Canara Bank vs SBI vs HDFC Bank: Canara hikes fixed deposit rates, you should invest, pick the best

Canara Bank vs SBI vs HDFC Bank fixed deposit rates: There are a flood of offers on fixed deposits and the latest one to hike rates ahead of Diwali festival is Canara Bank. Canara Bank offers many FD options to their customers to get the surplus savings over a fixed tenure. The bank has revised its fixed deposit (FD) rates with effect from November 1, 2018. 

Canara Bank has increased fixed deposit interest rate to 7% for general public and 7.50% for senior citizens for deposits less than Rs. 1 crore for a tenure of 1 year. 

For the same tenure, other banks offer different rates. It may be noted that banks offer a slightly higher interest rate on FDs to senior citizens.  When compared to other banks like SBI and HDFC Bank, State Bank of India gives the returns on fixed deposit interest rate of 6.7% for general public and 7.2% for senior citizens for deposits less than Rs 1 crore for a tenure of 1 year.

Watch this Zee Business video here:

Whereas HDFC provides the returns on fixed deposit interest rate at 7.25% for general public and 7.75% for senior citizens for deposits less than Rs 1 crore for a tenure of 1 year.