Latest news with #Canara
Time of India
3 days ago
- Business
- Time of India
Here's how you can save on interest after RBI's repo rate cut
The RBI 's recent 0.5% repo rate cut to 5.5% brings relief to home loan borrowers by lowering monthly EMIs. Most new home loans in India are linked to the repo rate through the Repo Linked Lending Rate (RLLR) system, meaning you'll likely see reduced interest rates soon. For example, a 20-year home loan could see its EMI drop significantly, putting extra cash in your pocket each month. Larger loans will yield even bigger savings (see graphic). Banks like Canara or UCO have already cut rates to 7.75%, but some private banks may take a few months to pass on the full benefit, so check with your lender. With reduced EMIs, you can use the extra money for daily expenses, savings, or paying off your loan faster to save more interest. To make the most of this, confirm the rate cut has been applied to your loan and consider increasing your EMI slightly to shorten the loan term. Interest savings after RBI repo rate cut Interest rates fall, EMIs shrink, and long-term savings grow for home loan borrowers.
Indian Express
27-05-2025
- Indian Express
Society manager forges sign of panel members in Mumbai, withdraws Rs 1 crore
The Mumbai police on Sunday booked the manager of a co-operative society for allegedly forging cheques and withdrawing Rs 1.03 crore from the society's account. The accused, identified as Inicet Elias (50), is alleged to have forged signatures of office bearers and transferred money in an account he created using documents of the husband of the woman, who worked as a cleaner at the building. According to the FIR, the incident took place at the Readymoney Premises Co-operative Society in Worli that has 56 commercial units. The secretary of the society filed a complaint stating that in 2011-12, they had hired a building manager to carry out various financial and administrative functions of the building. Since June 2024, the manager had become irregular at work citing personal reasons. In December 2024, the secretary received a message on his phone from the Canara bank where the society had an account, that a cheque was being dishonoured due to a mismatch of signature. Surprised, he enquired with the other committee members if they had issued any cheque, to which they replied in the negative. On checking their bank account, they found multiple unauthorized withdrawals made using bearer cheques from the society account. After realizing what had happened, the secretary approached the Worli police station where an FIR was registered against Elais on charges of criminal breach of trust, cheating and forgery. The funds were allegedly diverted to an account at Bank of Maharashtra in the name of one Dinesh Khawariya, who they knew was the husband of the society's cleaner. When they questioned him, he said that his documents had been taken by Elias by promising to get his loan approved from the bank. The police also found that Elias had linked his own mobile number to the account even though it had the name of Khavriya. Elias then withdrew the money for his own use, the complaint said. After realizing what had happened the secretary approached the local Worli police station where an FIR was registered against Elais on charges of criminal breach of trust, cheating and forgery. Senior inspector of Worli police Nilesh Patil said that they have registered an FIR and will be probing the allegations made in the complaint. No arrests have been made in the case.
&w=3840&q=100)
Business Standard
13-05-2025
- Business
- Business Standard
Canara, Union Bank announce special deposit schemes to boost growth
Amid muted deposit growth, Canara and Union Bank launch targeted deposit products offering higher interest, health insurance, and personalised support services Anupreksha Jain Mumbai State-owned Canara Bank and Union Bank of India on Tuesday announced special products to boost resource mobilisation. Under its new scheme, Union Bank will offer 6.75 per cent interest on deposits with a tenure of 375 days, for a minimum deposit of ₹10 lakh and up to ₹3 crore. The scheme includes a 375-day Super Top-up Health Insurance cover, offering a sum insured of ₹5 lakh with cashless hospitalisation facilities. Bengaluru-based Canara Bank launched Canara TruEdge, a current and savings account product designed to enhance customer segmentation and provide solutions tailored to specific operational and financial needs, the lender said. The product offers a flexible benefit system, such as charge waivers and concessions, linked to the previous month's Monthly Average Balance (MAB). The move comes as deposit growth has slowed — falling to 10.3 per cent in FY25 from 13.5 per cent in FY24. Most public sector banks have projected deposit growth of 9–11 per cent for the current financial year. Bankers said deposit mobilisation continues to remain a challenge, prompting institutions to launch special schemes. Additionally, Canara Bank's TruEdge focuses on providing personalised and dedicated support through a designated relationship manager, acting as a single point of contact for all banking requirements. Similarly, Union Bank's special scheme aims to attract more deposits by offering wealth creation and health protection benefits on a single platform. 'The Union Wellness Deposit is strategically crafted to promote both wealth creation and health protection by seamlessly integrating health insurance with a term deposit product. Additionally, it offers a range of lifestyle benefits through the RuPay Select Debit Card,' the bank said in a statement. The scheme is available to resident individuals aged between 18 and 75, either individually or jointly. For joint accounts, only the primary account holder is eligible for the insurance coverage. It offers a minimum deposit amount of ₹10 lakh and a maximum of ₹3 crore, with provisions for premature closure and loans against the deposit. The scheme has a fixed tenure of 375 days and offers an attractive interest rate of 6.75 per cent per annum, with an additional 0.50 per cent interest for senior citizens. 'Deposit growth is still muted; hence, products that offer multiple benefits serve best to mobilise deposits. Plus, it also targets senior citizens, who are currently among the most important customer segments,' said a banker.
Time of India
25-04-2025
- Business
- Time of India
Canara, Indian Bank trim home, vehicle loan rates
Canara, Indian Bank trim home, vehicle loan rates NEW DELHI: Leading public sector lenders Canara and Indian Bank on Thursday lowered their repo-linked lending rate (RLLR) by 25 basis points in line with RBI making home and vehicle loans cheaper. Following the reduction, Indian Bank has cut its home loan interest rates from the existing 8.15% to 7.90% and vehicle loan interest rates from the existing 8.50% to 8.25%. With the RLLR reduction, the minimum rate of interest for all loans have been lowered, Canara Bank said in a statement. Their housing loan will now start at 7.90%. Stay informed with the latest business news, updates on bank holidays and public holidays . Master Value & Valuation with ET! Learn to invest smartly & decode financials. Limited seats at 33% off – Enroll now!
Time of India
24-04-2025
- Business
- Time of India
Canara Bank and Indian Bank cut lending rates, home and vehicle loans get cheaper
Leading public sector lenders Canara and Indian Bank on Thursday lowered their repo-linked lending rate (RLLR) by 25 basis points in line with RBI making home and vehicle loans cheaper. Following the reduction, Indian Bank has cut its home loan interest rates from the existing 8.15 per cent to 7.90 per cent and vehicle loan interest rates from the existing 8.50 per cent to 8.25 per addition to the reduced interest rates, Indian Bank is also offering benefits such as discounted processing fees and zero documentation charges, the Chennai-based lender said in a the RLLR reduction, the minimum rate of interest for all loans have been lowered, Canara Bank said in a the reduction, the housing loan is starting at 7.90 per cent while vehicle loan begins at 8.20 per cent per annum, it added.
