Canara Bank hikes fixed deposit rates by up to 25 basis points

State-owned Canara Bank on Tuesday raised interest rates on fixed deposits across various maturities by up to 25 basis points.

The revised rates are effective from March 1, 2022, Canara Bank said in a statement.

Interest rate on fixed deposits for tenure 1 year has been increased to 5.1 per cent while for one-two years it is raised to 5.15 per cent from 5 per cent, it said.

Fixed deposit between 2-3 years would invite interest rate of 5.20 per cent and 3-5 years 5.45 per cent from 5.25 per cent earlier, it said.

Maximum 25 basis point hike has been done for the 5-10 years fixed deposit slab to 5.5 per cent, it added.

Senior citizens would earn 50 basis point more across all the brackets.