Canara Bank joins leading banks in revising its deposit interest rates
DSIJ Intelligence / 17 Nov 2016
Well, the demonetisation of Rs 500 and Rs 1000 notes has helped the banking industry significantly by increasing their deposits in the bank. However, on the other hand the banks are reducing their deposit interest rates. Canara Bank being the latest one to join the race to reduce its deposit interest rate.
Well, the demonetisation of Rs 500 and Rs 1000 notes has helped the banking industry significantly by increasing their deposits in the bank. However, on the other hand the banks are reducing their deposit interest rates. Canara Bank being the latest one to join the race to reduce its deposit interest rate.
Canara Bank has informed BSE that the bank has revised deposit interest rates in different maturities in retail and bulk deposits in the range of 5bps to 25 bps and these are effective from November 21, 2016. Recently, State Bank of India and Axis Bank have reduced their deposit interest rates. SBI has reduced its deposit rates by 15 basis point whereas Axis Bank has taken a lead in reducing its interest rates and has reduced the rates by 15-20 bps. Banks have received Rs 4 lakh crores since November 9 and SBI and its associates have so far received 1 lakh crores of deposits.
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