PNB and Canara Bank Update Fixed Deposit Rates in November 2026
Public sector banks adjust interest rates for domestic term deposits under three crore rupees.
1November 2026 Rate Revisions
Punjab National Bank and Canara Bank implemented revised interest rates for domestic term deposits effective November 1 and November 2, 2026. These changes specifically apply to deposits valued below three crore rupees. Both public sector institutions have adjusted their yield structures across various tenures to reflect current banking market conditions and internal liquidity strategies.
2Canara Bank Yield Performance
Canara Bank now offers a maximum interest rate of 6.75% for general customers and 7.25% for senior citizens. The bank increased rates on select tenures by up to 15 basis points. The 555-day special fixed deposit scheme currently provides the highest returns for depositors, representing a notable shift from previous interest rate offerings.
3PNB Special Deposit Schemes
Punjab National Bank has set its highest interest rate at 6.60% for general depositors, specifically tied to its 444-day special fixed deposit scheme. Senior citizens investing in the same 444-day tenure can earn up to 7.10%. Additionally, the bank offers a 6.50% return on its 666-day deposit scheme for general customers.
4Short-Term Deposit Structures
For shorter tenures, Canara Bank provides 3% on deposits ranging from seven to 45 days, scaling up to 4.25% for 91 to 179 days. Punjab National Bank offers 3% for seven to 45 days, increasing to 5.50% for 46 to 90 days, and 5.75% for deposits spanning 91 to 179 days in duration.
5Senior Citizen Benefit Tiers
Canara Bank provides an additional 0.50 percentage point interest benefit to eligible senior citizens on domestic deposits of 180 days and above. PNB also extends extra interest benefits to super senior citizens aged 80 years and older, subject to the bank's specific terms and conditions, ensuring higher yields for older demographic segments.
6Mid-Term Tenure Analysis
Deposits between one year and three years at Canara Bank generally attract 6.25% for general customers, excluding special schemes. PNB offers 6.35% on deposits exceeding three years up to 1,203 days. These rates reflect the banks' efforts to balance long-term capital retention with competitive market pricing for retail investors seeking stable, predictable growth.
7Bulk Deposit Market Context
While retail rates were updated, Axis Bank separately revised interest rates for domestic bulk fixed deposits of three crore rupees and above, effective November 3, 2026. These bulk rates operate independently from standard retail fixed deposit schemes, highlighting a broader trend of liquidity management across the Indian banking sector during early November.
8Strategic Implications for Investors
The revisions by PNB and Canara Bank underscore the importance of monitoring special tenure schemes like the 444-day or 555-day options for maximizing yields. Investors should evaluate these specific windows against standard deposit tenures to ensure optimal returns. These adjustments remain critical for retail depositors navigating the current interest rate cycle in India.
Original article: mint - money — PNB and Canara Bank Update Fixed Deposit Rates in November 2026