Those who got FD in this government bank got a shock, reduced interest, check new rates immediately
FD Interest Rate: The bank has cut the interest rate on all deposits except the maturity period of 46 days to 90 days. FD interest rates have been cut by up to 0.25 percent.
Customers making fixed deposits in the public sector Canara Bank have suffered a major setback. Canara Bank has changed the interest rates of fixed deposits. The bank has cut the interest rate on all deposits except the maturity period of 46 days to 90 days. Canara Bank has revised interest rates on deposits less than Rs 2 crore with effect from 9 August 2021.
After this change, Canara Bank will pay 2.90 percent interest on fixed deposits with maturity period of 7 days to 45 days. On FDs with maturity period 46 days to 90 days, 91 days to 179 days and 180 days to less than 1 year, the bank is offering 3.9 percent, 3.95 percent and 4.40 percent interest respectively.
Interest rate cut by up to 25 basis points
Canara Bank has reduced the rates of FDs maturing in less than 1 year to less than 10 basis points. Now interest rate of 5.10 percent will be available on these FDs. At the same time, for FDs maturing in 3 years and less than 5 years and 5 years and 10 years, the bank has cut the interest rate by 25 basis points. The interest rate of these FDs will be 5.25 percent.
New Interest Rates
>> 7 days to 45 days- 2.90%
>> 46 days to 90 days- 3.90%
>> 91 days to 179 days- 3.95%
>> 180 days to less than
1 year- 4.40% >> 1 year only- 5.10%
>> Above 1 year and less than 2 years – 5.10%
>> Above 2 years and less than 3 years – 5.10%
>> Above 3 years and less than 5 years – 5.25%
>> Above 5 years and 10 By year – 5.25%
Senior citizens will get more interest
After the latest amendment, senior citizens will get an interest rate ranging from 2.90 percent to 5.75 percent on FDs maturing in 7 days to 10 years. Canara Bank is offering 50 basis points more interest to senior citizens than normal customers on deposits maturing in 180 days to 10 years.
Bank’s profit tripled in June quarter
Canara Bank’s net profit increased three times to Rs 1,177.47 crore in the first quarter of the current financial year. The public sector bank had a net profit of Rs 406.24 crore in the same quarter last year. Let us inform that in the April-June quarter last year, Syndicate Bank was merged with Canara Bank.
Its income increased to Rs 21,210.06 crore in the April-June quarter of the current financial year from Rs 20,685.91 crore in the same period of the previous financial year. During this period, the bank’s NPA came down to 8.50 percent, which was 8.84 percent in the April-June 2020 quarter.
