Canara Bank Savings Account Interest Rate
- Which Bank Has Best Savings Account Interest Rate
- Canara Bank Savings Account Interest Rate 2019
- Canara Bank Interest Rates India
Canara Bank Savings Account: Check eligibility, interest rates, documents required and apply online for Canara Bank Savings Account at Paisabazaar.com.
Canara Bank offers an interest rate of 4% per annum on their savings bank accounts. This rate is subject to change at any time.
- Public lender Canara Bank has reduced the interest rate on savings bank accounts by 50 basis points to 3.5% on deposits of up to Rs50 lakh. However, the bank will continue to pay 4% interest on.
- Canara Bank’s savings account allows customers to save on a regular basis and earn interest of 3.5% to 4% p.a. On the funds deposited. If customers maintain a minimum balance of Rs. 25,000 the bank waves of charges for purchase of 2 DDs of amounts up to Rs.
Canara Bank Interest rate on savings account
Most banks, including Canara Bank, offer an interest rate of 4% p.a. on savings bank accounts. Earlier, the RBI had laid down a uniform interest rate on savings accounts for all banks which meant that there was no difference in the amount you earned as interest, regardless of which bank you had your money in. However, the RBI now allows banks to set their own interest rates for money held in savings accounts. This has led to more competition, and while some banks offer an interest rate of between 5-7% per annum, many banks in India continue to offer a standard rate of 4% per annum.
Which Bank Has Best Savings Account Interest Rate
How do you calculate the interest you earn on the money in your account? If, for instance, you have Rs 50,000 in a savings account and your bank offers an interest rate of 4% per annum, you will earn Rs 2000 a year in interest. (4% of 50,000 = 2000.) You can use a calculator to learn what you will receive for a particular sum, for a specific tenure and interest rate.
Interest calculated on daily balance: In addition, now the interest is calculated on the basis of the daily balance in your account as opposed to the earlier system which was calculated based on the minimum amount you had in your account in the month. So now you earn money for every rupee that you keep in your account.
The interest earned on money in a savings account is usually paid out twice a year and credited to your account directly.
How do I calculate the interest on a Canara Bank fixed deposit?
In general, the interest rates on a fixed deposit range from 4-9% per annum, depending on the tenure and the issuer.
It is simple to calculate the money you will earn as interest in an FD. Many banks offer an online Fixed Deposit calculator tool which helps you calculate the returns on your deposit. All you need to do is to enter some basic details including the deposit amount, deposit tenure and interest rate offered on the chosen FD scheme. The calculator will let you know how much you will earn as interest on maturity of your deposit.
You can use the interest calculator to check the interest returns on the FD schemes offered by different banks so that you can make an informed decision while choosing between the various options.
Fixed deposits are offered by banks and non-banking financial institutions as well as corporates. The interest you earn will vary based on
1.the tenure of the deposit
2.the amount you deposit
3.the interest rate offered
Canara Bank Savings Account Interest Rate 2019
Canara Bank Interest Rates India
The interest rate in turn varies depending on the issuer’s internal policies and government regulations. For example, senior citizens enjoy a higher interest rate in India.