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After four consecutive repo rate hikes by the Reserve Bank of India (RBI), several banks have raised interest rates on fixed deposits (FDs). The State Bank of India (SBI) HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank are among those lenders that have hiked interest on term deposits recently. Canara Bank and Union Bank of India have also revised their term deposit rates. Since May 2022, several government, private and small finance banks have increased the interest rates on FDs and savings accounts.
Union Bank of India latest FD ratesÂ
Union Bank of India is one government bank that has hiked interest rates on FD below ₹2 crore with effect from 17 October. After the latest hike,  the bank offers interest ranging from 3% to 7% on FDs with maturities ranging from 7 days to 10 years. on the maturity period of 599 days
According to the bank’s official website, the interest is calculated on a daily basis and is credited on a quarterly basis every year in the months of April, July, October and January.
Canara Bank latest FD rates
Canara Bank has launched a special fixed deposit plan for a tenure of 666 days. According to this plan, the lender is offering an interest rate of 7% to its general customers, while senior citizens will receive 7.5% on these deposits.
Canara Bank raised its interest rates for all tenors and is currently providing an interest rate on deposits maturing in 7 days to 10 years that range from 3.25% to 7.00% for the general public and 3.25% to 7.50% for senior citizens. According to the bank’s, the new rates are effective from 7 October 2022.Â
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