Are you looking for fixed and better returns on bank FDs, but worried about an impending interest rate cut? Experts believe that with inflation under control, the RBI may once again cut the repo rate. If this happens, interest rates on fixed deposits (FDs) will once again fall. Since the repo rate has already been cut by 1.00 percent this year, if you’re planning to open an FD account, you need to make a decision as soon as possible. Today, we’ll tell you about a powerful FD scheme from Canara Bank that lets you earn fixed interest of up to ₹79,500 by depositing just ₹2 lakh.
Canara Bank’s Special FDs and Interest Rates
Public-sector Canara Bank currently offers its customers interest rates ranging from 3.25 percent to 7.00 percent on FD schemes. FDs can be opened with Canara Bank for a minimum period of 7 days, and the maximum period is up to 10 years.
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Canara Bank is offering the highest interest rate on its 444-day special FD scheme. The maximum interest rate is 6.50 percent for general citizens, 7.00 percent for senior citizens, and 7.10 percent for super senior citizens. The most important thing is that under this FD scheme, you receive a fixed amount of interest after a fixed period, without any risk of market fluctuations.
Guaranteed Returns on ₹2 Lakh
Canara Bank is also offering excellent rates on 5-year FDs. Interest rates are available for general citizens and 6.75 percent for senior citizens on a 5-year FD. Let’s understand the maturity benefit for an investment of ₹2 lakh. If you are a regular citizen and deposit ₹2 lakh in a 5-year Canara Bank FD at a rate of 6.25 percent, you will receive a total of ₹2,72,708 on maturity, including a fixed interest of ₹72,708.
If you are a senior citizen and deposit ₹2 lakh in a 5-year Canara Bank FD at a higher rate of 6.75 percent, you will receive a total of ₹2,79,500 on maturity, including a higher fixed interest of ₹79,500. This special FD is the safest and most profitable investment option for those who want to lock in their investments before a potential drop in interest rates.
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