- Canara Bank changes interest rates for deposits below Rs 2 crore
- Loan interest rates fall, MCLR rates fall by 0.30%
new Delhi. Important news for Canara Bank customers. While the bank has changed the fixed deposit interest rates (Canara Bank FD Interest Rate), on the other hand, the bank has tried to give relief to all loans by dropping the MCLR rates (Canara Bank MCLR rates). Recently the bank has released quarterly results, in which the bank has benefited. Let us tell you that Syndicate Bank has also been merged with this bank.
Changes in FD interest rates
– Canara Bank has revised the interest rates of fixed deposits from today.
– The bank has changed the interest rates for deposits below Rs 2 crore.
– Canara Bank will pay 3% interest on term deposits of maturity period of 7-45 days.
– The bank will pay 4% interest on term deposits of maturity period of 46-90 days.
– Bank will pay interest at 4.05% on term deposits of maturity period of 91 days to 179 days. The bank will pay 4.50% interest on FDs with a maturity period less than 1 year from 180 days.
Also Read: LIC’s gross bad loan ratio soars 200 bps
Reduced loan interest rates
Canara Bank has reduced the interest rates by cutting the marginal cost of fund based lending rates by up to 0.30% for various loan periods. These new rates have come into effect from 7 August. According to the bank, the MCLR on loans for overnight and one month period has been reduced by 0.2 per cent to 7-7 per cent. 7.15 per cent has been made on the loan for three months. At the same time, the interest rate has been reduced to 7.40 percent on 6 months loan. Interest will be charged at the rate of 7.45 per cent on loans over one year.
Bank
‘s first quarter results were also released by the bank. The bank’s net profit on a standalone basis rose 23.5 per cent to Rs 406.24 crore in the April-June quarter. The bank had a net profit of Rs 329.07 crore in the same period a year ago. Let us tell you that Syndicate Bank has been merged with Canara Bank. The merger came into effect from April 1, 2020.
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