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Two Government Banks Change FD Rates, Offering Up to 7.25% Interest
Sentiment: NeutralHigh Priority
What Happened?
Punjab National Bank (PNB) and Canara Bank have revised their fixed deposit (FD) interest rates, effective November 1 and 2, 2026. Canara Bank offers up to 7.25% for senior citizens and 6.75% for regular customers, while PNB offers up to 7.10% for seniors and 6.60% for others.
Key points
- Canara Bank's new FD rates took effect on November 2, 2026.
- Senior citizens can earn 7.25% interest on Canara Bank's 555-day special FD.
- PNB offers a maximum of 6.60% interest for regular customers and 7.10% for seniors.
- Canara Bank has increased rates by up to 15 basis points for select FD tenures.
- Axis Bank also changed its FD rates for bulk deposits over ₹3 crore.
Key insights
- Higher FD rates may attract more customers to Canara Bank and PNB.
- The increase in rates reflects competitive pressure among banks to retain depositors.
- Senior citizens may benefit significantly from the revised rates, enhancing their savings.
Why it matters
The changes in FD rates could impact savings strategies for customers looking for better returns.
Entities
Punjab National Bank· OrganizationCanara Bank· OrganizationAxis Bank· Organization
Source
India Today
