November 08, 2013 / 19:43 IST
Taking cue from other lenders, state-run Canara Bank today hiked interest rates on fixed deposits by up to 0.50 percent.
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 percent, up from 7 percent earlier, effective today, Canara Bank said in a filing to the BSE.
Also read: SBI hikes base rates by 20 bps to 10%
For deposits above one year to less than two years, the interest rates would now be 9.05 percent, up from 8.75 percent. For those of five years and above to less than 8 years would now be 9.05 percent, up from 8.75 percent.
Additional interest rate of 0.50 percent 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 percent. Term deposit between one year to up to 10 years would earn interest rate of 9.05 percent.
Besides, state-run Punjab National Bank (PNB) has hiked interest rates on select maturities by up to 0.50 percent effective from November 11.
Fixed deposits for less than Rs one crore between 271 days to less than one year would yield interest rate of 8 percent, up from 7.50 percent earlier, PNB said. In case of maturity period of one year and above up to 10 years, uniform interest rates of 9 percent shall be applicable, PNB said.
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 percent and in 9 buckets a downward revision of 0.25 percent by the bank.
The rate revision by various lenders comes after the Reserve Bank hiked interest rates by 0.25 percent in its monetary policy on October 29.
Following this, country's largest lender State Bank of India (SBI) and HDFC Bank hiked their base rate or the minimum lending rate by 0.20 percent to 10 percent.
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