Taking cue from other lenders, state-run Canara Bank has hiked interest
rates on fixed deposits by up to 0.50 per cent.
Fixed deposits in the maturity bracket of 46 days to 60 days and 61 days to 90 days would now fetch interest rates of 7.50 per cent, up from 7 per cent earlier, effective Friday, the bank said in a filing to the Bombay Stock Exchange.
For deposits above one year to less than two years, the interest rates would now be 9.05 per cent, up from 8.75 per cent. For those of five years and above to less than 8 years would now be 9.05 per cent, up from 8.75 per cent.
Additional interest rate of 0.50 per cent would be given to senior citizens for domestic term deposits, Canara Bank said.
With revision in deposit rate, the peak rate has gone up to 9.05 per cent. Term deposit between one year to up to 10 years would earn interest rate of 9.05 per cent.
Besides, state-run Punjab National Bank
has also hiked interest rates on select maturities by up to 0.50 per cent effective from November 11.
Earlier this week, private sector Axis Bank had revised the interest rates on select maturities for fixed deposits of less than Rs 1 crore. In two buckets there was an upward revision of 0.25 per cent and in 9 buckets a downward revision of 0.25 per cent by the bank.
India's largest lender
State Bank of India and HDFC Bank too have hiked their base rate, or the minimum lending rate, by 0.20 per cent to 10 per cent.
The rate revision by various lenders comes after the Reserve Bank of India hiked interest rates by 0.25 per cent in its monetary policy on October 29.
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