Canara Bank NRE, term deposit rates cut

Bangalore: Canara Bank has dropped the interest rates on NRE and domestic term deposits by 0.25 per cent (25 basis points).

A bank release issued here said the reduction will take effect from the beginning of the next financial year. As a result of the changes, the new rates for deposits up to 45 days is 4.75 per cent. For three years and above the rates applicable are 8 per cent.

For senior citizens, the rates for deposits up to three years are 6.5 per cent, and for tenors above three years it is 8 per cent.