The Kamadhenu Deposit is a reinvestment plan from Canara Bank that provides a safe and flexible deposit option to customers. The scheme also offers preferential interest rates so that you get the most out of your deposits.
Any individual, either singly or jointly with a maximum of 4 members, guardian on behalf of minor, partnership, HUF, companies, and other such institutions are eligible to open the Kamadhenu Deposit with Canara Bank.
Min – Rs.1,000
Max – No limit
|Rate of Interest||
Min – 3.95%
Max – 5.35%
Min – 5 Months
Max – 10 years
|TDS||TDS applicable as per regulations from the Income Tax department.|
|Loan against Canara Bank Kamadhenu Deposit||Loans available up to 90% of the value of the deposit|
|Nomination||Nomination facility available|
|Auto Renewal||Yes, at the same rate of interest as on the date of maturity, unless otherwise stated|
This scheme offers competitive interest rates. Added with the reinvestment plan, the overall annualized yield of the deposit tends to touch higher interest numbers, as the accrued interest is added to the principal and the amount is then compounded quarterly. The overall accrued interests will be paid out at maturity.
|Tenure||Interest Rate for General Public (p.a.)||Interest Rate for Senior Citizens (p.a.)|
|180 days – Less than 1 year||4.40%||4.90%|
|Above 1 year – Less than 2 years||5.10%||5.60%|
|2 years and above – Less than 3 years||5.10%||5.60%|
|3 years and above – Less than 5 years||5.25%||5.75%|
|5 years and above – 10 years||5.25%||5.75%|
*Above mentioned rates are linked to the bank’s base rate and are subject to change as per the bank’s discretion. Rates are as of 10 September 2021.
** Annual yield is based on quarterly compounding of interest.
Apart from the rates mentioned above senior citizens will receive an additional 0.50% rate of interest as per the above table for all maturities, regardless of the amount of deposit.
Premature withdrawal is allowed on all deposits. For deposits less than Rs.1 crore, a penalty of 1% is applicable as reduced interest rate according to the agreed upon rates. For deposits of Rs.1 crore and above, no penalty is applicable on premature withdrawal. Also, interest will not be paid out on any premature withdrawal done before completion of 7th day of the scheme.
The part withdrawal facility allows you to withdraw a part of the overall deposit in multiples of Rs.1,000 while the remaining amount continues to earn interest at contracted rates.
If you have opted for the auto-renewal feature, your deposit will start a new cycle for the same tenure at maturity, while the interest rate will be as per the prevailing rates at the time.
In case you haven’t opted for auto renewal, your deposit will be treated as overdue deposit and will start earning interest at savings account rates.
The following needs to be submitted at the time of application for this scheme:
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