Saturday, 26 January 2013

Interest on Fixed deposits Increased by Canara Bank

Canara Bank, one of the leading nationalized banks decided to raise the interest on fixed deposits by 1%.  This is applied for some selected fixed deposit schemes only. 

The rate of interest on fixed deposits with a maturity between 1 Interest on Fixed Deposityears to 2 years  and between 3 to 5 years increased to 9.05%.

Interest rate on fixed deposits with 270 days increased to 9% from 8%.

The Interest rate of 5 years to 10 years fixed deposit also has been raised to 9.05%.

But the interest rate of the fixed deposits of 180 days to 269 days decreased by 0.5% and the present rate is 8 percent against the earlier rate of 7.5%

Through the decision to increase the interest rate of fixed deposits, Canara Bank has taken a great decision which is beneficial to long term investors. But for short term investors the rate of interest has been coming down by 0.5% which shows that the bank discourages short term investment and wish to encourage long term fixed deposits.

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