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  • Canara Bank Recurring Deposit Interest Rates - September 2017

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    The Canara Bank Recurring Deposit account enables an individual to save a certain amount of money on a monthly basis where he/she can earn an interest as applicable on a Fixed Deposit (FD) account. The Canara Bank RD account holder can earn an interest rate of 6.00% - 6.75% on the RD account based on the tenure, the age of the account holder, and other eligibility criteria. Canara Bank provides an option to open an RD account for a minimum 6 months up to a maximum of 10 years. An RD account can be opened for a fixed tenure which can be liquidated if required. However, the interest rates on these types of accounts are subject to premature liquidation fee as per the terms and conditions as specified by the bank.

    Deposit TenureGeneral Customers (%)Senior Citizen (%)
    1 year only6.57
    Above 1 year to less than 2 years6.36.8
    2 years & above to less than 3 years6.26.7
    3 years & above to less than 5 years6.26.7
    5 years & above to less than 8 years66.5
    8 years & above to 10 years66.5

    Benefits of An RD Account

    An RD account is considered to be one of the ideal avenues for saving money conveniently. Moreover, the nest-egg built through an RD account with a systematic and regular saving approach can help a customer in achieving his/her financial goals to a large extent.

    RD accounts are popular for various features which are beneficial to the account holder. A customer can open an RD account and earn interest on it by paying a small amount every month for a specific duration of time. At maturity, the account holder will earn interest on the RD account based on the deposit value, the tenure of the account, and the terms and conditions specified by the bank. Additionally, Canara Bank RD holders can expect the following benefits and features from their accounts -

    • Deposit Amount: Canara Bank RD account can be opened for a minimum of Rs.50 per month. If the customer wants to save more, he/she can choose to increase the amount in multiples of Rs.50. Moreover, there is no cap on the maximum deposit amount making it more desirable and convenient to individuals who have a higher savings goal.
    • Deposit Term: Based on the customer’s requirements, he/she can choose to open an RD account for a minimum of 6 months to a maximum of 10 years.
    • Rate of Returns: The interest is compounded on a quarterly basis which offers high returns even when the customer wants to opt for the premature withdrawal. The rate of interest is based on the term of the deposit, account holder’s age and other factors such as tax rules, premature withdrawal, etc.
    • Loan Facility: Considering the fact that most RD account holders move a considerable amount of their income to an RD account, an emergency or an uncertain situation can force the customer to consider liquidation or premature withdrawal. However, in order to ensure a certain kind of financial protection for the customers, Canara Bank offers a maximum of 90% of the available deposit balance as the loan against the RD account. The calculation of the permissible loan amount is based on the value of the deposit, deposit terms, and other eligibility factors as per the terms and conditions of the bank.
    • Nomination: The RD account holders can choose to either edit the nominee’s details which were provided at the opening of the account or modify the details later during the account term.

    Factors to Consider for Opening a Canara Bank RD Account

    In order to open an RD account, an individual is required to meet the eligibility criteria specified by the bank. The following factors are essential to consider before opening an RD account –

    • Eligibility: Canara Bank RD account is available for any individual, joint account, Hindu Undivided Family (HUF), guardian of a minor, a company, an association, proprietorship firm, a trust, or any institution who fulfils the eligibility requirements.
    • Deposit Amount: An account can be opened for a minimum of Rs.50 per month for a fixed term without any cap on the maximum amount.
    • Term of Deposit: An RD account can be opened for a minimum period of 3 months up to a maximum of 10 years.
    • Rate of Interest: Depending on the deposit amount and the account term, the interest will be compounded on a quarterly basis. Senior citizens are entitled to an additional 0.50% interest rate over and above the regular interest rate for individuals below 60 years of age.
    • Premature Withdrawal: If the account is liquidated before the maturity, the account will be subject to premature withdrawal charges as specified by the bank.

    How to Open a Canara Bank RD Account?

    In order to open an RD account, the individual is required to visit any of the Canara Bank’s branch with the following documents –

    • Bank specified application form
    • PAN card copy or Form 60 or 60 in the absence of PAN
    • 2 copies of photographs
    • Proof of identity
    • Proof of address
    • Other documents based on the applicant’s profile

    What is Canara Dhanvarsha RD Scheme?

    Canara Dhanvarsha is a flexible recurring deposit scheme which allows the account holders to deposit more than the monthly required amount. Under this scheme, the customer can choose to invest surplus/bonus funds into their Canara Dhanvarsha account. The extra deposits will reward the account holder with additional interest over and above the contractual interest on the required monthly deposits.

    Canara Dhanvarsha RD scheme is available for both residents as well as non-resident Indians. By making a minimum monthly deposit of Rs.1,000 up to a maximum of Rs.1 lakh, the Canara Dhanvarsha RD account can be opened for a minimum of 1 year up to a maximum of 10 years. This scheme doesn’t provide any special interest rates for senior citizens. Facilities such as nomination, loan facilities, etc. are applicable under this scheme.

    Interest Rates on Canara Bank RD Accounts

    The following interest rates are applicable for deposits which are less than Rs.1 crore -If the deposits are for a fixed term of 7 to 14 days, the interest rates will be applicable only for single deposit of Rs.5 lakh and above. Senior citizens are provided with an additional interest of 0.50% per annum. Depending on the type of the RD account, a customer might be entitled to a special interest rate. The interest rates mentioned above are also applicable for FD accounts. The interest rates for deposits of Rs.1 crore and above can be obtained from one the Canara Bank’s branches.

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    News About Canara Bank Recurring Deposit Interest Rates

    • Canara Bank Slashes Term Deposit Rates

      Canara Bank has reduced the term deposit rates. The 1 year FD rate has been slashed by 0.10%, bringing it down to 6.9%. Canara Bank is now in tandem with HDFC Bank and ICICI Bank. As per a senior official, bank do not wish to keep the high cost deposits anymore. The deposit rates have now been aligned with the reduced lending rates.

      2nd May 2017

    • Canara Bank’s Recurring Deposit Rates Revised

      Canara Bank have revised their Recurring Deposit interest rates. Recurring deposits with a tenure of 2 years will now pay interest of 7.75% (senior citizens will receive 8.25%). The old rate for this tenure was 8% (8.50% for senior citizens).

      The rate for a 3 year tenure has also been changed to 7.75% (8.25% for senior citizens) from the old rate of 8% (8.50% for senior citizens).

      The rates of interest for the other Recurring Deposit tenures remain unchanged.

      2nd March 2016

    Recurring Deposit - Sitemap

    Canara Bank RD Interest Rates Reviews

  • Page 1 of 1
    • Canara Bank Recurring Deposit
      "My salary account"
      CANARA BANK
      0.5 3.0/5 "Satisfactory"
      With CANARA I had opened a RD, as it was my salary account.I had to deposit around rs 60 per month for this account. I was holding it for 2 to 3 years and later closed as I was experiencing some financial crisis at that time. Closure procedure was very simple I had to visit the branch show that RD book and they will credit the interest and close the account.
      Was this review helpful? 5
      , tuticorin
      Reviewed on Oct 03, 2016
    • Canara Bank Recurring Deposit
      "Excellent "
      CANARA BANK
      0.5 5.0/5 "Blown Away!"
      I have invested in retail investment scheme of Canara Bank, where it is giving 8.5% interest rate for Recurring deposit for the lock in period of 5 years. I have taken the flexible plan in which I get the income tax benefit. There is no activation charges. The minimum amount to invest is Rs.1000. We can avail the facility through the online. We can liquid the cash any time without any charges through online itself.
      Was this review helpful? 8
      , bangalore
      Reviewed on Jun 16, 2016
    • Canara Bank Recurring Deposit
      "Nice"
      CANARA BANK
      0.5 5.0/5 "Blown Away!"
      From the last twenty years of time I am having the recurring deposit account with the Canara bank. The interest rate for the recurring deposit is also a good one with them and the lock in period ranges from 3 months to 7 years of time.,
      Was this review helpful? 6
      , bangalore
      Reviewed on Mar 18, 2016
    • Canara Bank Recurring Deposit
      "Good for me but need more convenient...."
      CANARA BANK
      0.5 4.0/5 "Great!"
      I had a relationship with Canara bank which was almost completed 2 years. I am using my Recurring account only for a saving. 5k is the minimum transaction and interest was 8%. Formalities are huge in Canara bank and it should be more convenient.
      Was this review helpful? 4
      , bangalore
      Reviewed on Feb 03, 2016
    • Canara Bank Recurring Deposit
      "New experience "
      CANARA BANK
      0.5 3.0/5 "Satisfactory"
      I pay around 5000Rs for the recurring deposit I hold with canara bank.I make this payment on every month.I am not sure about the interest rate applied but I expect around 5-6% as interest with Canara Bank.I would like to recommend about Canara Bank as government bank service.
      Was this review helpful? 5
      , new delhi
      Reviewed on Oct 22, 2015
    • Canara Bank Recurring Deposit
      "Good"
      CANARA BANK
      0.5 5.0/5 "Blown Away!"
      I have a recurring deposit with Canara bank. I been renewing this account every two years and I am been with them for six years. When I close my recurring deposit and submit my passbook the money is transferred to my account within an hour. The services has always been good and am happy to bank with them.
      Was this review helpful? 4
      , bangalore
      Reviewed on Jun 16, 2015
    • Canara Bank Recurring Deposit
      "Can do better!!!"
      CANARA BANK
      0.5 4.0/5 "Great!"
      My spouse is having home loan with Canara bank so I have chosen this bank for Recurring Deposit. Interest rate for RD is 9% and the tenure period is 12 months. I opened it recently like four months ago by visiting the branch. Customer service of Canara bank is not much recommendable.
      Was this review helpful? 5
      , chennai
      Reviewed on Feb 23, 2015
    • Canara Bank Recurring Deposit
      "Good"
      CANARA BANK
      0.5 4.0/5 "Great!"
      I am holding a RD account with CANARA Bank. I will be investing about 10000 per monthand the returns are pretty smooth. I am convinced with the service offered by them. Monthly I pay about 10000 and this is for a period of 2 years and just in case if I want to break that in between they would be deducting certain amount and repay the remaining amount.
      Was this review helpful? 7
      , bangalore
      Reviewed on Jan 17, 2015
    • Canara Bank Recurring Deposit
      "Good service"
      CANARA BANK
      0.5 4.5/5 "Excellent!"
      For 5 years I holding RD account with Canara bank. Previously I visited their website and it was quite difficult to access but now they improved it. Since its nationalized bank interest rate is very low, They have to improve on accumulated interest ,Apart this gold loan department doing very good support and lot of percentage offers
      Was this review helpful? 1
      , bangalore
      Reviewed on Nov 01, 2014
    • Canara Bank Recurring Deposit
      "Good earnings"
      CANARA BANK
      0.5 2.0/5 "Expected more"
      I have opened a RD account with Canara Bank. This account was opened at the Branch. Every month I am supposed to pay a minimum amount of rs 1000 and the amount would be debited from my savings account automatically every month. Rate of interest for this RD account is 8.75% and I would even more happy if they increase it as well.
      Was this review helpful? 6
      , ghaziabad
      Reviewed on Oct 27, 2014
    • Canara Bank Recurring Deposit
      "Good service"
      CANARA BANK
      0.5 4.0/5 "Great!"
      I opened one account from canara bank to save my amount . I thought canara bank was safe and secure. Hence I opened one recurring deposit account with them . I dont have much idea about the online banking . I will just deposit the amount and I am earning 8 % as interest rate. Quite good experience
      Was this review helpful? 6
      , mumbai
      Reviewed on Oct 25, 2014
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