Canara Bank offers a wide range of term deposit accounts with attractive rate of interest and a variety of benefits. Canara Ashraya deposit scheme is a fixed deposit scheme designed specially for senior citizens. The account can be opened in a single name or joint names subject to eligibility criteria of the account. The fixed deposit account comes with benefits such as loan facility, attractive rate of interest, low minimum deposit amount.
Listed below is the eligibility criteria for Canara Ashraya Deposit Scheme.
Listed below are the features of Canara Ashraya Deposit scheme
|Account Type||Single and joint|
|Amount||Minimum: Rs.1000 p.a.
Maximum: There is no limit on the maximum amount
|Rate of Interest||Minimum: 4.50%
|Period||Minimum: 15 days
Maximum: 120 months or 10 years
|Loan against Bank of IndiaStar Sunidhi Tax-Saving Deposit Scheme||The scheme offers loan facility up to 90% of the deposited amount|
|Periodicity of interest payment||Monthly(discounted), quarterly, half yearly|
|Nomination (if any)||Available|
|TDS on interest||Applicable|
Given below is the interest rate currently applicable on Canara Ashraya Deposit Scheme.
|Period||Rate of interest offered|
|7 days to 14 days||4.50%|
|15 days to 30 days||5.00%|
|31 days to 45 days||6.00%|
|46 days to 90 days||6.75%|
|91 days to 120 days||7.00%|
|121 days to 179 days||7.25%|
|180 days to 269 days||8.00%|
|270 days to less than 1 year||8.25%|
|1 Year & above to less than 2 Yrs||8.25%|
|2 years & above to less than 3 years||8.25%|
|3 years & above to less than 5 years||8.25%|
|5 years & above to less than 8 years||8.00%|
|8 years & above to 10 years||8.00%|
The mentioned rates are applicable only as of 2/12/2015. The interest rates are subject to change from time to time without any prior notification and the customers are advised to contact the bank for updated rates.
Domestic fixed deposit accounts and Kamadhenu accounts are eligible.
A penalty of 1.00% will be charged for pre closure and premature withdrawal on the account
Additional 0.50% rate of interest is offered uniformly across all maturities irrespective of the amount deposited.
Yes, money can be deposited in odd amounts given that it is more than or equal to the minimum deposit amount.
Loan up to 90% of the deposit amount is offered on this scheme.
Useful Information on Canara Bank Fixed Deposit