Canara Bank reduces interest rates

Canara Bank has reduced its Marginal Cost of Funds Based Lending Rate (MCLR) on loans and advances by 10 basis points for overnight and one month tenor with effect from February 7, 2021.

According to a Canara Bank release, the tenor and interest rates are: Overnight and one month MCLR, 6.7%, three months MCLR, 6.95%, six months MCLR, 7.3% and one year MCLR, 7.35%.