Canara Bank DhanVarsha Scheme Interest Rates

Eligibility

· Residents Individuals Application of the Bank’s prescribed form

· Copy of PAN card/Form 60 or 61 (in case of no PAN card)

· 2 passport size photograph of the investor

· Identity Proof

· Address Proof

· Any other related documents as applicable to sole proprietorship concerns, partnership firms, company. Hindu Undivided Family

· Joint Account

· Minors can open the account under the guidance of their parents or guardian.

· Hindu Undivided Family

· Firm

· Company

· Association

· Trusts

· Institution

Minimum Deposit Amount

The minimum deposit amount per month is Rs 1000 and in multiples of Rs 100 thereafter

Maximum Deposit Amount

The maximum deposit amount one can deposit is Rs 1 lac.

Tenure

The minimum time period is 1 year and the maximum time period is 10 years.

Interest Compounded

The interest is compounded on a quarterly basis.

TDS

Not applicable as of now.

Premature Closure Charges

A penalty of 1% is levied on the premature closure of the recurring deposit account.

Documents Required

· Application of the Bank’s prescribed form

· Copy of PAN card/Form 60 or 61 (in case of no PAN card)

· 2 passport size photograph of the investor

· Identity Proof

· Address Proof

· Any other related documents as applicable firms, company. Hindu Undivided Family etc.