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Canara Bank slashes Interest rates

BENGALURU: Canara Bank has reduced its Marginal Cost of Funds Based Lending Rate (MCLR) on Loans and Advances across all tenors with effect from June 07, 2020. The Bank has reduced interest rate by 20 basis points across all tenors i.e, one year, 6 months, 3 months, 1 month and Overnight tenors.

Accordingly, the tenor linked MCLRs of the Bank shall be as under with effect from 07.06.2020:

Tenor

Interest Rate (in %)

Overnight MCLR

7.30%

One-Month MCLR

7.30%

Three- Month MCLR

7.55%

Six-Month MCLR

7.60%

One Year MCLR

7.65%

Repo Linked Lending Rate (RLLR) has been reduced by 40 basis points from 7.30% to 6.90% effective from 07.06.2020.

After amalgamation of Syndicate Bank into Canara Bank on 01.04.2020, the bank has attained the position of 4th largest Public Sector Bank in the country with a total business of Rs 15, 53,792 crores. With 10403 domestic branches, 13448 ATMs and about 6000 Business Correspondents, the Bank has got unparalleled potential to become the numero uno nationalized bank in the country with a premier position in the comity of Indian banks.  

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