HomeLifestyleCanara Bank is giving 4% interest on savings account, know how much...

Canara Bank is giving 4% interest on savings account, know how much you can open the account with

New Delhi. Major public sector lender Canara Bank has revised the interest rates of its savings account. According to the official website of the bank, the new rates are effective from today, October 21, 2022. After the revision, Canara Bank is now offering interest rate on savings bank accounts up to 4%. If you also want to open an account in the bank, then you can open it with 1000 rupees.

In semi-urban, urban and metro areas, the account can be opened with Rs 1000 and in rural areas with Rs 500. The bank deposits interest in the savings account on 1st February, 1st May, 1st August and 1st November every year. Which is determined by the daily balance maintained in the account.

These people will get 4% interest
The bank is offering an interest rate of 2.90% on the outstanding amount below Rs 50 lakh. Canara Bank is offering an interest rate of 2.90% on the outstanding amount from Rs 50 lakh to less than Rs 5 crore. The balance of Rs 5 crore to 10 crore is paying interest at the rate of 2.95%. and 3.05%. At the same time, 3.05% interest is available on the outstanding amount from 10 crores to 100 crores.

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The bank is giving an interest rate of 3.10% on 100 crores to 500 crores. The interest rate applicable on 500 crores to 1000 crores is 3.40%. The bank is offering an interest rate of 3.55% for the outstanding amount of ₹ 1000 crore to ₹ 2000 crore. There is a maximum interest rate of 4% on balance above 2000 crores.

Canara Bank’s net profit grew 89% to Rs 2,525 crore in the July-September quarter of the current financial year. The bank had a net profit of Rs 1,333 crore in the same period of the last financial year (2021-22). After a better quarterly results, the share of Canara Bank rose 4.1% to reach a price of Rs 260.20. Canara Bank’s total income also increased to Rs 24,932.19 crore in the second quarter of the current financial year from Rs 21,331.49 crore in the year-ago period.

Tags: business news in hindi, Canara Bank

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