Latest News on Canara Bank
Interest Rates Compared: A Comparative Analysis of Top Banks – SBI, BoB, PNB, Canara and More
The article discusses the various options for investing in India, with a focus on Fixed Deposits (FDs) in major banks. The article provides an overview of the interest rates offered by six banks – State Bank of India (SBI), Bank of Baroda (BoB), Punjab National Bank (PNB), Canara Bank, ICICI Bank, and HDFC Bank – for FDs of 1 year, 3 years, and 5 years, as well as the estimated returns on an investment of Rs 20 lakh.
The interest rates offered by these banks range from 7.00% to 7.90%, depending on the tenure of the FD. For a 1-year FD, SBI and BoB offer 7.30% interest, while Canara Bank and ICICI Bank offer 7.20%. For a 3-year FD, Canara Bank offers the highest interest rate of 7.90%, while SBI and PNB offer 7.50%. For a 5-year FD, Axis Bank offers the highest interest rate of 7.75%, while HDFC Bank and ICICI Bank offer 7.50%.
According to the article, if you invest Rs 20 lakh in SBI for 1 year, you can get a return of Rs 21,50,046, which is 7.30% of the principal amount. Similarly, an investment in Canara Bank for 3 years can fetch a return of Rs 25,29,033, which is 7.90% of the principal amount. For a 5-year FD, Axis Bank offers the highest return of Rs 29,35,686, which is 7.75% of the principal amount.
Overall, the article suggests that FDs in major Indian banks can be a good option for investors seeking a relatively safe and stable return on their investment. It is worth noting that the interest rates offered by banks are subject to change, and investors should check the current interest rates and other terms and conditions before investing.
Canara Bank initiates a comprehensive cybercrime awareness and prevention initiative.
The Canara Bank Circle Office in Tirupati organized an awareness program on digital frauds in accordance with RBI guidelines. The event was inaugurated by the Circle Office Head, General Manager IP Mitantaya, who launched a mobile van to spread awareness on digital frauds and cybercrime. The van is equipped with a special kit to help citizens recognize and report cybercrime.
The program emphasized the importance of not sharing personal and banking details with strangers. The bank also provided information on the toll-free number 1930 and the website www.cybercrime.gov.in, which citizens can use to report and seek assistance in case of cybercrime. Additionally, a walkathon was organized to further increase awareness, with key officials including the Circle DGM, GN Murthy, and other staff members participating in the event.
The program aimed to educate citizens on the risks of sharing personal information online and the importance of protecting themselves from cyber threats. It also provided information on the support available to victims of cybercrime, including the toll-free number and website. Overall, the program aimed to promote awareness and responsibility among citizens, banks, and other businesses to prevent and tackle digital frauds and cybercrime. By sensitizing citizens to the risks and providing resources for assistance, the program aimed to create a safer and more secure online environment for all.
The Reserve Bank and the Central Bank have cooperatively reduced home loan interest rates to an unprecedented low of 8.10%, a benchmark among all major banks.
After the Reserve Bank of India’s recent repo rate cut, two banks, Union Bank of India and Central Bank of India, have lowered their home loan interest rates to 8.10%, making them the most competitive in terms of rates. Here’s a comparison of monthly EMIs for a Rs. 1 lakh home loan over 20 years:
* Union Bank of India and Central Bank of India: 8.10%, approximately Rs. 843 per month
* Bank of Baroda, Canara Bank, and Punjab National Bank: 8.15%, approximately Rs. 846 per month
* State Bank of India: 8.25%, approximately Rs. 852 per month
* Bank of India: 8.30%, approximately Rs. 855 per month
* IDBI Bank: 8.50%, approximately Rs. 868 per month
* Axis Bank, HDFC Bank, ICICI Bank, and Kotak Mahindra Bank: 8.75%, approximately Rs. 884 per month
* Yes Bank: 9%, approximately Rs. 900 per month
Three key considerations for borrowing a home loan are:
* Prepayment penalties: Check the bank’s policy on early repayment, as some banks charge penalties for paying off loans early.
* Monitor your CIBIL score: A good credit score (700 or above) is crucial for loan approvals and can help you secure better loan terms.
* Keep an eye on offers: Banks occasionally roll out new offers, so research and compare to secure the best deal.
Borrowers should consider these factors to make an informed decision and take advantage of the reduced home loan rates offered by these banks.
Six major banks are currently offering home loan interest rates ranging from 8.1% to 8.15%.
The Reserve Bank of India (RBI) recently reduced the repo rate by 25 basis points to 6.25%, which is expected to ease the burden on home loan borrowers. As a result, banks are passing on the rate-cut benefit to their customers. State Bank of India (SBI) has been the first major bank to do so, reducing its floating rate home loan interest rates by 0.25% to 8.25%. This makes SBI’s home loan rates cheaper than many private sector lenders, such as HDFC and ICICI Bank. However, other public sector banks, including Union Bank of India, Central Bank of India, Bank of Baroda, Punjab National Bank, Canara Bank, and Indian Bank, are offering even cheaper rates, starting at 8.1% per annum. In contrast, private sector lenders like HDFC Bank, Axis Bank, Kotak Mahindra Bank, and ICICI Bank are offering home loans starting at 8.75% per annum. It’s important to note that final home loan rates offered by lenders vary based on individual credit scores. With all lenders expected to pass on the repo rate cut benefit to customers by the next interest reset cycle, home loan borrowers may see further reductions in interest rates.
For senior citizens, FD interest rates are capped at 9.1% for a 5-year investment. Consult the list of banks here on MSN for more information.
According to MSN, senior citizens (65 years and above) investing for a period of five years can now enjoy an FD (Fixed Deposit) interest rate as high as 9.1% in some banks. This is a significant increase from previous rates, making it a attractive option for seniors looking to grow their wealth.
For a 5-year FD, senior citizens can earn an interest rate of 9.1% with certain banks, which translates to a principal amount of approximately ₹1,00,000 (Rs. 10,000 with 1% interest). This means that an investment of ₹1,00,000 could generate an interest income of ₹9,100 over a period of 5 years, making it a safe and attractive option for senior citizens.
Some of the banks offering high FD rates for senior citizens include:
* Bank of Baroda: 8.55% for a 5-year FD
* Canara Bank: 8.5% for a 5-year FD
* Indian Bank: 8.45% for a 5-year FD
* Oriental Bank of Commerce: 8.4% for a 5-year FD
* PNB: 8.35% for a 5-year FD
* Union Bank of India: 8.3% for a 5-year FD
* State Bank of India: 8.25% for a 5-year FD
* Allahabad Bank: 8.2% for a 5-year FD
* Bank of India: 8.15% for a 5-year FD
It is essential for senior citizens to note that the interest rates may vary depending on the bank, tenure, and other factors. Additionally, FD interest rates are subject to change over time and may be affected by market conditions. It is crucial to review the current rates and terms before making an investment decision.
Overall, these high FD rates offer senior citizens an opportunity to earn a decent returns on their savings, making it an attractive option for those looking to supplement their income or plan for the future.
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