Jun 19

Canara Bank Recurring Deposit

Team Antworks

Canara Bank offers unique Recurring Deposit schemes for assisting customers in gaining more savings in a convenient manner. The Canara Bank RD schemes enable the depositors to create a sizeable capital through their investment, in an efficient and systematic way.

Recurring Deposit schemes offered by Canara Bank

Canara Bank has put forward the “Canara Dhanvarsha Scheme” – a flexible Recurring Deposit scheme, for its customers. The minimum amount of deposit to be maintained per month is Rs. 1000 and can later be increased in multiples of Rs. 100. The maximum deposit amount permitted is Rs. 1 Lakh. The installments to be made should be up to 10 times of the regular installment value and this can be deposited per month. This scheme is open to NRE customers as well, but the mode of deposit for NRE customers differs. For NRE customers, the amounts pertaining to the initial deposit, regular installment and/or additional installment to the Recurring Deposit account are to be debited from NRE SB Account only or as other approved inward remittances.

Features of Canara Bank Recurring Deposit

Loan facility is available against the deposit.
The facility of nomination is available.
The duration of the Recurring Deposit scheme is a minimum of 1 year and later in multiples of 3 months. The maximum time duration for which an RD can be availed is 10 years.
The minimum deposit amount is as low as Rs.50/- per month and later in multiples of Rs. 50/-.
There is no ceiling on the maximum amount to be deposited.
A fixed amount should be deposited on a monthly basis as installments and this is to be made over a stipulated period.

Eligibility Criteria

Non-Resident- External Customers can apply.
Resident Individuals, Guardian on behalf of a minor, Joint Account, HUF (Hindu Undivided Families), Trust, Company / Firms, Association, Institutions, etc. can apply for a RD with Canara Bank.

Interest rates offered on Canara Bank’s Recurring Deposit

The Bank offers competitive interest rates which can be subject to fluctuations from time to time. Compound interest is used to calculate interest that depositor is liable to receive on maturity of the RD. As applicable to term deposits of various tenures prevailing from time to time, interest is compounded quarterly.

Flexible RD from Canara Bank

Canara Dhanvarsha is a flexible Recurring Deposit that and comes with the facility to deposit additional installments on a monthly basis, as per the depositors’ convenience and earn a contracted rate of interest for additional installments made as well.

RD For NRIs/NREs

Canara Bank RD scheme is open to NRE customers as well, but the mode of deposit differs. For NRE customers, the amounts pertaining to the initial deposit, regular installment and/or additional installment to the Recurring Deposit account are to be debited from NRE Savings Account only or as other approved inward remittances.