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 years 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.
Open Fixed Deposit with High Interest
SBI unfixed deposit for high interest and high liquidity
Changes in interest rate of PF & Small Savings
Saturday, 26 January 2013
Interest on Fixed deposits Increased by Canara Bank
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