs 5 crore across various tenors.

TenureInterest rate for normal citizenInterest rate for senior citizen
7 days to 14 days3.00 percent3.00 percent
15 days to 29 days3.00 percent3.00 percent
30 days to 45 days3.25 percent3.25 percent
46 days to 60 days3.25 percent3.25 percent
61 days to 90 days3.40 percent3.40 percent
91 days to 120 days3.60 percent3.60 percent
121 days to 150 days3.60 percent3.60 percent
151 days to 184 days3.60 percent3.60 percent
185 days to 210 days3.75 percent3.75 percent
211 days to 270 days3.75 percent3.75 percent
271 days to 289 days4.00 percent4.00 percent
290 days to less than 1 year4.00 percent4.00 percent
1 year to 389 days4.50 percent4.50 percent
390 days to < 15 months4.50 percent4.50 percent
15 months to < 18 months4.65 percent4.65 percent
18 months to 2 years4.70 percent4.70 percent
2 years 1 day to 3 years4.80 percent4.80 percent
3 years 1 day to 5 years4.85 percent4.85 percent
5 years 1 day to 10 years4.85 percent4.85 percent
 

Kotak Mahindra Bank

Kotak Mahindra Bank was one of the first movers to hike interest rates after the RBI announcement. The bank hiked interest rates offered on fixed deposits of less than Rs 2 crore by 30-50 bps or 0.3-0.5 percent across various tenors. The revised rates have come into effect from May 6 as per the bank’s official website.

Here are the latest interest rates offered by Kotak Mahindra on fixed deposits of less than Rs. 2 Crores across various tenors.

TenureInterest rate for normal citizenInterest rate for senior citizen
7 days to 14 days2.50 percent3.00 percent
15 days to 30 days2.50 percent3.00 percent
31 days to 45 days3.00 percent3.50 percent
46 days to 90 days3.00 percent3.50 percent
91 days to 120 days3.50 percent4.00 percent
121 days to 179 days3.50 percent4.00 percent
180 days4.75 percent5.25 percent
181 days to 269 days4.75 percent5.25 percent
270 days4.75 percent5.25 percent
364 days5.25 percent5.75 percent
365 days to 389 days5.40 percent5.90 percent
390 days (12 months 25 days)5.50 percent6.00 percent
391 days to less than 23 months5.50 percent6.00 percent
23 months5.60 percent6.10  percent
23 months 1 days to less than 2 years5.60 percent6.10 percent
2 years to less than 3 years5.60 percent6.10 percent
3 years and above but less than 4 years5.75 percent6.25 percent
4 years and above but less than 5 years5.75 percent6.25 percent
5 years and above up to and inclusive of 10 years5.75 percent6.25 percent
 
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