Diabytes
Savings rate News
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FD rates are applicable for deposits less than Rs 3 crore. Canara bank has made reduction in its FD rates which now range between 3.25-6.5 percent for general customers, and 3.25-7 percent for senior citizens.
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Canara bank has reduced fixed deposit rates for general citizens and senior citizens effective from 19 May 2025.
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The new interest rates of both the banks will be effective from August 19.
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With the objective to raise savings in the country, the government on Tuesday re-launched Kisan Vikas Patra (KVP), an instrument which will provide trusted option of investment to poor and keep them off ponzi schemes.
The brokerage said the current situation leaves a savings shortfall of 5 per cent of GDP.
Savings in deposits by the households rose, however, to Rs 1 trillion (17 percent) in the year to Rs 6.91 trillion in FY14 as against Rs 5.91 trillion in 2012-13.
The first Budget of the Narendra Modi government would do well to initiate steps that would restore domestic savings rate level to at least 35 percent of GDP through tax incentives, says industry body CII.
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