Canara Bank,a leading Public Sector Bank, has been a pioneer in the banking industry for offering state of the art tech-aided banking services and products matching the market dynamics. It has always been Bank’s endeavor to be a one-stop shop for entire banking and financial needs of the customer.
Reflecting that the Bank is all geared up for organic growth with enhanced focus on domestic business, Bank declared a net profit of Rs 300 Crores for Q2FY 2018-2019, with a robust growth of 15.38% y.o.y, backed by a healthy pace of net interest income (NII) growth at 17.89% y.o.y. The solid performance in NII growth is driven by 18% y.o.y growth in domestic advances supported by stellar growth in retail credit at 35% y.o.y.
Coinciding with the ebullient financial results for Q2,Bank also announced a treat for its retail customers with increase in rate of interest on fixed deposits for 1 year by 20 bps wef 01/11/2018, for deposits less than Rs. 1 Crore, taking the interest rate to 7% (for general customers) and 7.50% (for senior citizens).The annual yield works out to be 7.19% and 7.71% respectively. With this increase, the interest on fixed deposits for 1 year to less than 2 years period will be 7% (for general customers) and 7.50% (for senior citizens).
Canara Bank has special fixed deposit schemes for 444 and 555 Days where the rates are as high as 7.05% &7.10%(for general customers) and 7.55% &7.60% (for senior citizens).The annual yield works out to be 7.24% &7.29% for general customers and 7.77% &7.82% for senior citizens.The interest rates being offered now are most competitive amongst the PSB banks with much better and attractive yields.
City Today News
(Tj vision media)
9341997936
City Today News 