Canara Bank Latest FD Rates: RBI Governor Sanjay Malhotra has announced a cut in interest rates for the second consecutive time in the monetary policy. RBI MPC has reduced the repo rate by 25 basis points to 6 percent, which was earlier 6.25%. This is the second consecutive time in 2025, when the central bank has cut the repo rate. With this, Canara Bank has given a big shock to its customers. Canara Bank has announced a cut of 20 basis points in interest rates on fixed deposits. Earlier, Kotak Mahindra Bank has also reduced interest rates on FD.

Canara Bank FD Rate

According to the official website of Canara Bank, Canara Bank offers fixed deposits to its customers for a period of 7 days to 10 years. In this, they get interest ranging from 4 percent to 7.25 percent. Senior citizens get 0.50 percent more interest on FD.

Highest interest is available here

Canara Bank said that customers get the highest interest of 7.25 percent on FD plan of 444 days. Whereas senior citizens get 7.75 percent interest on this fixed deposit scheme.

Kotak Mahindra Bank also reduced interest rates

Kotak Mahindra Bank has reduced interest rates on fixed deposits. The new interest rates have come into effect from 9 April 2025. Kotak Mahindra Bank offers fixed deposit schemes for its customers for a period of 7 days to 10 years, in which they are getting interest ranging from 2.75 percent to 7.30 percent. Kotak Mahindra Bank gives additional benefits on fixed deposits to its senior citizen customers. In this, the highest interest is available on FD scheme from 391 days to 23 months (7.80%).

RBI reduced repo rate

RBI Governor Sanjay Malhotra on Wednesday decided to reduce the repo rate from 6.25 percent to 6 percent. With this, the monetary policy stance was shifted from 'neutral' to 'accommodative'. On the repo rate cut, global financial firm Moody's said that the repo rate cut and change in monetary policy stance by the central bank is a timely step.

Repo rate may be reduced

Moody's believes that RBI can cut the repo rate by up to 75 basis points in the current calendar year. Katrina Ell, Economic Research Director, Moody's Analytics, said that RBI has done the right thing by taking steps according to market expectations in difficult times.

All said, "Uncertainty has a profound negative impact on economies and its impact is widespread. Last week, the US government's tariff threats have seen surprising volatility in bond, currency and equity markets." He said, "In this period of volatility, RBI's predictable response will help the market avoid further volatility."

Disclaimer: This content has been sourced and edited from Zee Business. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.