Canara Bank Kamadhenu Deposit
This is a reinvestment plan from Canara Bank that provides a safe and flexible deposit option to customers. The scheme also offers preferential interest rates so that you get the most out of your deposits. There are flexible tenure and deposit limits as well as the option to opt for part withdrawals at contracted interest rates for better liquidity.
Eligibility criteria for Canara Bank Kamadhenu Deposit
Any individual, either singly or jointly with a maximum of 4 members, guardian on behalf of minor, partnership, HUF, companies are other such institutions are eligible to open the Kamadhenu Deposit with Canara Bank.
Features of Canara Bank Kamadhenu Deposit
| Account Type | Single/Joint |
| Amount | Min – Rs.1,000Max – No limit |
| Rate of Interest | Min – 6.75%Max – 7.75% |
| Period/Tenure | Min – 5 monthsMax – 120 months |
| TDS | TDS applicable as per regulations from the Income Tax department. |
| Loan against Canara Bank Kamadhenu Deposit | Loans available up to 90% of the value of the deposit |
| Nomination | Nomination facility available |
| Auto Renewal | Yes, at the same rate of interest as on the date of maturity, unless otherwise stated |
Canara Bank Kamadhenu Deposit interest rates
This scheme offers competitive interest rates*. Added with the reinvestment plan, the overall annualized yield of the deposit tends to touch higher interest numbers, as the accrued interest is added to the principal and the amount is then compounded quarterly. The overall accrued interests will be paid out at maturity.
| Maturities | For deposits less than Rs.1 crore | For deposits of Rs.1 crore or more | ||
| Rate of Interest (p.a.) | Annualized interest yield** | Rate of Interest (p.a.) | Annualized interest yield | |
| Less than 180 days | 6.75% | 6.75% | 6.75% | 6.75% |
| 180 to 269 days | 7.50% | 7.56% | 6.75% | 6.81% |
| 270 days to less than 1 year | 7.75% | 7.87% | 6.75% | 6.87% |
| 1 year | 7.75% | 7.98% | 7.00% | 7.19% |
| Above 1 years and less than 2 years | 7.75% | 7.98% | 7.00% | 7.19% |
| 2 years to less than 3 years | 7.75% | 8.30% | 7.00% | 7.44% |
| 3 years to less than 5 years | 7.75% | 8.63% | 7.00% | 7.71% |
| 5 years to less than 8 years | 7.50% | 9.00% | 7.00% | 8.30% |
| 8 years to less than 10 years | 7.50% | 10.15% | 7.00% | 9.28% |
*Above mentioned rates are linked to the bank’s base rate and are subject to change as per the bank’s discretion. Rates are as of December 2015.
** Annual yield is based on quarterly compounding of interest.
