Report Wire

Tag: Canara Bank

  • Canara Bank Clocks 10.5% Jump In Q1 Net Profit At Rs 3,905 Crore | Companies News

    New Delhi: Canara Bank on Thursday reported a 10.5 per cent jump in net profit for the April-June quarter of the current financial year to Rs 3,905 crore, compared to the corresponding figure of Rs 3,534 crore in the same quarter of last year. The bank’s net interest income (NII) during the first quarter increased 6 per cent to Rs 9,166 crore from Rs 8,666 crore in the same period last year.

    Its operating profit (before provisions and contingencies) remained flat at around Rs 7,616 crore in the quarter. There was an improvement in the asset quality of the bank during the quarter with gross non-performing assets (NPA) coming down to 4.14 per cent of total loans from 5.15 per cent in the year-ago period.

    The net NPA ratio of the lender declined to 1.24 per cent from 1 1.57 per cent in Q1FY24. In absolute terms, the gross NPA of the bank stood at Rs 40,356.38 crore as on June 30, 2024, compared to Rs 45,727.37 crore as on June 30, 2023.

  • Best financial institution FD charges: SBI, HDFC Bank, ICICI, Axis, or Canara Bank. Check right here

    Bank mounted deposits (FDs) are nonetheless thought of to be one of many most secure funding choices. Almost all banks present time period deposits ranging between 7 days to 10 years tenure. The rates of interest differ from one financial institution relying upon the tenure. It’s at all times advisable to match the FD charges of assorted banks earlier than you determine to place a lumpsum chunk of your cash in an FD. 

    In this text, we take a comparative have a look at one of the best financial institution FD charges, whether or not it’s supplied by SBI, HDFC Bank, ICICI, Axis, or Canara Bank, learn under to know extra.

    Axis Bank newest FD charges

    Axis Bank affords rates of interest starting from 3.5% to 7.3% on deposits maturing in seven days to 10 years for most of the people. Senior residents will get an rate of interest within the vary of three.50% to eight.05% on these deposits. According to the financial institution’s web site, these charges are efficient from August 14, 2023. 

    Canara Bank newest FD charges

    Canara Bank affords rates of interest starting from 4% to 7.25% on deposits maturing in seven days to 10 years for most of the people. Senior residents will get an rate of interest within the vary of 4% to 7.75% on these deposits. According to the financial institution’s web site, the these charges are efficient from August 12, 2023.

    SBI FDs between 7 days to 10 years will give 3% to 7.1% to basic prospects. Senior residents will get 50 foundation factors (bps) further on these deposits. These charges are efficient February 15, 2023.

    HDFC Bank affords an rate of interest starting from 3% to 7.25 % to basic prospects on deposits maturing in 7 days to 10 years. Senior residents will earn an rate of interest of three.5% to 7.75% on these deposits. These charges are efficient from 29 May 2023.

    ICICI Bank affords the Fixed Deposit (FD) scheme with rates of interest ranging between 3.00% and seven.10% p.a. Senior residents are offered a further rate of interest. The tenure of the scheme ranges from 7 days to 10 years. 3.50% and seven.60%. These charges are efficient from February 24.

    The Reserve Bank of India (RBI) on August 10 left its key rates of interest unchanged for a 3rd straight assembly however signalled tighter coverage if meals costs proceed to drive inflation larger.

    Since May 2022, the repo charge has elevated by 250 foundation factors (bps). The final hike was by 25 bps in February 2023, bringing the repo charge to six.5 per cent. The consecutive charge hike has made the returns on mounted deposits fairly engaging.

    Catch all of the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
    Download The Mint News App to get Daily Market Updates.

    More
    Less

    Updated: 20 Aug 2023, 02:38 PM IST

    Topics

  • HDFC, ICICI, Canara amongst 5 banks which have hiked lending charges this month

    Banks have been mountaineering lending charges. The public sector lender Canara Bank has hiked dwelling mortgage charges and different mortgage charges with impact from 12 August.  In August, high banks in India, together with HDFC Bank, ICICI Bank, Bank of Baroda, and Bank of India elevated their marginal value of funds-based lending charge (MCLR). 

    After the newest hike,  Canara Bank’s in a single day MCLR stands at 7.95%, whereas the one-month MCLR is 8.05% .The six-month MCLR is 8.50, whereas the three-month MCLR is 8.15%. The financial institution’s MCLR for a 1-year tenor is 8.70%. 

    “The above MCLRs shall be relevant solely to new loans/advances sanctioned/first disbursement made on or after 12.03.2023 and people credit score amenities renewed/reviewed / reset undertaken and the place switchover to MCLR linked rate of interest is permitted on the possibility of the borrower, on or after 12.03.2023. The above MCLRs can be efficient until the following overview,” stated Canara Bank in a press release.

    It’s true {that a} rise in financial institution rates of interest will affect immediately the brand new mortgage debtors. When banks hike rates of interest on their retail loans, they often enhance the tenure of the mortgage as an alternative of month-to-month EMI.

    HDFC Bank MCLR charges in August 2023

    HDFC Bank has hiked benchmark marginal value of funds-based lending charges (MCLR) by 15 foundation factors (bps) on choose tenures with impact from 7 August. However, MCLRs for tenures longer than one yr stay unchanged.

    Bank of Baroda MCLR charges in August 2023

    Bank of Baroda (BoB) has hiked its benchmark lending charges by 5 foundation factors (bps) on numerous tenures. The new charges will come into impact from August twelfth.

    ICICI, Punjab National Bank, Bank of India hike lending charges

    ICICI Bank, Punjab National Bank, and Bank of India have revised their marginal cost-based lending charge (MCLR) on loans . The revised rates of interest are efficient from 1 August, as per the financial institution web sites. The new rates of interest are efficient from 1 August 2023, the lenders talked about on their web sites.

    RBI retains repo charge unchanged for a 3rd time in a row

    The Reserve Bank of India (RBI) left its key coverage charges unchanged for the third time in a row. The MPC held the benchmark repurchase charge (repo) at 6.50 per cent in a unanimous choice. The end result of the assembly was introduced by RBI chief Shaktikanta Das on 10 August.

    Catch all of the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
    Download The Mint News App to get Daily Market Updates.

    More
    Less

    Updated: 16 Aug 2023, 09:22 AM IST

    Topics

  • Canara Bank Q3 revenue surges 92% to ₹2,882 crore

    (PTI) Canara Bank on Monday reported 92 per cent leap in revenue at ₹2,882 crore for the quarter ended December 2022, helped by an increase in curiosity revenue and decline in dangerous loans.

    Its internet revenue stood at ₹1,502 crore in the identical quarter of the previous monetary 12 months.

    Total revenue elevated to ₹26,218 crore within the quarter from ₹21,312 crore within the year-ago interval, the state-owned financial institution stated in a regulatory submitting.

    At the identical time, curiosity revenue rose to ₹22,231 crore as in opposition to ₹17,701 crore in the identical quarter a 12 months in the past.

    On the asset high quality entrance, the financial institution recorded an enchancment with gross NPAs (Non-Performing Assets) declining to five.89 per cent as in comparison with 7.80 per cent on the finish of third quarter of 2021-22.

    Net NPAs too eased to 1.96 per cent as in comparison with 2.86 per cent in the identical interval a 12 months in the past.

    The capital adequacy ratio rose to 16.72 per cent in December quarter as in opposition to 14.80 per cent.

    Catch all of the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
    Download The Mint News App to get Daily Market Updates.

    More
    Less

  • Top 10 banks that hiked FD curiosity charges in Oct

    1 min learn . Updated: 30 Oct 2022, 09:00 PM IST Livemint
    Premium
    Banks_hike_FD_interest_rates

    Banks have raised the rates of interest on their deposit merchandise because of the repo fee hike and virtually all the key banks have hiked rates of interest on fastened deposits in keeping with the affect of the repo fee

  • Canara Bank revises rates of interest on FDs: Now affords as much as 7.50% on this tenor

    Interest charges on fastened deposits beneath ₹2 crore have been adjusted by Canara Bank, one of many high public sector lenders. According to the financial institution’s official web site, the brand new charges are in impact as of October 31, 2022. Following the revision, the financial institution is at the moment providing rates of interest on deposits maturing in 7 days to 10 years that vary from 3.25% to six.50% for most people and three.25% to 7.00% for senior residents. The financial institution is now giving a most rate of interest of seven.00% to most people and seven.50% to senior residents on deposits maturing in 666 days.

    Canara Bank FD Rates

    On deposits maturing in 7 days to 45 days the financial institution is now providing an rate of interest of three.25% and for these maturing in 46 days to 179 days Canara Bank is now providing an rate of interest of 4.50%. Deposits maturing in 180 days to lower than 1 Year will now fetch an rate of interest of 5.50% and people maturing in 1 yr to lower than 2 years will now fetch an rate of interest of 6.25%. Canara Bank will now supply an rate of interest of seven.00% on deposits maturing in 666 Days and 6.25% on these maturing in 2 years & above to lower than 3 years. On deposits maturing in 3 years to 10 years, Canara Bank will now supply an rate of interest of 6.50%.

    View Full Image

    Canara Bank FD Rates (canarabank.com)

    For the Canara Tax Saver Deposits of as much as ₹1.5 lakh, the financial institution is providing 6.50% yearly to non-senior residents and seven% to senior residents. For deposits (aside from NRO/NRE and CGA Deposits) lower than Rs. 2 Cr. and having a tenor of 180 Days and above, a further fee of 0.50% is supplied for senior residents. According to the Canara Bank, the above rate of interest additionally applies to recurring deposits.

    Canara Bank has talked about on its web site that “For untimely closure/half withdrawal/untimely extension of Domestic/NRO time period deposits, the Bank imposes a penalty of 1.00%. Such prematurely closed/half withdrawn/prematurely prolonged deposits will earn curiosity at 1.00% under the speed as relevant for the related quantity slab as ruling on the date of deposit and as relevant for the interval run OR 1.00% under the speed at which the deposit has been accepted, whichever is decrease.” However, no interest will be payable on term deposits prematurely closed/prematurely extended before completion of 7th day.”

    Canara Bank lately up to date the rates of interest on financial savings accounts, efficient October 21, 22. The financial institution now affords a most rate of interest of 4% on financial savings accounts.

    Catch all of the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
    Download The Mint News App to get Daily Market Updates.

    More
    Less

  • Canara Bank hikes rates of interest as much as 135 bps on mounted deposits throughout tenors

    The rate of interest on retail mounted deposits of lower than ₹2 Cr has been hiked on the public sector lender Canara Bank. According to the financial institution’s official web site, the brand new charges are in impact as of immediately, October 7, 2022. Following the adjustment, the financial institution raised its rates of interest for all tenors and is presently offering an rate of interest on deposits maturing in 7 days to 10 years that vary from 3.25% to 7.00% for most people and three.25% to 7.50% for senior residents.

    Canara Bank FD Rates

    The financial institution elevated its rate of interest on mounted deposits maturing in 7 days to 45 days by 35 foundation factors (bps), from 2.90% to three.25%, and on retail time period deposits maturing in 46 days to 90 days by 25 bps, from 4% to 4.25%. Fixed deposits maturing in 91 days to 179 days will now earn curiosity at a price of 4.50% (up from 4.05% beforehand), a forty five foundation level enhance, whereas time period deposits maturing in 180 days to 269 days will now earn curiosity at a price of 5.90% (up from 4.65% beforehand), a 125 foundation level enhance.

    On deposits maturing in 270 days to lower than a yr, Canara Bank elevated its rate of interest by 135 foundation factors, or 135 bps, from 4.65% to six.00%. The financial institution elevated its rate of interest from 5.50% to six.50% on mounted deposits maturing in 1 yr to 2 years, a rise of 100 bps, and from 5.55% to six.50% on time period deposits maturing in 1 yr or extra however lower than 2 years, a rise of 95 bps.

    The rate of interest on mounted deposits maturing in 666 days has climbed from 6% to 7.00%, a 100 foundation level enhance, whereas the rate of interest on time period deposits maturing in 2 years or extra however lower than 3 years has elevated from 5.60% to six.50%, a 90 foundation level enhance. Canara Bank upped its rate of interest on mounted deposits maturing in 3 years and above to lower than 5 years from 5.75% to six.50%, a 75 bps enhance, and on time period deposits maturing in 5 years and above to 10 Years from 5.75% to 7.00, a 125 bps enhance.

    View Full Image

    Canara Bank FD Rates (canarabank.com)

    For deposits (apart from NRO/NRE and CGA Deposits) lower than Rs. 2 Cr. and having a tenor of 180 Days and above, an extra price of 0.50% is offered for senior residents. For the Canara Tax Saver Deposit account, Canara Bank is providing 7.00% p.a to most people and seven.50% for senior residents. And the rate of interest talked about above additionally applies to recurring deposits.

    Canara Bank has talked about on its web site that “Rates are relevant just for single deposit of Rs.5 Lakh & above. Minimum interval for renewal of home/NRO time period deposits is 7 days no matter the dimensions of deposit. Below Rs.5 Lakh, Minimum tenor of deposit is 15 Days.”

    Catch all of the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
    Download The Mint News App to get Daily Market Updates.

    More
    Less

    Subscribe to Mint Newsletters

    * Enter a legitimate electronic mail

    * Thank you for subscribing to our publication.

  • Canara Bank particular fastened deposit (FD) scheme that provides 7.5% curiosity

    Canara Bank has launched a particular fastened deposit plan for a tenure of 666 days. According to this plan, the private-sector lender is providing an rate of interest of seven% to its basic clients, whereas senior residents will obtain 7.5% on these deposits. This particular time period deposit scheme launched by the state-owned financial institution is for quantity beneath ₹2 crore.

    “Now get most returns in your funding! Presenting Canara Special Deposit Scheme that provides 7.50% curiosity by investing for 666 days,” tweeted Canara Bank.

    Special FD scheme launched by the Canara Bank: Important particulars

    Tenure: This particular FD scheme is obtainable for a tenure of 666 days.

    FD rate of interest: This particular time period deposit scheme launched by the Canara Bank presents an annual rate of interest of seven per cent for public typically whereas senior residents will get 7.5 per cent annual return on their cash.

    Unity Bank particular FD scheme that provides 8.4% to senior residents

    Unity Small Finance Bank Limited (Unity Bank) has launched Shagun 501, a particular Fixed Deposit tenure to brighten up Dussehra and Diwali. For a 501 days fastened deposit, retail clients will earn a gorgeous return of seven.90% p.a., whereas senior residents earn 8.40 % p.a. This festive supply is out there just for deposits booked as much as thirty first October, 2022.

    Canara Bank hikes lending charges efficient at present

    The Repo Linked Lending Rate (RLLR) and Marginal Cost of Funds Based Lending Rate (MCLR) have been hiked by public sector lender Canara Bank. The revised charges will come into impact at present, October 7, 2022. The financial institution elevated the MCLR and RLLR throughout all tenors.

    On in a single day to 1-month MCLR, Canara Bank has hiked charges by 15 bps to 7.05%. On a three-month MCLR, the speed has been hiked by 15 bps to 7.40% and on a six-month MCLR, the speed has been hiked by 15 bps to 7.80%. On one yr MCLR, the financial institution has hiked its fee by 1 bps from to 7.90%.

    Canara Bank newest FD charges

    On deposits maturing in 7 days to 10 years, Canara Bank offers an rate of interest starting from 2.90 per cent to five.75 per cent for most people and a pair of.90 per cent to six.25 per cent for senior residents.

    Catch all of the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
    Download The Mint News App to get Daily Market Updates.

    More
    Less

    Subscribe to Mint Newsletters

    * Enter a sound e mail

    * Thank you for subscribing to our e-newsletter.

    Topics

  • Canara Bank to hike lending charges by 15 bps throughout tenures: EMIs to go up

    The Repo Linked Lending Rate (RLLR) and Marginal Cost of Funds Based Lending Rate (MCLR) have been hiked by public sector lender Canara Bank. The revised charges will go into impact on October 7, 2022. The financial institution elevated the MCLR and RLLR throughout all tenors in response to the adjustment, and the hike in lending charges is aligned with the RBI’s 50 foundation level improve within the repo price to five.9%.

    Canara Bank Marginal Cost of Funds Based Lending Rate (MCLR)

    On in a single day to 1-month MCLR, Canara Bank has hiked charges by 15 bps from 6.90% to 7.05%. On a three-month MCLR, the speed has been hiked by 15 bps from 7.25% to 7.40% and on a six-month MCLR, the speed has been hiked by 15 bps from 7.65% to 7.80%. On one yr MCLR, the financial institution has hiked its price by 1 bps from 7.75% to 7.90%.

    The minimal lending price or the interior benchmark beneath which a financial institution is prohibited from lending is named the Marginal Cost of Funds primarily based Lending Rate (MCLR). Since the repo price and the marginal value of funds-based lending price are linked, the RBI’s 50-bps improve within the repo price to five.90% would impact Canara Bank’s floating rate of interest on your house mortgage.

    View Full Image

    Canara Bank MCLR (BSE) Canara Bank Repo Linked Lending Rate (RLLR)

    Canara Bank elevated its Repo Linked Lending Rate (RLLR) price by 50 foundation factors, from 8.30% to eight.80%. Repo linked lending price, also referred to as RLLR, is the lending price that’s linked to the repo price set by the RBI. However, numerous variables, together with the mortgage quantity and loan-to-value ratio, have an effect on the present RLLR rate of interest. Since RLLR is linked to an exterior benchmark, the rates of interest on loans fluctuate.

    Your EMIs will improve beginning on the following reset date since Canara Bank has elevated its Revision in Marginal Cost of Funds Based Lending Rate (MCLR) and Repo Linked Lending Rate (RLLR). Banks like ICICI Bank, Bank of India and Punjab National Bank (PNB), SBI, HDFC Bank, Kotak Mahindra Bank, Union Bank of India, and Indian Overseas Bank have already began elevating their lending charges in response to the Reserve Bank of India’s (RBI) 50 foundation level improve within the repo price to five.9%. The repo price has been raised by 140 foundation factors since May in an try to regulate inflation. Consumer worth inflation stays above the central financial institution’s tolerance degree, based on RBI governor Shaktikanta Das, who made the announcement of the speed hikes in its Monetary Policy Committee (MPC) held in September 2022. This signifies that extra price hikes within the close to future could also be prone to happen, as many specialists additionally imagine, and in consequence, loans will change into costlier.

     

    Catch all of the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
    Download The Mint News App to get Daily Market Updates.

    More
    Less

    Subscribe to Mint Newsletters

    * Enter a legitimate e-mail

    * Thank you for subscribing to our publication.