Canara Bank has increased the interest rates on its domestic term deposits with effect from February 1. The additional interest rate offered on deposits of senior citizens has also been increased from 0.50 per cent to 1 per cent over the general rates.

The new rates are: Deposits up to Rs 15 lakh for 7 days to 14 days will get 4 per cent interest as against 3.50 per cent. For 15 days to 45 days the interest is 4.50 per cent. From 46 days to 90 days is 5 per cent, 91 days to 179 days it is 5.50 per cent.

From 180 days to less than 1 year it is 5.50 per cent, one year to less than two years is 6 per cent, two years and above to less than three years is 6.25 per cent and three years and above and less than five years is 6.50 per cent. Five years and above will also get 6.50 per cent.

For single bulk deposit of Rs 15 lakh and above up to and inclusive of Rs 2 crore the interest offered by the bank is 4 per cent for 7 days to 14 days, 4.75 per cent for 15 days to 45 days, 5.25 per cent for 46 days to 90 days, 5.75 per cent for 91 days to less than one year, 6.25 per cent for one year to less than 2 years, 6.50 per cent for two years and above.

( www.business-standard.com)