Business · India Bureau
PNB, Canara Bank Revise Fixed Deposit Rates in Early November
Two major Indian public sector banks have adjusted their fixed deposit interest rates, with Canara Bank offering rates up to 7.25 per cent for senior citizens. The revised rates are now effective at both Punjab National Bank and Canara Bank.
LSN India ·
Punjab National Bank (PNB) and Canara Bank have implemented revised fixed deposit rates effective from early November, providing updated returns for depositors seeking higher yields on their savings.
Canara Bank is currently offering interest rates of up to 7.25 per cent for senior citizen deposits, positioning itself competitively in the current banking environment. PNB's revised rates for the same category stand at 7.10 per cent, reflecting the competitive dynamics among public sector banks in attracting deposits.
The rate adjustments come as banks recalibrate their deposit pricing strategies amid evolving monetary conditions. Both institutions have updated their FD schemes across various tenure periods to align with current market requirements and customer expectations.
Depositors considering fixed deposit investments are advised to compare the latest offerings from both banks, taking into account factors such as tenure, deposit amount, and eligibility criteria. Senior citizens often benefit from preferential rates across the banking sector, making them key beneficiaries of these periodic rate revisions.