According to the website, FDs with a term of one to two years will now earn 5%, while those with a tenure of two to three years would get 5.10%, 5.25% for 3 years and up to less than 5 years, and FDs with a tenure of 5 years and up to 10 years will fetch 5.25%.
The Canara Unique Retail Term Deposit Scheme of “1111 Days” with additional rate of interest of 0.10% over and above the rate for the tenor of the deposit, will earn 5.35% for the general public and 5.85% for senior citizens.
Other banks too hike FD rates
The State Bank of India (SBI) and HDFC Bank, two of the country’s biggest banks, increased interest rates on fixed deposits last week (FDs). In fact, this is the second time in the last month that HDFC Bank has raised its fixed-income rates. In the previous month, several institutions such as Bank of Baroda and Kotak Mahindra Bank have increased their FD interest rates.
SBI VS HDFC Bank FD interest rate: Which bank is offering higher rate?