Canara Bank Savings Accounts Interest Rate Latest Update: Canara Bank on Thursday said it has hiked interest rates on savings accounts. According to bank’s official website, the new rates are effective from 21.12.2022. After the interest rate revision, the bank is now allowing savings bank deposits to earn up to 4% in interest. The hike in interest rate from Canara Bank comes barely two days after a rate increase of up to 55 bps was announced for fixed deposits on December 19.
Canara bank said it is giving an interest rate of 2.90% for outstanding savings account balances between Rs. 50 lakh and Rs. 5 crore, and added that it is offering an interest rate of 2.95% for balances between Rs. 5 crore and Rs. 10 crore.
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Moreover, for the outstanding balances in savings accounts between Rs. 10 Cr and Rs. 100 Cr and between Rs. 100 Cr and Rs. 200 Cr, Canara Bank is giving an interest rate of 3.05% and 3.50%, respectively.
The bank said the savings account with an outstanding balance of Rs. 200 Cr to less than Rs 500 Cr will get an interest rate of 3.10% and a savings account with an outstanding balance of Rs 500 Cr to less than Rs 1000 crore will get an interest rate of 3.40%.
Canara Bank also added that it is offering an interest rate of 3.55% for outstanding savings account balances of Rs. 1000 crore and less than Rs. 2000 crore, while a maximum interest rate of 4.00% is being given for outstanding savings account balances of Rs. 2000 crore and above.
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Notably, Canara Bank on December 19, 2022 accelerated the interest rates on fixed deposits by up to 55 basis points across a range of tenors. Now the bank promises interest rates on deposits maturing in 7 days to 10 years that range from 3.25% to 6.50% for the general public and 3.25% to 7.00% for senior citizens.
