GOOD NEWS! Axis Bank and Canara Bank Hikes FD Rates, Check New Rates Here

By Spreadit English Last updated May 13, 2022

Axis Bank and Canara Bank have announced a hike in their FD interest rates. The new rates have come into effect from May 12, 2022. Let’s take a look at the changes.

According to the Axis Bank Website, the new FD rates will range from 2.5% to 5.75% depending on the tenure. Senior citizens will get 0.5% more than the normal deposits. Check out the new FD rates here.

The changes for the FD interest rates are for tenures of 9 months and above. For deposits of less than a year, the interest rate is now 4.75%.

For 1 year to 15 months – 5.25%
For 15 months to 2 years – 5.3%
From 2 years to 5 years – 5.6%
For 5 years to 10 years – 5.75%

On the other hand, Canara Bank has also hiked its FD interest rates by 10 to 25 basis points. The bank said in a statement that the FD rate hike is applicable for deposits less than Rs 2 crore for tenures between 46 days to 10 years.

“Rates are applicable only for a single deposit of Rs.5 Lakh & above. The minimum period for renewal of domestic/NRO term deposits is 7 days irrespective of the size of the deposit. Below Rs.5 Lakh, the Minimum tenor of the deposit is 15 Days,” said the Canara bank on its website.

Canara Bank FD Interest Rates

7 days to 45 days: For General Public – 2.90 per cent; For Senior Citizens – 2.90 per cent
46 days to 90 days: For General Public – 4.00 per cent; For Senior Citizens – 4.00 per cent
91 days to 179 days: For General Public – 4.05 per cent; For Senior Citizens – 4.05 per cent
180 days to 269 days: For General Public – 4.50 per cent; For Senior Citizens – 5.00 per cent
270 days to less than 1 year: For General Public – 4.55 per cent; For Senior Citizens – 5.05 per cent
1 Year only: For General Public – 5.30 per cent; For Senior Citizens – 5.80 per cent
Above 1 year and less than 2 years: For General Public – 5.40 per cent; For Senior Citizens – 5.90 per cent
2 years and above to less than 3 years: For General Public – 5.45 per cent; For Senior Citizens – 5.95 per cent
3 years and above to less than 5 years: For General Public – 5.70 per cent; For Senior Citizens – 6.20 per cent
5 years and above to 10 years: For General Public – 5.75 per cent; For Senior Citizens – 6.25 per cent

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