The public sector bank Canara Bank has been among the most searched keywords on Google Trends this week. The reason for this is that the bank has recently waived the requirement of a minimum balance on savings accounts. It has also announced some other changes with respect to rates on loans and deposits. The PSU bank has revised its interest rates on fixed deposits (FDs) and consumer loans. Due to all these reasons, people kept searching for information related to Canara Bank on Google.

(Source: Google Trends)

Why did Canara Bank trend?

According to Google Trends, ever since Canara Bank announced that it will no longer be necessary to maintain a minimum balance in any savings account, people’s interest in this news has increased a lot. This rule has come into effect from June 1, 2025. Earlier, it was necessary to maintain an average monthly balance of Rs 2,000 in metro/urban branches and Rs 500 in rural branches, now the customer will not have to pay any penalty for violating this rule. This will make banking services more accessible and inclusive.

Also read: Savings account rates cut: Check new interest rates of SBI, HDFC, ICICI, Canara Bank and others

FD rates reduced, loan became cheaper

After RBI’s 50 basis point cut in repo rate, Canara Bank has also revised its fixed deposit and loan rates. The bank has reduced its Repo Linked Lending Rate (RLLR) from 8.75% to 8.25%. This change has become effective from 12 June 2025.

This will provide relief to customers taking home loans and personal loans – either their EMI will be reduced or the loan period will be shortened. This will make it easier and cheaper to take a loan, which will also boost credit growth.

Impact on fixed deposits too

However, FD investors may be a little disappointed, as Canara Bank has reduced interest rates on deposits less than Rs 3 crore. Now interest rates on FDs for general customers will be between 4% to 7% and for senior citizens between 4% to 7.5%. These rates were slightly higher than this in April 2025.

Also read: Canara Bank offers one of the cheapest home loans – Check new home, consumer loan rates

Why does this news matter?

These changes by Canara Bank created some interest among consumers who looked for Canara Bank products through Google search. While on one hand it was a relief news for savings account holders, it can also prove beneficial for investors and loan takers. This is the reason why Canara Bank remained in the top search keywords in Google Trends this week.