 "Canara Bank cuts term deposit rates")
Public sector lender Canara Bank slashed interest rates on its domestic and non-resident ordinary (NRO) term deposits with effect from Tuesday.
The new rate for deposit size of Rs 1 crore and above for a period of 61-90 days will be 7.75% (existing 8.75%), while the revised rate for 91-120 days will now be 8.50% (9%).
Also, the interest rate for Rs 1 crore and above deposits with a maturity of 121-179 days has been revised to 8.75% from the existing 9%, while it was reduced to 9% (9.10%) for above one year to less than two years.
Additional interest of 0.50% would be extended to senior citizens for their domestic term deposits, Canara Bank said in a filing to the BSE on Tuesday.
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