I am here to discuss about historical background of Canara bank and its interest rates in various schemes. Canara Bank was founded by Mr. Ammbal Subba Rao Pai in July, 1906. The bank has gone through various stages of its growth trajectory in the hundred years of its existence. The growth of Canara Bank was unprecedented, especially after nationalization in 1969, a national level player status in terms of geographical reach and customer segments.
The eighties were characterized by commercial diversification for the bank. In June 2006, the bank celebrated a centenary year. The bank’s eventful journey is characterized by many memorable milestones. Today, Canara Bank holds a prominent position in the ranking of Indian banks.
“A good bank is not only the financial heart of the community, but also one with an obligation of helping in every possible manner to improve the economic conditions of the common people”. These precious words of the founder of Canara bank continue to resonate in the service of the society even today.
Canara Bank Fixed Deposit rates 2020:
| Terms of Deposit | FD Rates | Senior Citizen FD Rates |
|---|---|---|
| 7 days to 14 days | 4.25% | 4.25% |
| 15 days to 30 days | 4.25% | 4.25% |
| 31 days to 45 days | 4.25% | 4.25% |
| 46 days to 60 days | 5.00% | 5.00% |
| 61 days to 90 days | 5.00% | 5.00% |
| 91 days to 179 days | 5.00% | 5.00% |
| 180 days to less than 1 year | 5.50% | 6.00% |
| 1 year only | 5.85% | 6.35% |
| Above 1 year to less than 3 year | 5.85% | 6.35% |
| Above 3 year | 5.80% | 6.30% |
Canara Bank Recurring Deposit rates 2020:
| Terms of Deposit |
RD Interest Rates |
Senior Citizen RD Rates |
|---|---|---|
| 180 days to less than 1 year | 5.95% | 6.45% |
| 1 year only | 6.40% | 6.90% |
| 1 year 1 day to less than 3 years | 6.00% | 6.50% |
| 3 years to 10 years | 6.25% | 6.75% |
Canara Bank Savings Bank Deposit Interest rates:
- Minimum monthly balance in your account should be Rs. 500/- for rural areas and Rs. 1,000/- for semi-urban and urban areas
- Interest rate is 3.10% for balance up to Rs. 50 Lakhs and 3.25% for above Rs. 50 Lakhs
That’s all for Canara bank and its interest rates in various schemes. Thank you for visiting here.
Know more about loan eligibility, procedures and interest rates of Canara bank