Canara Bank Deposit Rates
Canara Dhanvarsha a flexible Recurring Deposit with facility to deposit additional instalments in a month and earn contracted rate of interst for additional installments also; clik here to know more details. Scheme available at all branches. Open a Recurring Deposit Account at our nearest branch and fulfill your future plans. Canara Bank Savings Bank Account (SB account) is intended for savings for future. You will also be in a position to negotiate with the banker on the interest rates. (10) No Cap on Deposits. There is no limit. Existing Canara Bank fixed deposit interest rates range from 3% to 5.30%. You can open a Canara Bank fixed deposit at any nearest branch or alternatively invest in it online or their website.
Deposit shall be renewed automatically for a similar period on the date of maturity at the rate of interest applicable for the period as on the date of maturity, in the absence of any renewal instructions well in advance. Auto Renewal facility is not available for Canara Tax Saver Deposits, Capital Gains Accounts, Canara Samriddhi deposits. Welcome to Canara Bank, Ideal destination for Personal Banking need! We offers wide range of consumer banking services like savings account, fixed deposit, debit card, loan, Mutual funds.
ELIGIBILITY | Individual, Joint (not more than 4), a Guardian on behalf of a minor, HUF, Partnership, a Company, Association or any other Institution |
INVESTMENT | Minimum - Rs.1000 |
PERIOD OF DEPOSIT | Minimum 15 days (7-14 days – Only for single deposit of Rs.5 lakh and above) |
INTEREST RATE | Depending upon the period of the deposit as prevailing from time to time. |
PERIODICITY OF INTEREST PAYMENT | Monthly (at discounted rates), Quarterly, Half-yearly or Annual intervals as per depositor's choice |
SPECIAL RATE FOR SENIOR CITIZEN | Additional interest rate of 0.50% will be paid for domestic term deposits (including RD and except for NRO, NRE and Capital Gains Deposit scheme) of less than Rs. 2 Cr and with tenor of 180 Days and above, over and above the rate offered for General public. The system will automatically enable preferential ROI of 0.50% to all existing eligible Domestic Term Deposits and RD Deposits from the date of Customer attaining Senior Citizen status w.e.f. 24.07.2018 In case of death of the Senior Citizen before the date of maturity, the deposit may be continued with the contracted interest rate only if there is no change to the other contracted terms. |
TDS ON INTEREST | Applicable |
NOMINATION FACILITY | Available |
LOAN FACILITY | Available upto 90% of the deposit amount |
PENALTY FOR PREMATURE CLOSURE/ PART WITHDRAWAL / PREMATURE EXTENSION OF DEPOSIT: | A penalty of 1.00% shall be levied for premature closure/part withdrawal/premature extension of Domestic/NRO term deposits of less than Rs. 2 Crore that are accepted /renewed on or after 12.03.2019. For premature closure/part withdrawal/premature extension of Domestic/NRO term deposits, the Bank imposes a penalty of 1.00%. Such prematurely closed/part withdrawn/prematurely extended deposits will earn interest at 1.00% below the rate as applicable for the relevant amount slab as ruling on the date of deposit and as applicable for the period run OR 1.00% below the rate at which the deposit has been accepted, whichever is lower.” A penalty of 1.00% is waived in case of premature closure/part withdrawal/ premature extension of Domestic/NRO CALLABLE term deposit of Rs. 2 Crore & above that are accepted/renewed on or after 12.03.2019. However, a penalty of 1.00% shall be levied for premature closure/part withdrawal/premature extension of Domestic/NRO term deposits of Rs.1 Crore & above that are accepted /renewed from 04.02.2011 to 12.10.2012 Such prematurely closed/part withdrawn/prematurely extended deposits will earn interest at the rate as applicable for the amount slab of Rs.2 Crore & above as ruling on the date of deposit and as applicable for the period run OR the rate at which the deposit has been accepted, whichever is lower No interest will be payable on term deposits prematurely closed/prematurely extended before completion of 7th day. A penalty of 1.00% is applicable on Term Deposits under Capital Gains Account Scheme-1988, which are prematurely converted/withdrawn/closed, irrespective of the size of the deposit amount. |
EXTRA FACILITY | Facility of part withdrawal of deposits in units of Rs.1,000/- keeping the rest of the deposit to earn contracted rate of interest. |
AUTO RENEWAL OF DEPOSIT | Deposit shall be renewed automatically for a similar period on the date of maturity at the rate of interest applicable for the period as on the date of maturity, in the absence of any renewal instructions well in advance. Auto Renewal facility is not available for Canara Tax Saver Deposits, Capital Gains Accounts, Canara Samriddhi deposits(discontinued w.e.f. 01.10.2015), Canara Khazana and Shikhar Deposits (discontinued w.e.f. 26.03.2020) and Non-callable deposits. |
OVERDUE DEPOSITS | a) The deposit will be renewed automatically from the date of maturity for a similar period at the interest rate prevailing on the date of maturity for the period of deposit, if automatic renewal has been opted by the depositor at the time of opening of the deposit account (except deposits opened under Capital Gains Scheme, Canara Tax Saver Scheme & Non-callable term deposits). b) If automatic renewal of the deposit is not opted by the depositor and the deposit remains with the Bank after the date of maturity (even if the CBS system renews the deposit automatically), the same will be treated as an overdue term deposit from the date of maturity of the original deposit. The overdue term deposit will be paid interest at prevailing Savings Bank rate for the overdue period, i.e. from the date of maturity of the original deposit till the date of payment/ re-investment. |
APPLICATION & DOCUMENTS | Application in the Banks’ prescribed form. Copy of PAN Card / Form 60 or 61 (if customer does not have PAN Card). Photograph of Depositor/s (2 copies). Proof ofIdentity and address as per KYC Norms. Any other related documents as applicable to proprietor ship concern, Partnership Firm, Company, HUF etc. |
IN THIS ARTICLE
Earn more from your earnings by saving in Canara Bank deposits. The deposits can be made for a short period or for a long period. The tax saving deposits with longer locking period, save you from paying tax on interest earned on the deposit. On the other hand, senior citizens can enjoy 0.5% extra interest on their deposits.Benefits of having Canara Bank Accounts are high when compared to other bank accounts.
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Canara Bank Deposits
Canara Bank provides a wide variety of deposits than the regular fixed deposit. The Ashraya deposit scheme for senior citizens who are aged above 60 years can be opened either singly or jointly. In the case of a joint deposit, the other depositor can be below 60 years of age, however, the senior citizen is the prime depositor. As with the fixed deposit, the ashraya deposit also allows the depositor to take a loan on the deposit. The recurring deposits are those that are paid monthly and are perfect for individuals who wish to make small savings regularly. The minimum amount of RD can be Rs.50 per month and there is no maximum limit. The deposit tenure ranges from 6 months to 120 months. You can withdraw your money with the help of Canara Bank Debit Cards with out visiting the bank. Nomination facility and loan facility is provided along with the deposit. The kamadhenu deposit is the re-investment deposit in which the interest is paid only after the maturity period. The Canara Bank champ deposit scheme is for children aged below 12 years. The Canara Dhanavarsha scheme is another type of recurring deposit beneficial for people planning to deposit Rs.1000 per month. The maximum amount that can be deposited is limited to Rs.1 lac.
Canara Bank Fixed Deposits
Canara Bank Fixed deposit can be opened jointly (with not more than 4 people) or individually. The deposit can also be opened for a minor by a guardian. Partnership companies and other organizations can also make a fixed deposit. The minimum amount has to Rs.1000 with no limit on the maximum deposit. The tenure for the fixed deposit can be as low as 15 days to a maximum of 120 months. Fixed deposits with a very short tenure of fewer than 15 days can also be opened but the limit of the amount is 5 lakhs. TDS is deducted on the interest gained. Customers are given the opportunity to include a nominee for the deposit. A loan of about 90% of the deposit value can be taken. A penalty of 1 % has to be paid for premature withdrawal of the deposit. The deposit amount can be broken into units of Rs.1000 and can be withdrawn as per the requirement. As a result, the depositor will lose interest only on a small portion of the deposit amount. Other Banks like HDFC Bank Deposits, SBI Bank Deposits and Union Bank Of India Deposits also providing different type of Deposits same as the Bank of Baroda.The deposit will be renewed automatically after the date of maturity for the same period as existing. If the customer fails to renew the deposit or withdraw the deposit amount after maturity, the deposited amount will be paid an interest as per the interest rate existing on the savings account. To open a fixed deposit, the application has to be submitted to the bank along with the PAN card, photograph and identity proof.
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Canara Bank Deposits Interest Rates
Canara Bank Deposit Rates 2021
The interest rate on the deposits is calculated monthly and is disbursed quarterly, half-yearly or annually as directed by the customer. The interest rate on fixed deposits is in the range of 5.50% to 6.90% depending on the tenure for which the deposit is made.
For senior citizens, the interest rate on fixed deposits is 0.5% more than that offered for other customers except for the deposits related to capital gains and NRO fixed deposits. The interest rate on the Canara Champ deposit scheme is that the interest is about 4% per annum. Along with Canara Bank some other banks like Dena Bank Deposits, Citi Bank Deposits and Yes Bank Deposits also provides the best interest rates to their customers.Are you looking for loans at low interest rates then Canara Bank Loans provides loans to their customers at low interest.
FAQ’s Related to Canara Bank Deposits
Recurring Deposits - Canara Bank
- What is the eligibility for opening a Canara Bank deposit for a minor?
2. What is the interest rate on fixed deposits for senior citizens?
Canara Bank Interest Rates India
3. What is the tenure for recurring deposit?