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Canara Bank Slashes Savings Account Interest Rate
September 05, 2017
Public sector Canara Bank has cut the interest rate on savings accounts by 50 basis points, thus setting the new rate at 3.5% that applies for deposits up to Rs. 50 lakh. For savings account deposits above Rs. 50 lakhs, the interest rate will continue to be 4%.
By slashing the interest rates on savings accounts Canara Bank has joined the league of other banks who also took the same step earlier. State Bank of India was the first bank to adopt this dual-interest-rate model when it slashed the interest rate for deposits up to Rs. 50 lakh to 3.5%. The move was soon followed by HDFC Bank, Axis Bank, Bank of Baroda, etc.
