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Canara bank introduces Special Fixed Deposit scheme

A new fixed deposit plan for the general public and senior citizens has been initiated by the third largest nationalized bank in India, Canara bank. The bank introduced a Special Deposit Scheme that offers an interest rate of 7.50% for a time period of 666 days. The 7.50% interest rate is only for senior citizens.

The rate of interest would be 7% for general customers. The new FD scheme is available for deposits below Rs 2 crore only. The scheme is in process starting from today. Candidates can apply for FD online or by visiting their nearest branch. 

The bank officials have announced the news on Twitter. Their tweet reads, “Now get maximum returns on your investment! Presenting Canara Special Deposit Scheme that offers 7.50% interest by investing for 666 days.” The bank provides multiple FDs for various tenures to its investors. The interest rates for these FDs with different tenures range between 2.90% to 6.40%. The highest FD rate offered is 6.25% for the general public and 6.40 for senior citizens for a tenure of 5 years and above to 10 years.

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