Canara Bank, PNB raise FD (Fixed Deposit) rates by upto 0.5 per cent

Canara Bank, PNB raise FD (Fixed Deposit) rates by upto 0.5 per cent

INDICATING a hardening of interest rates, major public sector lenders Canara Bank and Punjab National Bank (PNB) on Friday raised fixed deposit rates on various maturities by as much as 0.50 per cent.
The increase in fixed deposit rates may lead to a hike in lending rates sooner or later.

Canara Bank said fixed deposits of less than Rs 1 crore with a maturity of 46 days to 60 days and 61 days lo 90 days would now fetch an interest rate of 7.50 per cent, up from 7 per cent earlier. For deposits for periods above one year to less than two years, the rate would be 9.05 per cent, up from 8.75 percent. For five years and above to less than eight years, the interest would be 9.05 per cent, up from 8.75 percent. Canara Bank said. An additional interest rate of 0.50 per cent would be given to senior citizens for domestic term deposits, it said. With the revision in deposit rates, peak rate has gone upto 9.05 pc. Term deposits for one year to upto 10 years would earn an interest of 9.05 per cent.

Fixed deposits of less than Rs 1 crore for 271 days to less than one year would yield interest of 8 per cent, up from 7.50 per cent earlier. PNB said in a statement. Term deposits with a maturity period of 91 days to 179 days would attract interest of 7 per cent, up from 6.75 per cent. For maturity periods ranging from one year to 10 years, a uniform interest rate of 9 per cent is applicable, it said.