Following the ongoing trend of cutting down the deposit rates, Canara Bank also reduced its term deposit rates. The bank has reduced the rates by 0.5% to 0.25%. The new rates will be effective from today itself. For the tenure of 1 year and less than it bank will now offer a rate of 8.25%.
For the period of 1 year to three year the bank has revised the rate to 9%. For three years and above to less than eight years, the new rate is 8.75%. For the deposits above of Rs 1 crore the revised rate is between 7.75 % and 8.5 % for different periods.