Canara Bank Retains Interest Rates On Loans/Advances With Effect From 07.05.2021

Canara Bank, a leading Public Sector Bank, has retained its Marginal Cost of Fund Based Lending Rate (MCLR) on Loans / Advances across all tenors with effect from May 7, 2021.

Accordingly, the tenor linked MCLRs of the Bank shall be as under with effect from 07.05.2021:

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 philanthropist, 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 Syndicate Bank in April 2020. At present, it is functioning with 10,498 Branches, and 13,023 ATMs throughout. The Bank has gone through various phases of its growth trajectory over the hundred years of its existence. The growth of Canara Bank was phenomenal, especially 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 position in the comity of Indian banks.