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The leading lender in the public sector, Canara Bank, has modified its savings account interest rates. According to the bank’s official website, the new rates are in effect as of today, October 21, 2022. After the modification, Canara Bank is now providing interest rates on savings bank accounts of up to 4%. With an average monthly balance of Rs. 1000 for branches in semi-urban, urban, and metro areas and Rs. 500 for branches in rural areas, one could create a savings account with Canara Bank. Every year on the first of February, May, August, and November, savings bank accounts are credited with the relevant interest, which is determined by the daily balance that is kept in the account.
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.
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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.
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