Public sector bank increases interest rates on savings accounts

Mumbai: The third largest public sector bank in the country, Canara Bank has increased interest rates on savings accounts. Now the lender is offering up to 4% in interest for savings bank deposits.

Now the bank will provide an interest rate of 2.90% for outstanding savings account balances between Rs. 50 lakh and Rs. 5 crore and an interest rate of 2.95% for balances between Rs. 5 crore and Rs. 10 crore. For the outstanding balances in savings accounts between Rs. 10 crore and Rs. 100 crore  and between Rs. 100 crore and Rs. 200 crore, Canara Bank will give an interest rate of 3.05% and 3.50%, respectively.

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Savings account with an outstanding balance of Rs. 200 crore to less than Rs 500 crore  will get an interest rate of 3.10% and a savings account with an outstanding balance of Rs 500 crore to less than Rs 1000 crore will get an interest rate of 3.40%.The lender will provide  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.