Canara Bank hikes FD interest rates on select durations

Canara Bank has increased fixed deposit rates upto 1% on various tenures, while slashing interest rate by 0.5% for maturity between 180 to 269 days to 7.5% from 8%.

Interest rates on 1-2 years and 3-5 years fixed deposits have been raised by 0.55% to 9.05%, Canara Bank said in a statement.

Similarly, fixed deposits between 270 days and 1 year will gain 1% higher interest. The new rate would be 9% against existing rate of 8 per cent, it said.

Canara Tax Saver Deposit scheme will earn interest rate of 9.05% for the tenure of 5 years.

The revised interest rates are with effective from Jan 18, 2013.

Shares of the bank were seen trading at Rs 525, higher by 0.91% on BSE at 10.20 am IST.

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