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  • Canara Bank Recurring Deposit

    CANARA BANK RECURRING DEPOSIT
     4.0 / 5.0   by 11 users
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    Promised Interest Rate

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    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.

    Eligibility Criteria

    • 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.

    FAQ’s

    1. How to open a Recurring Deposit account in Canara Bank?
    2. Interested customers can visit the Bank’s branches to open a RD account.
    3. 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.
    4. What is the Minimum & Maximum amount to open Recurring Deposit in Canara Bank?
    5. The minimum amount that can be deposited in a RD account can be as low as Rs.50/- per month. There is no ceiling on maximum amount that can be deposited.
    6. What are the Minimum or Maximum period for RD in Canara Bank?
    7. Minimum period for which a depositor can hold a RD account is 6 months and the maximum period for holding an RD account is 120 months.
    8. Does the RD account of Canara Bank provide loan against the deposit?
    9. Loan against RD deposit is provided up to 90% of the available deposit balance. The deposit is used as a collateral.
    10. Do Senior citizens get any extra benefit on Recurring Deposits?
    11. Special interest rates are offered to senior citizens, i.e., over 0.50% above the rate applicable to general public.
    12. Can I make premature withdrawal of RD?
    13. Yes, premature withdrawals can be made but penalty charges are applicable.
    14. Does the Bank levy penalty charges on premature closure of the Recurring deposits?
    15. A 1.00% penalty will be levied for premature closure of Recurring Deposits. Prematurely closed Recurring Deposits will earn interest at 1.00% below the contracted interest rate as applicable on the date the deposit was made. and as applicable for the duration that was pre-determined at that time.
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    Canara Bank RD 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? 4
      , 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? 5
      , 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? 4
      , 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? 3
      , 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? 4
      , 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? 5
      , 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? 4
      , 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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