Canara Bank cuts savings rate on deposits by 25 basis points

NEW DELHI: Public sector lender Canara Bank on Monday said it will cut deposit rates by 0.25 percentage points with effect from October 15, 2019.

The present interest rate on savings bank deposits of Canara Bank will be revised with effect from October 15, 2019, the bank said in a regulatory filing.

For outstanding balances of less than Rs 50 lakh, depositors will earn 3.25 per cent interest, while for outstanding balances of Rs 50 lakh and more, the interest rate will come down to 3.75 per cent.

The bank currently offers an interest rate of 3.50 per cent for deposits less than Rs 50 lakh and 4 per cent for Rs 50 lakh and above deposits. (AGENCIES)