Canara Bank cuts domestic deposit rates by 25 basis points

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.