Canara Bank has changed the interest rates for deposits below Rs 2 crore. After modification, Canara Bank will offer 3% interest rate on term deposits of maturity period of 7-45 days.
new Delhi. Canara Bank, the public sector, has revised the interest rates of fixed deposits. This amendment in interest rates has come into effect from today. Canara Bank has changed the interest rates for deposits below Rs 2 crore. After modification, Canara Bank will offer 3% interest rate on term deposits of maturity period of 7-45 days. At the same time, FDs with maturity period less than 1 year from 46-90 days, 91 days to 179 days and 180 days will get 4, 4.05 and 4.50 percent interest respectively.
Canara Bank reduced MCLR
Canara Bank has made loans cheaper for its customers. The bank has cut the marginal cost of fund based lending rates (MCLR) by up to 0.30 per cent for various loan periods. The new loan rates have come into effect from 7 August. The bank has said that under the deduction, the MCLR has been reduced by 0.2 per cent to 7-7 per cent on the loan for a period of overnight and one month.
The MCLR has been reduced from 7.45 per cent to 7.15 per cent on loans for a period of three months. At the same time, the MCLR has been reduced from 7.50 per cent to 7.40 per cent on loans for a period of 6 months and from 7.55 per cent to 7.45 per cent on loans for a period of one year.
New FD interest rates
7 days to 45 days -3%
46 days to 90 days – 4%
91 days to 179 days – 4.05%
180 days to less than
1 year – 4.50% only to 1 year – 5.40%
less than 1 year to 2 years – 5.35% to more
2 years and above under 3 years – 5.35% Under
5 years of age 3 years and above – 5.30%
5 years and above 10 years – 5.30%
406 crore profit in first quarter
Canara Bank’s net profit on a standalone basis increased 23.5 percent to Rs 406.24 crore in the April-June quarter of the current financial year 2020-21. Earlier, in the same quarter of the financial year 2019-20, the bank had a net profit of Rs 329.07 crore. Syndicate Bank has been merged with Canara Bank. The merger came into effect from April 1, 2020.