Canara Bank reduces Interest rates on loans/advances by 10 basis points for Overnight
Canara Bank reduces Interest rates on loans/advances by 10 basis points for Overnight and One Month tenor with effect from 07.02.2021
Canara Bank, a leading Public Sector Bank, has reduced its Marginal Cost of Funds Based Lending Rate (MCLR) on Loans / Advances by 10 basis points for Overnight and One Month tenor with effect from February 7, 2021.
Accordingly, the tenor linked MCLRs of the Bank shall be as under with effect from 07.02.2021:
| Tenor | Interest Rate (in %) |
| Overnight MCLR | 6.70% |
| One-Month MCLR | 6.70% |
| Three- Month MCLR | 6.95% |
| Six-Month MCLR | 7.30% |
| One Year MCLR | 7.35% |
Repo Linked Lending Rate (RLLR) continues to be at 6.90%.
About Canara Bank:
Widely known for customer centricity, Canara Bank was founded by Shri Ammembal Subba Rao Pai, a great visionary and philanth ro pist, in July 1906, at Mangaluru, then a small port town in Karnataka. Canara Bank is the fourth-largest public sector bank in the country after its amalgamation with Syn dicate Bank in April 2020. At present, it is functioning with 10,491 Branches, 3075 Rural, 3175 Semi- Urban, 2103 Urban & 2138 Metro along with 12973 ATMs throughout. The Bank has gone through various phases of its growth trajectory over the hu ndred years of its existence. The growth of Canara Bank was phenomenal, espec ially after nationalization in the year 1969, attaining the status of a national level player in terms of geographical reach and clientele segments. In June 2006, the Bank completed a century of operation in the Indian banking industry. The eventful journey of the Bank has been characterized by several memorable milestones. Today, Canara Bank occupies a premier pos ition in the comity of Indian banks.
