The Reserve Bank of India (RBI) has imposed a fine of ₹4.18 million on public sector Canara Bank. The central bank took this action for non-compliance with KYC (Know Your Customer) and inoperative accounts regulations. In a statement issued on Friday, the RBI said the penalty was imposed based on deficiencies observed in regulatory provisions.

Several deficiencies revealed during the inspection

The RBI conducted an inspection of Canara Bank based on its financial position as of March 2025 (ISE 2025). During the inspection, it was found that the bank had not uploaded the KYC records of some customers to the Central KYC Records Registry (CKYCR) within the stipulated timeframe.

The KYC process is a vital part of the banking system, through which customer identification and financial activities are monitored. The RBI takes any negligence in this process seriously.

Mistakes in Classifying Inoperative Accounts

During the inspection, the RBI also found that the bank had declared some accounts inoperative even though the last transaction by customers in those accounts had been less than a year ago. This was considered inconsistent with RBI guidelines. Experts believe that such mistakes can cause inconvenience to customers and impact banking services.

Fine Imposed on Another Company

The RBI also imposed a fine of ₹3.1 lakh on Purana Associates Private Limited. The company is accused of not complying with RBI guidelines related to asset classification.

Customers need not panic

The central bank clarified that these fines were imposed only based on violations of regulatory rules. This does not imply that the validity of any transactions or agreements between the entities concerned and their customers has been questioned. RBI said that its objective is to ensure better compliance of regulations in banks and financial institutions, so that the banking system remains more transparent, safe and reliable.

Read More: Delhi Weather Today: Chances of rain with thunder and lightning in Delhi, know the weather forecast of IMD

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FD account can be opened in Canara Bank for a period of 7 days to 10 years. This government bank is offering interest ranging from 3.50 percent to 7.20 percent on FD to its customers. Today we will tell you about such an FD scheme of Canara Bank, in which fixed interest of Rs 14,888 can be obtained by depositing only Rs 1 lakh.

Canara Bank is giving the highest interest on 444 days FD

On FD accounts, customers get back the entire principal amount with fixed interest after a fixed period. Public sector Canara Bank is giving the highest interest to its customers on FDs of 444 days duration. This government bank is giving 6.60 percent interest to general citizens, 7.10 percent to senior citizens and 7.20 percent to very senior citizens (people above 80 years of age) on FDs of 444 days. Canara Bank is offering 6.50 percent interest to general citizens and 7.00 percent interest to senior citizens on 2-year FDs.

Deposit ₹1,00,000 and get fixed interest of ₹14,888

If you are a normal citizen i.e. your age is less than 60 years and you deposit Rs 1,00,000 in a 2-year FD scheme in Canara Bank, then you will get a total of Rs 1,13,764 on maturity, which includes a fixed interest of Rs 13,764. Similarly, if you are a senior citizen i.e. your age is above 60 years and you deposit Rs 1,00,000 in Canara Bank, then you will get a total of Rs 1,14,888 on maturity, which includes a fixed interest of Rs 14,888. Let us tell you that Canara Bank is a government bank and is controlled by the Central Government, so your money is absolutely safe in it.

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Seven major banks of the country – SBI, Bank of Baroda, Canara Bank, Indian Bank, Central Bank of India, IDBI Bank and Federal Bank – have come up with a special scheme for their customers. All these banks are offering a special FD scheme of 444 days, in which the interest rate is ranging from 6.60% to 7.60%.

State Bank Of India

State Bank of India (SBI) runs a special FD scheme named “Amrit Vrishti” for its customers, which has a duration of 444 days. In this, people get interest at the rate of 6.85 percent. Senior citizens and super senior citizens get the benefit of 0.50 percent and 0.60 percent additional interest.

Bank Of Baroda

Bank of Baroda (BoB) runs a 444-day FD scheme called bob Square Drive Deposit Scheme for its customers, in which they get interest at the rate of 7 percent. Senior citizens and super senior citizens get the benefit of 0.50 percent and 0.60 percent additional interest.

Canara Bank

Canara Bank customers get 6.60 percent interest on FDs of 444 days. Senior citizen customers get 7.10 percent interest on this FD scheme.

Indian Bank

Indian Bank customers get 6.90 percent interest on 444 days FD scheme. Senior citizens also get reasonable profits.

Central Bank Of India

Central Bank of India customers get 7 percent interest on 444 days FD plan. Whereas, senior citizens get 7.60 percent interest.

IDBI Bank

IDBI customers get 7.1 percent interest on 444 days FD plan. Whereas, senior citizens get 7.50 percent interest.

Federal Bank

Federal Bank customers get 7 percent interest on FDs of 444 days. Senior citizen customers get 7.50 percent interest on this FD scheme.

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The bank said in a statement that this order has come into effect from June 1, 2025. No savings account customer of Canara Bank will have to face penalty for not maintaining minimum balance in his account. Earlier, the customers of the bank had to maintain a minimum average monthly balance depending on the type of their account. Failure to do so would result in a penalty.

How much was the penalty earlier

Earlier, customers were required to maintain a minimum monthly balance of Rs 2,000 in savings accounts in urban branches, Rs 1,000 in semi-urban branches and Rs 500 in rural branches. Failure to do so would attract a penalty. The new policy is expected to benefit millions of Canara Bank customers, including salaried individuals, senior citizens, students, non-resident Indians (NRIs) and first-time users of banking services.

Canara Bank is the first large public sector bank in the country to offer ‘no penalty’ facility for not maintaining minimum balance. Currently, interest rates on domestic/NRO/NRE savings accounts in Canara Bank range from 2.70 percent per annum to 4 percent per annum.

How much profit in March quarter

Canara Bank’s net profit on consolidated basis increased by 28 percent to Rs 5,070 crore in the January-March quarter. Net interest income declined by 1.44 percent to Rs 9,442 crore. Net interest margin declined by 0.25 percent to 2.80 percent. Profit increased to Rs 17,540 crore in FY 2025.

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Many new banking rules are being implemented by the Reserve Bank of India from April 1, 2025. So that the banking system can be made more strong, secure, easy for customers, and transparent. These new rules will affect the account holders of many public sector banks like SBI, PNB, Canara, HDFC.

Know what changes are happening in the top 5 rules related to SBI, PNB, Canara and other banks

1. Minimum balance requirements

• Minimum balance policies are being updated in other banks like SBI, Canara Bank, PNB Bank.
• From April 1, a higher minimum balance will have to be maintained in the savings account than before.
• The minimum balance required in the account may vary depending on the type of account and geographical location like urban, semi-urban or rural.
• If customers succeed in doing so, they may face penalties.

2. ATM withdrawal charges will be revised

• ATM transaction policies are also going to change from April 1.
• Higher fees may be levied for exceeding the prescribed number of free transactions.
• The number of free transactions will be reduced when using ATMs of other banks.
• Withdrawals beyond the number of free transactions will attract higher charges.
• Currently, many banks provide the benefit of free ATM withdrawals three to five times a month at their ATMs.
• Apart from this, withdrawal from ATMs of other banks can be done three times in a month. If this is done more than this, an additional charge of 20 to 25 rupees may be levied.

3. Changes in interest rates

• Public sector banks have revised the interest rates on savings accounts and fixed deposits.
• Interest rates on savings accounts will now be charged at different percentages depending on the account balance.
• To attract more long term investments, interest rates on fixed deposits have also been changed.

4. Expansion of digital banking facilities

• To bring about digital revolution, banks are upgrading the online and mobile banking services being provided to the customers.
• Many banks are using AI chatbots to answer customer queries.
• To make digital transactions more secure, features like biometric authentication and two-factor verification are being strengthened.
• Many new features will be added to online and mobile banking from April 1.

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These interest rates have been revised on FDs up to Rs 3 crore. According to the bank’s website, the new rates have come into effect from December 1, 2024.

Canara Bank is offering FDs for tenures ranging from 7 days to 10 years. After the revision, Canara Bank is offering 4% to 7.40% interest on FDs to the general public and 4% to 7.90% interest to senior citizens.

New interest rates on Canara Bank FDs

Canara Bank is now offering 4 per cent interest rate on FDs maturing between 7 to 45 days and 5.25 per cent interest rate on deposits maturing between 46 to 90 days. Canara Bank is offering 5.50 per cent interest rate on deposits maturing in 91 to 179 days and 6.15 per cent interest on deposits maturing in 180 to 269 days. The bank is offering 6.25 per cent interest rate on FDs of tenure less than 70 days and 1 year, while 1-year FDs will offer 6.85 per cent return, while FDs maturing in 444 days will offer 7.25 per cent return.

FD rates for super senior citizens –

According to Canara Bank’s website, an additional interest rate of 0.60 per cent for super senior citizens (80 years and above) has been introduced only under Canara-444 scheme. It will be 7.85 per cent for callable deposits and 8 per cent for non-callable deposits.

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SBI FD Interest Rates

SBI is offering 3.5-7.25 percent interest on FD. Senior citizens are being offered an additional interest of 0.50 percent. You are being given 7.10 percent interest on the bank’s 400-day Amrit Kalash FD. Senior citizens are being given up to 7.60 percent interest. Apart from this, 7.25 percent interest is being given under the 444-day Amrit Varshita Scheme.

2- ICICI Bank FD Interest Rates

ICICI Bank is giving interest ranging from 3% to 7.25% on FDs. Senior citizens are being given interest ranging from 3.5% to 7.8%. The bank is giving the highest interest of 7.25 and 7.8% on FDs with tenures ranging from 15 months to less than 18 months.

3- HDFC Bank FD Interest Rates

4- Canara Bank FD Interest Rates

5- Punjab National Bank FD Rates

Punjab National Bank is giving interest ranging from 3.5% to 7.25% on FD. Senior citizens are getting interest ranging from 4% to 7.75%. The highest interest is being given on FDs of 400 days duration.

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The government has allowed senior citizens aged 80 years and above to submit their annual life certificate from October 1 instead of November 1. This will give senior citizens additional time. DLC i.e. Life Certificate is a biometric enabled Aadhaar based digital life certificate. It is created using the Aadhaar and biometrics of the pensioner.

Canara Bank provided special facility

If the age of the pensioner is less than 30 years, then they will have to submit the life certificate between November 1 and 30. On the other hand, super seniors can submit the life certificate from October 1. Canara Bank has offered a big facility to pensioners. The bank has said that pensioners do not need to go to the bank to submit the life certificate. Pensioners can also submit their life certificate sitting at home through video call. For this, pensioners can book their slot from October 1. If pensioners do not submit the annual life certificate by November, then they will not be paid pension for December and the months thereafter.

This is how you can submit your life certificate through face authentication

Step 1: Use any Android smartphone with 5MP front camera and internet.

Step 2: Download and install ‘AadhaarFaceRD’ and ‘Jeevan Pramaan Face App’ from Google Store.

Step 3: Perform operator authentication and scan operator’s face.

Step 4: Read the Aadhaar number registered with the pension disbursing authority (bank, post office, others).

Step 5: Fill in the pensioner details.

Step 6: Capture the photo from the front camera and then submit it.

Step 7: SMS with the link to download Jeevan Pramaan certificate will come on the mobile number.

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If you are planning to invest in Fixed Deposit (FD) in the near future, then this news is useful for you. By making fixed deposits, customers get guaranteed income with bumper returns after a fixed period. For the last few years, banks have been offering huge interest rates to FD customers. Today we are going to tell you about those 5 banks which are offering the highest interest on 1 year FD to their customers. Let us know about the complete news in detail.

DCB Bank
DCB Bank is offering 7.25% interest to its general customers on 1 year FD. At the same time, the bank is offering 7.75 percent interest to its senior citizen customers for the same period.

Tamilnad Mercantile Bank
Tamilnad Mercantile Bank is giving 7.25% interest to its general customers on 1 year FD. On the other hand, the bank is offering 7.75 percent interest to its senior citizen customers on FD for the same period.

Canara Bank
Canara Bank is giving 7% interest to its general customers on 1 year FD. On the other hand, the bank is offering 7.75 percent interest to its senior citizen customers for the same period.

Karnataka Bank
Karnataka Bank is giving 7% interest to its general customers on 1 year FD. At the same time, the bank is giving 7.40 percent interest to its senior citizen customers for the same period.

Deutsche Bank
Deutsche Bank is giving 7% interest to its general customers on 1 year FD. On the other hand, the bank is also offering only 7% interest to its senior citizen customers on FD for the same period.

Income Tax Alert! If you miss this date, you will not get rebate on home loan and investment, tax will have to be paid under the new regime.

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RBI Imposes Penalty: Reserve Bank of India (RBI) has imposed a penalty on the largest public sector bank SBI for not following the rules. RBI has also imposed penalty on Canara Bank and City Union Bank.

A fine of about Rs 3 crore has been imposed on these three banks. In the information given by RBI, it was said that a fine of Rs 2 crore has been imposed on SBI for violation of some rules related to ‘Depositor Education Awareness Fund Scheme, 2014’.

Fine imposed on NBFC

The central bank said that a fine of Rs 66 lakh has been imposed on City Union Bank Limited for not following the instructions of RBI related to income certification, property classification and loan related provisions, provisions regarding non-performing loans (NPA) and KYC.

RBI has also imposed a fine of Rs 32.30 lakh on Canara Bank for not following some instructions. A fine of Rs 16 lakh has been imposed on Ocean Capital Market Limited of Rourkela in Odisha for non-compliance of certain provisions related to Non-Banking Financial Companies (NBFC).

What will be the impact on customers?

After this action taken by RBI, it was made clear that the penalty on banks and NBFCs has been imposed for lapses in regulatory compliance. It has nothing to do with the transaction or agreement between the bank and the customers.

From time to time, RBI keeps imposing penalties on banks or NBFCs for not following banking rules. The customers have nothing to do with the fine imposed on the bank. The bank’s customer related work continues as before.

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Bank of Baroda

Bank of Baroda is offering interest at the rate of 7.75 percent on three-year FD. Among public sector banks, Bank of Baroda is giving the highest interest to senior citizens. The amount of Rs 1 lakh invested now will grow to Rs 1.26 lakh in three years.

Axis Bank

Axis Bank is offering interest at the rate of 7.60 percent on three-year FD to senior citizens. The amount of Rs 1 lakh invested now will grow to Rs 1.25 lakh in three years.

HDFC Bank

HDFC Bank, ICICI Bank and Punjab National Bank offer interest rates of 7.50 percent on three-year FDs. The amount of Rs 1 lakh invested now will grow to Rs 1.25 lakh in three years.

Canara Bank

Canara Bank gives 7.30 percent interest on three-year FD to senior citizens. The amount of Rs 1 lakh invested now will grow to Rs 1.24 lakh in three years.

State Bank of India (SBI)

State Bank of India (SBI) is giving 7.25 percent interest on three-year FD to senior citizens. The amount of Rs 1 lakh invested now will grow to Rs 1.24 lakh in three years.

Bank of India

Bank of India and Union Bank of India offer interest at the rate of 7 percent on three-year FD. The amount of Rs 1 lakh invested now will grow to Rs 1.23 lakh in three years.

Indian Bank

Indian Bank is giving interest at the rate of 6.75 percent on three-year FD to senior citizens. The amount of Rs 1 lakh invested now will grow to Rs 1.22 lakh in three years.

Reserve Bank of India

Deposit Insurance and Credit Guarantee Corporation (DICGC), a subsidiary of the Reserve Bank of India (RBI), provides investment guarantee on FDs up to Rs 5 lakh. In simple words, it means that your investment up to Rs 5 lakh in fixed deposit is completely safe.

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there are many banks which offer interest up to 7.75% for three years FD to senior citizens. Banks like BOB Axis are included in the list of these banks. Let us know about them.

If you are a senior citizen then you should think about investing in FD, because in this you get fixed and regular interest. There are many banks which provide interest up to 7.75% to senior citizens by giving them better savings option.

In these bank lists, public and private banks like Bank of Baroda, Axis Bank, HDFC Bank, SBI, Union Bank of India offer the highest interest rates on three-year FDs for senior citizens. Let us know about it in detail.

These are the interest rates

All these banks offer the highest interest rates to resident Indians above 60 years of age. This includes retail and 3-year FDs of less than Rs 1 crore.
This value is calculated on the basis of quarterly compounding of interest. Some government banks offer interest rates to super senior citizens (80 years and above). Here we are telling about those banks which give better interest rates.

axis Bank

Axis Bank offers 7.60 percent interest rate on three-year FD to senior citizens. That means the amount of Rs 1 lakh invested now will increase to Rs 1.25 lakh in three years.

Bank of Baroda

Talking about Bank of Baroda, it gives interest rate of 7.75 percent on three year FD.
It gives the highest interest rates to senior citizens. That means the amount of Rs 1 lakh invested now will increase to Rs 1.26 lakh in three years.

HDFC Bank

HDFC Bank, ICICI Bank and Punjab National Bank offer interest rates of 7.50 percent on three-year FDs.

With this, the amount of Rs 1 lakh invested now will increase to Rs 1.25 lakh in three years.

State Bank of India

State Bank of India (SBI) offers 7.25 percent interest rate on three-year FD to senior citizens.

That means the amount of Rs 1 lakh invested now will increase to Rs 1.24 lakh in three years.

Bank of India

Bank of India and Union Bank of India offer an interest rate of 7 percent on three-year FDs.
The amount of Rs 1 lakh invested now will grow to Rs 1.23 lakh in three years.

Canara Bank

Canara Bank gives 7.30 percent interest on three-year FD to senior citizens.
The amount of Rs 1 lakh invested now with this bank will grow to Rs 1.24 lakh in three years.

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New Canara Bank FD Rates

Canara Bank is now offering an interest rate of 4% on deposits maturing between 7 to 45 days and 5.25% on deposits maturing between 46 and 90 days. Canara Bank is offering 5.5 per cent interest rate on deposits maturing in 91 to 179 days and 6.25 per cent interest on deposits maturing in 180 to 269 days.

These are the new interest rates of Canara Bank

Deposits maturing in 270 days to less than one year will now fetch 6.50 per cent interest rate. Deposits maturing in 1 year will now fetch 6.90 per cent interest rate, while deposits maturing in 444 days will fetch 7.25 per cent interest rate. Canara Bank is offering an interest rate of 6.90% on FDs maturing in a period of more than one year to less than two years.

It now guarantees an interest rate of 6.85% on FDs maturing in 3 years for two years or more. Canara Bank is now paying 6.80 per cent interest on deposits maturing in three years or more but less than five years. 6.70 percent interest will be given on FDs maturing in five years or more.

These are the rules of Canara Bank

Canara Bank is paying this interest on new and renewable FDs of less than Rs 2 crore. If you close your FD prematurely, there will be a penalty of 1.00% on it. According to the bank’s website, the bank is giving an additional interest of 0.60 per cent to super senior citizens i.e. people aged 80 years and above.

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As per the bank rules, the interest being given on the savings account is credited to your account at monthly or quarterly intervals. How much interest will be given on savings account depends on the bank. Let us tell you that FD gives the highest interest rate for senior citizens, they do not get the benefit of interest rate of savings account. Here let’s see how much interest SBI, ICICI Bank, HDFC Bank, PNB, Canara Bank are paying on savings account.

SBI Saving Account Interest rates

Interest rate is 2.70 per cent for savings accounts with balance up to Rs 10 crore and 3 per cent for balance above Rs 10 crore.

HDFC Saving Account

The interest rate on savings accounts in HDFC Bank is 3 per cent for balances below Rs 50 lakh and 3.50 per cent for balances above Rs 50 lakh.

ICICI Bank Interest for Saving Account

At the end of the day the interest rate on the balance of less than Rs 50 lakh will be 3 percent. At the end of the day, the balance of more than Rs 50 lakh will have an interest rate of 3.5 percent.

Punjab National Bank

Punjab National Bank gives 2.70 per cent interest rate on the balance of less than Rs 10 lakh. Pays an interest rate of 2.75 per cent on account balances of less than Rs 10 lakh to Rs 100 crore. PNB gives 3% interest on account balance of Rs 100 crore and above.

Canara Bank Saving Account

Canara Bank offers an interest rate between 2.90 per cent to 4 per cent for the amount on the savings account. A maximum amount of 4% is paid on the balance amount of Rs.2000 crores.

How much tax will be charged on the interest amount received from the savings account

Under Section 80TTA of the Income Tax Act, the interest earned on the savings bank account is tax free up to Rs 10,000. If the interest received from these sources exceeds Rs 10,000, then the excess interest on the savings account will be taxable. For senior citizens, the amount received from savings accounts is limited to Rs 50,000, the amount above which will be taxable.

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Now the privatization of many banks is being discussed once again. On this matter, the government has said that even today the banking sector has been recognized as a strategic sector. For some time, there has been continuous news about the privatization of banks, on which now the statement of NITI Aayog has come. On this matter, the commission has issued a list in which it has been told that which banks can be privatized by the government in the coming days. Along with this, it has also been told that privatization of which banks is not being considered at present.

Government will not privatize these banks

Let us tell you that NITI Aayog has released a list of some such banks which the government is not going to privatize. These banks are State Bank of India, Punjab National Bank, Union Bank, Canara Bank, Bank of Baroda and Indian Bank.

Know which banks will be privatized

Let us tell you that apart from the list of banks given above, the government is planning to privatize all the banks. It has also been said in the notice of NITI Aayog that all the banks which were part of the consolidation have been kept out of this list. The Finance Minister had announced that the government is planning to privatize many government banks and insurance companies. In the financial year 2022-23, the government aims to collect a total of Rs 1.75 lakh crore through disinvestment.

Government will soon privatize IDBI Bank

The government’s stake in IDBI Bank is 45.48 per cent. At the same time, LIC has 49.24 percent stake. It is believed that the government will sell some stake in IDBI Bank and LIC will sell some stake, along with the management control will also be handed over to the buyer. The government may soon sell a major stake in the bank. According to media reports, the Department of Investment and Public Asset Management (DIPAM) may soon invite bids to sell the government’s stake in IDBI Bank.

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State Bank Of India

SBI is offering 6.80% interest rate on FDs from 1 year to 2 years. Whereas, the FD rate under AMRIT KALASH is being offered at 7.10% for a period of 400 days.

HDFC bank

HDFC Bank is offering 6.60% interest rate on FDs of 1 year to less than 15 months. At the same time, it is offering 7.10% interest rate for FDs of less than 15 months to 18 months. The bank is offering the highest rate of 7.25% on FDs from 4 years 7 months to 55 months. This is a Limited Edition Bank FD.

ICICI Bank

ICICI Bank (ICICI Bank) is offering 6.70% interest rate for FDs of less than 1 year to 15 months for general citizens. The bank is offering the highest interest rate of 7.10% for FDs with tenures ranging from 15 months to less than 2 years. These rates are applicable from February 24, 2023.

Canara Bank

Canara Bank is offering the highest interest rate of 7.25% on FDs with a tenure of 444 days for general citizens. These rates are applicable from April 5, 2023.

Yes bank

Yes Bank is offering 7.50% interest rate on FDs of 1 year to less than 18 months. These rates are effective from May 2, 2023.

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The central bank said in a statement that a statutory inspection was carried out on the basis of the bank’s details as on March 31, 2021. The central bank had conducted an investigation in July 2020 after receiving a complaint of major fraud from another bank.

After investigation, it was found that the bank could not link the interest on ‘floating rate’ based retail loans and loans given to MSMEs to the external benchmark. Also, during the financial year 2020-21, it could not even link the interest on the floating rate based rupee loan with its Marginal Cost of Lending Rate (MCLR).

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The RBI said the bank opened several savings deposit accounts in the name of ineligible entities, entered fake mobile numbers in several credit card accounts and deposited deposits under the Daily Deposit Scheme and 24 months after account opening. Interest was not paid on premature withdrawal of Rs.

The Reserve Bank said that the bank charged the SMS service from the customers, which was not based on its actual usage. The bank also failed to do customer due diligence on transaction basis.

RBI said, after sending a notice to the bank, it was asked to show cause why the penalty should not be imposed on it. After this, RBI has taken this action after considering the written and oral reply of the bank.

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The government bank has increased the charges on Annual Charges, Debit Card Replacement Charges, Debit Card Inactivity Charges. Due to increase in charges, the burden on the pockets of the customers of Canara Bank will increase.

Annual Fee

According to the Canara Bank website, the state-run bank has increased the annual fee for the Classic Card from Rs 150 to Rs 200. The annual fees for Platinum and Business cards have been increased from Rs 250 and Rs 300 to Rs 500 and Rs 500, respectively. There has been no increase in the annual fee of the select card.

Card replacement

The bank will now charge Rs 150 for debit card replacement charges, earlier there was no charge on this for Classic card customers. Charges have been increased from Rs 50 to Rs 150 for Platinum, Business and Select debit card holders.

Debit Card Inactivity

The bank will now charge business debit card customers only Rs 300 per card deactivation fee per year on the card. No charge will be levied on Classic, Platinum and Select cardholders.

Charges for SMS alerts

According to the Canara Bank website, taxes are not included in the service charge. Applicable taxes will be collected extra. The revised service charges will be effective from 13 February 2023.

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Though banks are in a race to increase the interest rates and pass on the benefits to the customers, there are only a few banks which are offering the highest interest rates to senior citizens. Today we are going to tell you about such banks which are earning 8% or more to senior citizens.

These banks are getting more than 8 percent returns

1. Axis Bank gives 8.01% interest to senior citizens on FDs of 2 years to less than 30 months.
2. Punjab National Bank is giving 8.05% return to super senior citizens on 666 days FD.
3. DCB is giving 8.35% return to senior citizens on FDs ranging from 700 days to less than 36 months. The bank is paying 8 percent interest on FDs of less than 700 days from 18 months.
4. IDFC First Bank is offering 8% return on FDs of 18 months – 1 day – 3 years to senior citizens.
5. Yes Bank gives 8 percent interest rate to senior citizens on FD of 25 months and the bank gives 8.25 percent interest on 35 months special FD.
6. Other big banks like HDFC Bank and ICICI Bank offer 7.50% returns to senior citizens.
7. Canara Bank gives 7.65% interest on 444 days FD to senior citizens.

who is a senior citizen

An Indian who is 60 years or more but less than 80 years of age at any time during the previous year is considered as a senior citizen. A super senior citizen is one whose age is 80 years or more.

TDS on Senior Citizen FD

Banks will deduct TDS at the rate of 10% and 20% if neither PAN nor Form 15G and 15H are submitted. For senior adults aged 60 years and above, the annual maximum for FD interest income is Rs 50,000; After that, banks levy 10 per cent TDS.

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Now 6.75% interest on 1 year FD

According to the new interest rates, if you now make FD for 1 year in Canara Bank, then you will get interest at the rate of 6.75% annually. At the same time, 6.80% interest will be available on FD of 2 years, 6.50% on FD of 3 years and 5 years. At the same time, the bank is offering 7.15% interest on FD of 400 days.

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Tax is also to be paid on the interest received from
FD Interest received from FD is fully taxable. Whatever interest you earn on FD in a year, it gets added to your annual income. Based on the total income, your tax slab is determined. Since the interest income earned on FD is considered as “Income from other sources”, it is charged under Tax Deducted at Source or TDS. When your bank credits your interest income to your account, TDS is deducted at the same time.

Let us know some points related to tax on FD:

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According to the official website of the bank, the new rates have become effective from January 18, 2023. After the change, the bank is giving 3.25 percent interest to its customers on FDs of 7 days to 45 days. The bank is now offering 4.50 per cent interest on FDs of 46 days to 179 days, 5.50 per cent interest on FDs ranging from 180 days to less than 1 year, 6.75 per cent interest on 1 year FDs.

Senior citizens get 0.50 percent more interest on Canara Bank FDs, general customers get 6.80 percent interest on FDs of 1 year to 2 years, 7.15 percent on 400 days FDs and 7.00 percent on 666 days FDs. Now the bank is giving 6.80 percent interest on FDs ranging from 2 years to 3 years and 6.50 percent on FDs ranging from 3 years to 10 years. At the same time, senior citizens are getting 0.50 percent more interest on Canara Bank FD than general customers.

RBI has increased the repo rate

5 times in the last year Reserve Bank had increased the repo rate 5 times in the last year. With the intention of reducing inflation, the central bank increased the repo rate by another 0.35 percent to 6.25 percent in the bi-monthly monetary policy review on December 7, 2022.

Many banks have increased the rates of fixed deposits.

It is noteworthy that recently SBI, PNB, Kotak Mahindra Bank, HDFC Bank, Suryoday Small Finance Bank, Yes Bank, Jan Small Finance Bank etc. have also increased their FD rates. . This process of increasing FD rates has started after the increase in repo rates by RBI.

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In a statement issued by Canara Bank, it was said that the bank has increased the service charge on annual fee, replacement of card, debit card inactivity charge and SMS alert charge. Taxes are not included in the service charge. Applicable taxes will be charged extra. The revised service charges will be effective from February 13, 2023.

Under Canara Bank Debit Card Annual Fee

Changes, Canara Bank has increased the annual fee on debit card usage. The annual fee has increased from Rs 125 to Rs 200 for Classic or Standard debit cards. The annual charge for the Platinum card has been increased from Rs 250 to Rs 500 and the annual charge for the business card has been increased from Rs 300 to Rs 500. The bank will continue to levy an annual charge of Rs 1000 for select debit cards.

Up to Rs 150 will have to be paid

for replacing the debit card According to Canara Bank, from February 13, the customer will have to pay Rs 150 for replacing the classic or standard category debit card. Earlier no fee was applicable on this. The bank has increased the debit card replacement fee from Rs 50 to Rs 150 for Platinum, Business and Select categories.

Card Inactive Fee and Fee on Message Alert Charges

will also have to be paid for deactivating the Debit Card of Canara Bank. The bank has implemented this charge of Rs 300 which will be applicable only on Business Debit cards. There will be no charge for deactivating the remaining category of cards. The bank has kept a fee of Rs 15 on SMS alert.

Canara Bank Debit Card Inactivity Fee and Fee on Message Alert

For Business Debit Card users, the bank will now levy a card inactivity fee of Rs 300 per annum only. No charge will be levied on any other type of card. Apart from this, Canara Bank will now levy SMS alert charges on actual basis.

Canara Bank has also made loans costlier

Recently, Canara Bank has increased the Marginal Cost Based Lending Rate (MCLR) by 15 to 25 basis points. Increase in MCLR will make home, auto and personal loans costlier. The increased interest rates have come into effect from January 7, 2023.

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Canara Bank has informed that all these changes will come into effect from February 3, 2023. If you are a Canara Bank customer then you will get Check Return, ATM Money Transaction, Fund Transfer, Internet Mobile Banking, Online Fund Transfer You will have to pay new fees for works like ECS debit return, name change and address change etc.

Now the fee will have to be paid on check return

Let us tell you that the customers of Canara Bank will have to pay a new fee on a total of 9 services of the bank. This also includes the fee charged on check return. If a customer’s check is returned due to any technical reason, then in such a situation, no fee will be charged from him, but if your check is returned due to any change, then you will have to pay a fee for it. If the check of less than Rs 1,000 is returned, then you will have to pay Rs 200 as a fee. At the same time, you will have to pay a fee of Rs 300 on a check of Rs 1,000 to Rs 10 lakh.

Bank changed the rule of minimum balance

Along with this, Canara Bank has made changes regarding the minimum balance of the bank. If you do not keep a certain amount in the account, then you will have to pay penalty on it. It will be different according to each area. In rural areas, you will have to maintain a minimum balance of Rs.500. At the same time, it is necessary to maintain a minimum balance of Rs 1,000 in semi-urban areas and Rs 2,000 in big ie metro cities. If you do not maintain the minimum balance according to your area, then you may be fined from Rs 25 to Rs 45 by the bank.

This fee will have to be paid for changing the name

Canara Bank customers will also have to pay a fee for adding or removing names from their accounts. For this, you will have to take 100 rupees as fees and GST. Keep in mind that you will have to pay this fee when you change your name by going to the bank branch. At the same time, the name will have to be changed online. On the other hand, if the joint account holder of an account holder dies, then in such a situation, you will not have to pay any kind of fee for deleting the name.

At the same time, you will not have to pay any kind of fee for changing email, address, mobile number. At the same time, no fee will have to be paid for withdrawing money from the ATM 4 times. At the same time, from the 5th time you will have to pay Rs 5 as fee and GST separately.

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Canara Bank: If your account is also in Canara Bank, then this news is useful for you. Yes, Canara Bank has changed the fees charged for its nine facilities on the occasion of New Year. However, the new rates implemented by the bank will be implemented from February 3. Canara Bank customers will now have to pay new charges for cheque return, ECS debit return, ATM money transaction, fund transfer, internet-mobile banking, online fund transfer, name change and address change.

9 Change in the fee charged for the service

According to the information given on the website of Canara Bank, the fee charged for 9 services has been changed. If the cheque is returned by the bank due to technical reasons, then no charge is taken from the customer. After any change, a charge of Rs 200 will have to be paid for a cheque of less than Rs 1000. For the amount between Rs 1000 to Rs 10 lakh, this fee will be Rs 300.

Balance will have to be maintained according to the area

Changes have also been made regarding the maintenance of minimum balance in the account from the side of the bank. Failure to maintain minimum balance will attract penalty. The minimum balance limit is Rs.500 for rural areas and Rs.1000 for semi-urban areas. Similarly, for urban / metro, the minimum amount limit is Rs 2000. The bank has decided to impose penalty ranging from Rs 25 to Rs 45 and GST depending on different areas for not maintaining this amount.

Rs 100 and GST on deletion or addition of name

Charges will also have to be paid for adding or deleting someone’s name in the bank account. Rs 100 and GST will be charged for adding or removing any name. This fee will be applicable only for applying through the window. No fee will be charged in online mode. If the joint account holder dies, then no fee will have to be paid for deleting his name. Fees will also have to be paid for changing mobile number, e-mail and address etc. What kind of fee will not have to be paid for withdrawing money from ATM up to four times in a month. After this, GST will have to be paid along with Rs 5 on every transaction.

Changes in the charges for these services

• cheque return
• ECS Debit Return
• minimum balance
• ledger folio
• Internet and Mobile Banking Services
• online fund transfer
• ATM transaction

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After the increase in the repo rate by the RBI, the banks have also started increasing the interest rates. Apart from increasing the interest rate on loans, interest rates on bank deposits have also started increasing. Meanwhile, Axis Bank of the private sector of the private sector has increased the rates of interest on fixed deposits ie FD.

Axis Bank has increased the interest rates for FDs below Rs 2 crore. According to the bank’s website, the new rates have come into effect from November 5, 2022. The bank has increased the interest rates by up to 115 bps on deposits with maturities ranging from 46 days to 10 years. Axis Bank is now offering interest rates ranging from 3.50% to 6.50% for general public and 3.50% to 7.25% for senior citizens on deposits maturing in 7 days to 10 years. The maximum interest rate on deposits with maturity between 3 to 10 years will now be 7.25% for senior citizens and 6.50% for general public.

Axis Bank’s new FD rates

will continue to offer 3.50% interest rate on FDs maturing in 7 days to 45 days, but on deposits maturing in 46 days to 60 days, the bank has increased the interest rate from 3.50% to 4% have make. An interest rate of 4.50% will now be offered on deposits maturing in 61 days to 3 months. Interest rate of 4.50% will now be given on deposits maturing in 3 months to 6 months. Axis Bank has increased the interest rate on deposits maturing in 6 months to 9 months from 50 bps to 5.50% and on deposits maturing in 9 months to 1 year by 75 bps to 5.75%.

RBI has increased the repo rate

for the fourth time in a row. Now the repo rate has reached 5.90 percent. In the MPC meeting of RBI on September 30, it has been decided that the repo rate will be increased by 0.50 percent for the fourth consecutive time. Now the repo rate has been increased from 5.40 percent to 5.90 percent. Earlier, after 0.40 per cent increase in May, there was an increase of 0.50-0.50 per cent in June and August.

Many banks have increased the rates of fixed deposits.

It is noteworthy that recently RBL Bank, Axis Bank, CSB Bank Ltd., Kotak Mahindra Bank, Canara Bank, Indian Overseas Bank etc. have also increased their FD rates. This process of increasing the rates has started after the increase in the repo rates by the RBI.

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The banks which have increased the interest rates on FD so far include State Bank of India (SBI), Bank of Baroda (BOB), HDFC Bank, ICICI Bank, Bank of India, Canara Bank, Union Bank of India, IDFC First Bank. Here we are telling you about 4 banks which are giving more than 7 percent interest.

Bank Of Baroda FD Rates

Bank of Baroda (BOB) has launched “Baroda Tiranga Plus Deposit Scheme” with interest rates of 7.50% p.a. for 399 days with effect from 1st November 2022. It also includes an additional interest of 0.50% p.a. and 0.25% interest for senior citizens. Bank of Baroda 399 days Tiranga Plus deposit scheme is getting interest rate of 6.75% for general public, 7.25% for senior citizens. General public, NRE/NRO depositors will get an interest rate of 7% and senior citizens will get an interest rate of 7.50%.

FD rates of Bank of India

Bank of India (BOI) has come up with FD with higher interest rate. BoI has come up with ‘Star Super Triple Seven Fixed Deposit’. In this newly launched scheme, customers are being given interest up to 7.25% for general public and 7.75% for senior citizens on deposits for 777 days.

Union Bank Of India FD Rates

Union Bank of India offers 3% to 7% interest on FDs with maturities ranging from 7 days to 10 years. 7% interest is available on FDs maturing in 599 days.

Canara Bank FD Rates

Canara Bank has launched a special FD scheme of 666 days. According to this scheme, the bank is offering an interest rate of 7% to its general customers. Canara Bank is offering 7.5% interest on deposits to senior citizens.

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First of all, if we talk about Canara Bank, then the bank has launched a special FD scheme plan, whose time period is 666 days. The bank will give an interest of 7% to common citizens and 7.50 percent to senior citizens on depositing money in this FD scheme of less than Rs 2 crore.

Canara Bank tweeted information

Canara Bank has given information about this special FD scheme by tweeting. Canara Bank is currently giving an interest of 2.90 to 5.75 percent to its general customers on FDs of 7 days to 10 years. Whereas, the bank is giving interest between 2.90 to 6.25 percent to its senior citizen customers on making FDs for the same period.

Unity Bank launched special scheme

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SBI: From 180 days to 210 days increased by 0.15 percent from 4.40 percent to 4.55 percent. The interest on FDs of one to two years has also been increased by 0.15 percent to 5.45 percent.

HDFC: The interest on FDs of one to two years increased by 0.15 percent to 5.50 percent. The interest on FDs of three to five years increased by 0.40 percent to 6.10 percent.

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