Canara Bank Saving Schemes: The Reserve Bank of India recently cut the repo rate by 1.25 percent this year. As a result, loan interest rates have decreased, and so have bank FD rates. Following this, many banks revised their FD schemes. Public sector bank Canara Bank has also announced new rates on its FD schemes. The bank is now offering FD accounts for tenures ranging from 7 days to 10 years.
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Canara Bank’s 555-day FD Scheme
Canara Bank’s 555-day FD scheme offers the highest interest rate. General citizens will get 6.15 percent interest, senior citizens 6.65 percent, and super senior citizens 6.75 percent. Meanwhile, the 3-year FD scheme offers 5.90 percent interest to general citizens and 6.40 percent to senior citizens. The special feature of this FD scheme is that the interest earned is fixed and does not fluctuate.
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Fixed interest on Rs 1 lakh
If a general citizen deposits Rs 1 lakh in a 3-year FD, the total amount at maturity will be Rs 1,19,209, which includes a fixed interest of Rs 19,209. For senior citizens, the total amount at maturity will be Rs 1,20,983, including a fixed interest of Rs 20,983. Since Canara Bank is a government bank, the deposited money is completely safe.