Canara Bank has announced a cut in interest rates on term deposits by 5 basis points (bps) to 25 bps effective Wednesday. Deposits of less than ₹1 crore for a period of less than a year will now attract an interest rate of 8.25 per cent. For deposits between one and three year period, the new rates will be 9 per cent and for three years and above to less than eight years, the revised rates will be 8.75 per cent. For deposits over ₹1 crore and above, the new interest rates vary between 7.75 per cent and 8.5 per cent for different periods, the Bank said in a note to the stock exchanges.