The Reserve Bank of India’s (RBI’s) monetary policy committee (MPC) is set to announce the benchmark repo rate on June 6, 2025. In the meantime, Canara Bank has reduced its fixed deposit (FD) rates, effective from June 1, 2025. The highest reduction is 25 basis points (bps) for the ‘three years and above to less than five years’ tenure for senior citizens. For seniors, the rates range from 4 per cent to 7.20 per cent, and for the general public, from 4 per cent to 6.70 per cent. The bank offers seniors an additional 50 bps rate on tenures of 180 days and above.
Here are the latest FD rates from Canara Bank available to seniors and the general public.
Canara Bank FD Rates For Senior Citizens
The new rates are as follows:
4.00 per cent for 7-45 days
5.25 per cent for 46-90 days
5.50 per cent for 91-179 days
6.65 per cent for 180-269 days
6.75 per cent for 270 days to less than one year
7.25 per cent for 1 year only
7.50 per cent for 444 days
7.35 per cent for above 1 year to less than 2 years
7.40 per cent for 2 years to less than 3 years
7.25 per cent for 3 years to less than 5 years
7.20 per cent for 5-10 years
Previously the bank offered 10 bps higher rates for ‘one year’ at 7.35 per cent, and 25 bps higher for ‘Three years to five years’ tenure at 7.50 per cent. Though the highest rate offered by the bank remains at 7.50 per cent, but now it is for a shorter tenure (444 days).
The rates for super seniors (80 years and above) are the same as seniors except for ‘444 days’ on which super seniors can avail of 7.60 per cent (60 bps higher rates than the general public).
Rates For General Public
4.00 per cent for 7-45 days
5.25 per cent for 46-90 days
5.50 per cent for 91-179 days
6.15 per cent for 180-269 days
6.25 per cent for 270 days to less than 1 year
6.75 per cent for 1 year
7.00 per cent for 444 days
6.85 per cent for above 1 year to less than 2 years
6.90 per cent for 2 years to less than 3 years
6.75 per cent for 3 years to less than 5 years
6.70 per cent for 5-10 years
Note that these rates are only for callable FDs (the FDs that can be withdrawn before maturity) of less than Rs 3 crore.
Experts expect a rate cut in the RBI MPC meeting in June as well as in August, due to easing inflation and the economic conditions. When the repo rate changes, it has a direct bearing on the lending and deposit rates; however, the impact on lending rates is observed more quickly than on deposit rates.
