Canara Bank hikes deposit rates

Canara Bank has again raised the domestic term deposit rates across various maturities.

The rates are up by 125 basis points for 90 days and 50 basis points for one year for all retail term deposits below Rs 1 crore.

On its special offer of 555 days deposits, the Bank offers 8.30 per cent interest and for 1,000 days deposits, it is 8.60 per cent. These rates are effective from Monday.

This is the second time during the month that the Bank has increased its deposit rates.

The Bank had announced a 50 basis points increase across various maturity slabs with effect from December three.

The increase in deposit rates effective December 13 is across various maturities and covers both retail term deposits below Rs one crore and also deposits above Rs 1 crore.

The  Bank pays an additional 0.50 per cent interest to senior citizens for deposits of less than five years and additional one per cent interest for deposits of five years and above for deposits of less than Rs one crore.

The Bank has also announced increase in its Base Rate from 8.50 per cent to 9.00 per cent and BPLR from 12.50 per cent to 13.25 per cent, also effective December 13.