Nitya Nidhi Deposit Scheme
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).
Also, Check - Fixed Deposit
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.
Eligibility criteria
The basic eligibility criteria to apply for the Canara Bank Nitya Nidhi Scheme are as follows:
- The applicant should be above 18 years of age.
- The applicant should be an Indian national.
The bank might need additional requirements to be fulfilled, based on its discretion, apart from the above-mentioned criteria.
Features
- Accepts deposits as small as Rs.50 up to Rs.1000 in a day.
- 2.50% of interest on deposited amount (w.e.f. 1 October 2020)
- There is Nomination facility available.
- Loan facility available up to 75% of the outstanding balance.
The time period for the Nitya Nidhi Deposit scheme is 63 months. However, premature closure is allowed with penalty.
Time Period
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 |
FAQs on Canara Bank Nitya Nidhi Deposit Scheme
- What is the interest rate offered on Canara Bank Nitya Nidhi Scheme?
The interest rate offered on Canara Bank Nitya Nidhi Scheme is 2.50%.
- What is the minimum deposit amount per month?
The minimum deposit amount per month is Rs.50.
- What is the tenure of Canara Bank Nitya Nidhi Scheme?
Canara Bank Nitya Nidhi Scheme has a tenure of 63 months.
- Can I avail of loans against Canara Bank Nitya Nidhi Scheme?
Yes, you can avail of a loan up to 75% of your outstanding balance.
- Is a nomination facility available?
Yes, the facility of nomination is available.
- Is a premature withdrawal facility available?
Yes, a premature withdrawal facility is available.
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