Canara Bank Recurring Deposit – Get information about Canara Bank RD Interest Rates, Canara Bank RD, Canara Bank Recurring Deposit Rates details.
Canara Bank gives better opportunities when it comes to services under deposits.
One can go for recurring deposit schemes for easy monthly payments and interest rates almost equal to FDs.
Refer to the below data for further information on the same.
FEATURES & BENEFITS OF RD SCHEME
- Nomination facility available with Canara bank RD account.
- Loan facility can be availed upto 90% of the available deposit balance.
- Minimum of Rs. 50 per month with no ceiling on maximum amount.
- TDS (Tax Deducted at Source) is applicable.
- Interest compounded every quarter.
- Closure before maturity is allowed.
ELIGIBILITY FOR RD ACCOUNT WITH CANARA BANK
- Joint account
- Guardian on behalf of minor
- Proprietorship firm
- A company
- An association
- Duly filled application submitted in the Bank’s prescribed form.
- PAN Card copy or Form 60 or 61.
- 2 passport size photograph of depositor(s).
- ID proof
- Address proof
- Related documents to proprietorship concern, Partnership Firm, Company, HUF, etc. as applicable.
TENURE OF DEPOSIT
- Minimum of 6 months and Maximum of 10 years.
PENALTY FOR PRE – MATURE CLOSURE
- A penalty of 1% will be applicable for pre – mature closure of recurring deposits that are opened on or after 04.02.2011. Such prematurely closed Recurring Deposits will earn interest at 1.00% below the interest rate as ruling on the date of deposit and as applicable for the period run.
TYPES OF RECURRING DEPOSIT SCHEMES OFFERED BY CANARA BANK
CANARA DHANVARSHA – A FLEXI RECURRING DEPOSIT SCHEME
- Resident Individual, Joint Account, Guardian on behalf of minor, HUF, Firm, A Company, An association, A trust, An institution, Non-Resident – External Customers can apply for the scheme with a minimum amount of Rs. 1000 per month and 1 lac as maximum amount.
- No penalty except for pre mature closure.
- No TDS is deducted (As on 10 Aug, 2017)
- No increase in interest rates for senior citizens under the scheme.
Canara Bank Recurring Deposit Interest Rates
|Tenure||General (% p.a)||Senior Citizen (% p.a)|
|Above 1 year to less than 2 years||6.40||6.90|
|2 years & above to less than 3 years||6.30||6.80|
|3 years & above to less than 5 years||6.30||6.80|
|5 years & above to less than 8 years||6.00||6.50|
|8 years & above to 10 years||6.00||6.50|