The New Nitya Nidhi Deposit (NNND) Scheme of Canara Bank and Pigmy Deposit Scheme of erstwhile Syndicate Bank are merged together and renamed as ‘Nitya Nidhi Deposit (NND) Scheme’ (w.e.f. 1 April 2020). This is a daily deposit scheme specifically designed for people who wish to do small savings and has door collection facility. An authorised agent from the bank will collect the savings amount from your doorstep on a daily basis or at less frequent intervals.
The basic eligibility criteria to apply for the Canara Bank Nitya Nidhi Scheme are as follows:
The bank might need additional requirements to be fulfilled, based on its discretion, apart from the above-mentioned criteria.
The time period for the Nitya Nidhi Deposit scheme is 63 months. However, premature closure is allowed with penalty.
|Period of deposit||Revised rates||Penalty recovery|
|Less than 1 year||NIL||3% of the balance will be deducted as penalty.|
|1 year completed, less than 2 years||NIL||NA|
|2 years completed, less than 39 months||0.50%||NA|
|39 months completed, less than 63 months||1.50%||NA|
|63 months on maturity||2.50%||NA|
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