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    Canara Ashraya Deposit Scheme

    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.

    Eligibility criteria for Canara Ashraya Deposit Scheme

    Listed below is the eligibility criteria for Canara Ashraya Deposit Scheme.

    • Individuals who have completed the age of 60 can open the account on a single or joint basis
    • In case of joint account, the account can be opened with individuals below the age of 60 subject to the condition that the depositor is over the age of 60.
    • The depositor should be able to deposit the minimum amount stated by the bank.

    Features of 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%

    Maximum: 8.25%

    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

    Canara Ashraya Deposit Scheme interest rates

    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.

    Canara Bank Ashraya Deposit Scheme- Frequently asked questions

    1. What are the eligible accounts for this scheme?

      Domestic fixed deposit accounts and Kamadhenu accounts are eligible.

    2. Is there a penalty charged on pre closure of the account?

      A penalty of 1.00% will be charged for pre closure and premature withdrawal on the account

    3. What is the basic rate of interest offered?

      Additional 0.50% rate of interest is offered uniformly across all maturities irrespective of the amount deposited.

    4. Can money be deposited in odd amounts?

      Yes, money can be deposited in odd amounts given that it is more than or equal to the minimum deposit amount.

    5. Does the bank offer loan facility for this scheme?

      Loan up to 90% of the deposit amount is offered on this scheme.

    Useful Information on Canara Bank Fixed Deposit

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