Indian Bank and Canara Bank hike their FD rates! Customers getting 7.50% return

FD Rates Increased: Indian Bank and Canara Bank, the country’s two largest public sector banks, have decided to increase the interest rate on their FDs of less than Rs 2 crore. It is worth noting that in order to control the rising inflation in the country, the Reserve Bank of India is continuously increasing its repo rate in the last 6 months. The last time the central bank has decided to increase its interest rates after its review meeting on 30 September 2022. RBI’s repo rate has increased from 4.00% to 5.90% (RBI Repo Rate).

In such a situation, it is affecting the bank’s deposit rates and loan interest rates. In the last few days, the burden of loan EMI on the customers is increasing. Along with this, the fixed deposit rates are also increasing. Now two big public sector banks of the country i.e. Canara Bank and Indian Bank have increased their FD rates. Let us know how much return the customers of both the banks are getting on deposits of less than Rs 2 crore-

FD rates of Indian Bank-
The bank (Indian Bank FD Rates) has increased its FDs of less than Rs 2 crore by 90 basis points for 1 to 5 years. After this increase, the bank is offering 2.80% to 6.50% interest rate to its customers on FDs of 7 days to 10 years. On the other hand, 0.50% higher interest rate is offered to senior citizens on FDs ranging from 5 to 10 years. The new rates of the bank have been implemented from 29 October 2022. Indian Bank is offering such interest rate on FD less than Rs 2 crore-

• FD of 7 to 14 days – 2.80%
• FD of 15 to 29 days – 2.80%
• FD of 30 to 45 days – 3.00%
• FD of 46 to 90 days – 3.25%
• FD of 91 to 120 days – 3.50%
• FD of 121 to 180 days – 3.85%
• 181 to less than 9 months FD – 4.50%
• 9 Months 1 Year FD-4.75%
• 1 year FD-6.10%
• FD from 1 to 2 years – 6.30%
• FD of 2 to 3 years – 6.50%
• FD of 3 to 5 years – 6.40%
• FD up to 5 years – 6.40%
• Above 5 years-6.30%

Canara Bank FD Rates-
Canara Bank FD Rates has decided to increase the interest rate on FDs from 7 days to 10 years. 7 days to 10 years FD is offering interest rate from 3.25% to 6.50% to ordinary citizens. At the same time, the bank is offering 3.25% to 7.50% interest rate to senior citizens. The new rates of the bank have come into effect on 31 October 2022. Let us know about the interest rate of different tenure-

• FD of 7 to 45 days – 3.25%
• FD of 46 to 90 days – 4.50%
• FD of 91 to 179 days – 5.50%
• 180 to 269 days FD – 5.50%
• 270 to 1 year FD-5.50%
• 1 year FD-6.25%
• FD of 1 to 2 years – 6.25%
• 666 Days FD-7.00%
• FD of 2 to 3 years – 6.25%
• FD of 3 to 5 years – 6.50%
• FD of 5 to 10 years – 6.50%

These banks also increased the interest rate-
After the hike in the repo rate of RBI, ICICI Bank, Punjab National Bank, Union Bank, ICICI Bank, Axis Bank, HDFC Bank (HDFC Bank) Many banks, including Bank of Maharashtra, Yes Bank, have increased their deposit rates.

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