• 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). 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:

    1. The applicant should be above 18 years of age.
    2. 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

    1. Accepts deposits as small as Rs.50 up to Rs.1000 in a day.
    2. 2.50% of interest on deposited amount (w.e.f. 1 October 2020)
    3. There is Nomination facility available.
    4. Loan facility available up to 75% of the outstanding balance.

    Time Period

    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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