Canara Bank, one of India’s leading PSU lenders, has announced new savings account interest rates for its customers.
According to the bank’s official website, revised savings account rates took effect from September 5, 2026. According to Canara Bank, interest rates on domestic, NRE, and NRO savings accounts will now start at 2.50% annually and will go up to 4% based on the applicable balance slab.
But individuals looking to open a new savings account should compare the interest rates of top PSU banks, and in this article, we have compared the latest Canara Bank savings account interest rates with other PSU banks such as SBI, PNB, BoB, and more.
Canara Bank savings account interest rates
The bank will now give an interest rate of 2.50% to Canara Bank savings account holders with outstanding balances under Rs. 50 lakh, while the interest rate stays at 2.50% for balances between Rs. 50 lakh and Rs. 100 cr.
Customers with savings accounts with outstanding balances between Rs. 100 Cr and less than Rs. 300 Cr would now get an interest rate of 2.65%, according to Canara Bank. Canara Bank savings account holders would receive an interest rate of 3.10% on outstanding balances between Rs. 300 Cr and less than Rs. 500 Cr.
According to the bank’s official website, the applicable interest rate for outstanding balances of Rs. 500 Cr to less than Rs. 1000 Cr and Rs. 1000 Cr & less than Rs. 2000 Cr would be 3.40% and 3.55%, respectively.
| Slabs | ROI(%) |
| For outstanding Balance of less than Rs. 50 Lakh | 2.50% |
| For outstanding Balance of Rs. 50 Lakh to less than Rs 5 Cr | 2.50% |
| For outstanding Balance of Rs. 5 Cr to less than Rs 10 Cr | 2.50% |
| For outstanding Balance of Rs. 10 Cr to less than Rs 100 Cr | 2.50% |
| For outstanding Balance of Rs. 100 Cr to less than Rs 200 Cr | 2.65% |
| For outstanding Balance of Rs. 200 Cr to less than Rs 300 Cr | 2.65% |
| For outstanding Balance of Rs. 300 Cr to less than Rs 500 Cr | 3.10% |
| For outstanding Balance of Rs. 500 Cr to less than Rs 1000 Cr | 3.40% |
| For outstanding Balance of Rs. 1000 Cr & less than Rs. 2000 Cr | 3.55% |
| For outstanding Balance of Rs. 2000 Cr & above | 4.00% |
Source: Bank website
SBI savings account rates
The bank’s applicable interest rates for savings bank deposits are effective as of June 15, 2025. SBI offers 2.50% interest on all account balances.
BoB savings account interest rates
Effective from 22.08.2025, Bank of Baroda (BoB)’s savings account interest rates are in force. The applicable interest rate is 2.50% for outstanding balances between Rs. 1 lakh and less than Rs. 50 crores.
BoB is giving an interest rate of 2.75% on the balance slab of Rs. 50 crores and above to less than Rs. 500 crores.
According to the bank’s official website, interest rates for balance slabs of Rs. 500 crores and above to less than Rs. 1,000 crores, Rs. 1,000 crores and above to less than Rs. 2,000 crores, and Rs. 2,000 crores and above are 3.50%, 4.50%, and 4.75%, respectively.
BOI savings account interest rates
Bank of India’s (BOI) revised interest rate on domestic and NRO/NRE savings accounts, effective September 1, 2026, is as follows:
| Savings deposit | Interest rates in % p.a. |
| Up to Rs 1 lakh | 2.5 |
| Above Rs 1 lakh to up to Rs 50 Crs | 2.5 |
| Above Rs 50 Crs to up to Rs 250 Crs | 2.6 |
| Above Rs 250 Crs to up to Rs 500 Crs | 2.75 |
| Above Rs 500 Crs to up to Rs 1000 Crs | 3 |
| Above Rs 1000 Crs to up to Rs 1500 Crs | 3.15 |
| Above Rs 1500 Crs to up to Rs 2000 Crs | 3.3 |
| Above Rs 2000 Crs to up to Rs 2500 Crs | 4.75 |
| Above Rs 2500 Crs to up to Rs 3000 Crs | 5.7 |
| Above Rs 3000 Crs | 6.25 |
Source: Bank Website
Bank of Maharashtra savings account interest rates
Bank of Maharashtra’s (BoM) interest rates on savings bank deposits were last updated on September 1st, 2025. According to the bank’s official website, its applicable interest rate is 2.50% for amounts up to Rs 1 crore, 2.60% for balances beyond Rs 1 crore to Rs 100 crore, and 2.75% for balances over Rs 100 crore.
Indian Bank savings account interest rates
Indian Bank’s savings account interest rates were revised on July 4, 2026. For balances up to Rs 10 lakh, the interest rate would be 2.50%; for balances from Rs 10 lakh to Rs 200 Cr, it will be 2.60%. For balance slabs of Rs 200 Cr to Rs 750 Cr and Rs 750 Cr and beyond, Indian Bank is giving interest rates of 2.65% and 2.80%.
PNB savings account interest rates
The savings account interest rates offered by Punjab National Bank (PNB) are effective as of 01.10.2025. The current interest rates for PNB savings accounts are as follows:
| Savings deposit | Interest rates in % p.a. |
| Saving Fund Account Balance Up to Rs. 100 Crore | 2.50% p.a. |
| Saving Fund Account Balance > Rs. 100 Crore <= Rs. 500 Crore | 2.70% p.a. |
| Saving Fund Account Balance > Rs. 500 Crore <= Rs. 1,000 Crore | 3.60% p.a. |
| Saving Fund Account Balance > Rs. 1,000 Crore <= Rs. 2,000 Crore | 3.75% p.a. |
| Saving Fund Account Balance > Rs. 2,000 Crore | 4.25% p.a. |
UCO Bank savings account interest rates
On a savings account balance of Rs 10 lakh and above, UCO Bank is offering an interest rate of 2.50%. As per the official website of the bank, the latest savings account interest rates are in force from 23-06-2025.
Union Bank of India savings account interest rates
Union Bank of India’s savings bank deposit rates are in force from 10.08.2026.
| Savings deposit | Interest rates in % p.a. |
| Up to Rs 50 Lakhs | 2.5 |
| >Rs 50 lakhs to Rs 50 Crs | 2.55 |
| >Rs 50 Crs to Rs 100 Crs | 2.6 |
| >Rs100 Crs to Rs 500 Crs | 2.75 |
| > Rs 500 Crs to Rs 1000 Crs | 3 |
| > Rs 1000 Crs to Rs 1500 Crs | 3.15 |
| > Rs 1500 Crs to Rs 2000 Crs | 3.65 |
| > Rs 2000 Crs to Rs 3000 Crs | 5.6 |
| Above Rs 3000 Crs | 6.25 |
Keynote for Canara Bank customers
Canara Bank customers will now have to pay Rs 23 plus GST for cash withdrawals beyond the free transaction limit, up from the earlier charge of Rs 20 plus GST.
Customers are allowed three free transactions per calendar month in metro areas and five in non-metro areas. For non-financial transactions beyond the free limit, the charge will remain Rs 5 plus GST per transaction.
The free transaction limit for Canara ATMs and cash recyclers is five for non-senior residents and eight for senior citizens. With effect from September 1, 2026, Canara Bank has also raised the service fees for unsuccessful ATM transactions from Rs 17 plus GST to Rs 23 plus GST.
Disclaimer: This article is for informational purposes only and should not be construed as investment, financial, tax, or legal advice. Any illustrations, examples, or return projections used in this article are for explanatory purposes only and do not guarantee actual investment outcomes. The views and opinions expressed by experts quoted in this article are their own and should not be considered investment recommendations. Readers should consult a qualified professional before making any financial decisions.
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