Overview of Canara Bank
Canara Bank is a leading state-owned Indian bank incorporated in 1906 and nationalised in 1969. The bank is headquartered in Bangalore, Karnataka. By December 2014, Canara Bank developed a wide network of more than 5641 branches and approximately 7000 ATMs across the nation. The bank has a global presence with its international offices in London, Moscow, Hong Kong, Shanghai, Dubai, New York and Doha.
Recurring Deposit from Canara Bank
Canara Bank offers unique Recurring Deposit schemes for assisting customers in gaining more savings in a convenient manner. The Canara Bank RD schemes enable the depositors to create a sizeable capital through their investment, in an efficient and systematic way.
Recurring Deposit schemes offered by Canara Bank
Canara Bank has put forward the “Canara Dhanvarsha Scheme” - a flexible Recurring Deposit scheme, for its customers. The minimum amount of deposit to be maintained per month is Rs. 1000 and can later be increased in multiples of Rs. 100. The maximum deposit amount permitted is Rs. 1 Lakh. The instalments to be made should be up to 10 times of the regular instalment value and this can be deposited per month. This scheme is open to NRE customers as well, but the mode of deposit for NRE customers differs. For NRE customers, the amounts pertaining to the initial deposit, regular instalment and/or additional instalment to the Recurring Deposit account are to be debited from NRE SB Account only or as other approved inward remittances.
Features of Canara Bank Recurring Deposit
- Loan facility is available against deposit.
- The facility of nomination is available.
- The duration of the Recurring Deposit scheme is a minimum of 1 year and later in multiples of 3 months. The maximum time duration for which an RD can be availed is 10 years.
- The minimum deposit amount is as low as Rs.50/- per month and later in multiples of Rs. 50/-.
- There is no ceiling on the maximum amount to be deposited.
- A fixed amount should be deposited on a monthly basis as instalments and this is to be made over a stipulated period.
- Non-Resident- External Customers can apply.
- Resident Individuals, Guardian on behalf of minor, Joint Account, HUF (Hindu Undivided Families), Trust, Company / Firms, Association, Institutions, etc. can apply for a RD with Canara Bank.
Interest rates offered on Canara Bank’s Recurring Deposit
The Bank offers competitive interest rates which can be subject to fluctuations from time to time. Compound interest is used to calculate interest that depositor is liable to receive on maturity of the RD. As applicable to term deposits of various tenures prevailing from time to time, interest is compounded quarterly.
Flexible RD from Canara Bank
Canara Dhanvarsha is a flexible Recurring Deposit that and comes with the facility to deposit additional instalments on a monthly basis, as per the depositors’ convenience and earn a contracted rate of interest for additional installments made as well.
RD For NRIs/NREs
Canara Bank RD scheme is open to NRE customers as well, but the mode of deposit differs. For NRE customers, the amounts pertaining to the initial deposit, regular instalment and/or additional instalment to the Recurring Deposit account are to be debited from NRE Savings Account only or as other approved inward remittances.
Nomination for RD
Nomination facility for RD account is available. If the nominee is a minor the depositor should also name a guardian to act on behalf of the nominee.
- How to open a Recurring Deposit account in Canara Bank? Interested customers can visit the Bank’s branches to open a RD account.
- What are the documents required during application?
- Duly filled application submitted in the Bank's prescribed form.
- Pan Card copy or Form 60 or 61.
- 2 passport size photograph of depositor(s).
- With accordance to KYC Norms, depositor has to provide Identity Proof and Address Proof.
- Related documents to proprietorship concern, Partnership Firm, Company, HUF, etc. as applicable.