Canara Bank modifies interest rates on savings bank deposits: Check details

2 min read . Updated: 21 Oct 2022, 04:14 PM IST Vipul Das

After the modification, Canara Bank is now providing interest rates on savings bank accounts of up to 4%. (MINT_PRINT) — After the modification, Canara Bank is now providing interest rates on savings bank accounts of up to 4%. **(MINT_PRINT)**

The leading lender in the public sector, Canara Bank, has modified its savings account interest rates.

Canara Bank Savings Account Rates

Canara Bank is now giving an interest rate of 2.90% for outstanding balances of less than Rs. 50 lakh and the bank is also guaranteeing an interest rate of 2.90% to holders of savings accounts for outstanding balances of less than Rs. 50 Lakh to less than Rs. 5 Cr. Canara Bank is now offering interest rates of 2.95% for outstanding balances of Rs. 5 crore to Rs. 10 crore and 3.05% for outstanding balances of Rs. 10 crore to Rs. 100 crore.

For an outstanding balance of Rs. 100 Cr to less than ₹500 Cr, the bank is offering an interest rate of 3.10% and for an outstanding balance of Rs. 500 Cr to less than ₹1000 Cr the interest rate applicable is 3.40%. The bank is now offering an interest rate of 3.55% for an outstanding balance of Rs. 1000 Cr & less than Rs. 2000 Cr and a maximum interest rate of 4% for an outstanding balance of Rs. 2000 Cr & above.

Canara Bank Savings Account Rates **(canarabank.com)**

On a consolidated basis, Canara Bank's net profit grew 105.84% year over year to ₹2705.55 crore in Q2FY23 from ₹1314.41 in Q2FY22. In Q2FY23, total operating income climbed 18.15% YoY to ₹20482.35 crore from ₹17336.33 crore in Q2FY22. Furthermore, the bank announced that on a standalone basis its Q2FY23 net profit climbed by 89 per cent year over year to ₹2,525 crore from ₹1,333 crore during the same period in the previous fiscal. The total income of the bank also grew to ₹24,932.19 crore in Q2FY23 against ₹21,331.49 crore in Q2FY22. Gross non-performing assets (NPAs) for the bank dropped from 8.42% in Q2FY22 to 6.37% of gross advances in Q2FY23. Additionally, the net NPA declined from 3.22% in Q2FY22 to 2.19% in Q2FY23. Canara Bank's shares climbed by 3.44% from the previous close of ₹258.90 and settled today at ₹267.80 a piece.

ABOUT THE AUTHOR

Vipul Das

Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).