Canara Bank cuts domestic deposit rates by 25 basis points
Our Banking
Bureau
13 January 2003
 Mumbai:
Canara Bank has announced a cut in its domestic term
deposit rates for the period of one-year and more by 25
basis points (0.25 percentage points) with effect from
13 January 2002.
Consequently, the
rate of interest on the NRE deposits for a similar period
has also been revised downward by 0.25 percentage points.
The revised rates for the domestic term deposits are 5.75
per cent for a tenure of one year to less than two years
and 6.25 per cent for a loan maturing in three years and
above.
Senior citizens
will continue to get 50 basis points (0.50 percentage
points) higher than domestic rates, the bank said.
On
NRE term deposits, the new rates will be 5.25 per cent
(5.5 per cent) for a loan of one year to less than two
years and a maximum rate of 5.75 per cent (5.5 per cent)
for a loan maturing in three years and above.
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