Recurring deposit provides you to earn higher interest rates than Fixed Deposits. It is a type of Term deposit where one can save some amount of money every month from their regular income.
Features
| Eligibility | · Individual
· Joint Account · Minors can open this account under their parents/guardian guidance · Hindu Undivided Family · Proprietorship Firm · Company · Association · Trusts · Institution etc |
| Minimum Deposit Amount | The minimum amount of deposit is Rs 50 per month |
| Maximum Deposit Amount | No limitation on maximum deposit amount |
| Tenure | The minimum deposit period is 6 months and the maximum period of deposit is 120 months |
| Senior Citizen Benefit | Senior Citizens gets to enjoy an additional interest rate benefit of 0.50% over and above the normal interest rate. |
| TDS | Applicable |
| Nomination Facility | Available |
| Loan Facility | Available, upto 90% of the deposit amount |
| Premature closure Charges | A penalty of 1% is levied for premature closure of the recurring deposit i.e they will receive an interest rate which is 1% below the normal interest rate. |
| 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 to sole proprietorship concerns, partnership firms, company. Hindu Undivided Family |
Schemes Related to Canara Bank
Canara Bank Jeevandhara SB Account for Senior Citizen Scheme
Canara Bank Small Savings Bank Deposit Scheme
Canara Bank Ashraya Deposit Scheme Interest Rates
Canara Bank Champ Deposit Scheme Interest Rates
Canara Bank Tax Saver Scheme – Interest Rates
Canara Bank NSIGSE Savings Bank Deposit Account
Canara Bank Basic Savings Bank Deposit Account
Canara Bank Savings Bank Gold Scheme
Canara Bank CanSaral Saving Bank Account
Canara Bank Payroll Package Saving Bank Account
Canara Bank Kamdhenu Deposit Scheme
Canara Bank Junior Saving Bank Account Scheme
