The Canara Dhanvarsha is a flexi recurring deposit scheme offered by Canara Bank which features the flexible option of depositing any surplus funds by customers as an RD. Customers can choose any core amount in multiples of Rs. 100, starting from Rs. 1000 as the minimum amount. The Canara Dhanvarsha also carries features like nomination facility, loan eligibility, flexible tenures and attractive interest rates depending on the term chosen by the customer.
Eligibility for Canara Dhanvarsha - Flexi Recurring Deposit
The Canara Dhanvarsha - Flexi Recurring Deposit scheme can be taken by resident Indians, firms, HUFs, companies, associations, institutions, trusts and Non-resident Indians. This recurring deposit scheme can be opened with a single holder or as a joint account. Guardians can open RD accounts on the behalf of minors.
Features of Canara Dhanvarsha - Flexi Recurring Deposit
The minimum monthly installment amount that has to be chosen by account holders is Rs. 1000, which can be incremented in multiples of Rs. 100. The maximum installment amount that can be deposited by customers is up to a maximum of Rs. 1 lakh. As flexible installments, customers can deposit up to ten times the regular monthly installment amount.
Mode of Deposit - NRE Customers
Monthly and flexible installment deposits can be made as debits from NRE savings accounts or as inward remittances by NRE customers.
Tenure of Deposit
The minimum tenure that can be chosen for a Canara Dhanvarsha flexi recurring deposit is one year and can be incremented in multiples of three months. The maximum tenure that can be taken by customers is up to 10 years.
Interest rates for the Canara Dhanvarsha flexi recurring deposit scheme varies as per the tenure chosen by the account holder and is compounded on a quarterly basis. For any additional or top-up amount deposited by the recurring deposit account holder, the interest rate is calculated on a daily basis. If the account holder fails to pay four successive monthly installments only the simple interest will be given to the customer.
Canara Bank offers different interest rates for Senior Citizens and other types of accounts holders. The recurring deposit interest rates varies from 4.50% per annum to up to 8.00% per annum for senior citizens. The recurring deposit interest rates varies from 4.00% per annum to up to 8.00% per annum for other types of account holders.
TDS is not deducted on the Canara Dhanvarsha flexi recurring deposit account.
Canara Dhanvarsha flexi recurring deposit holders are also eligible to select nominees for their accounts.
Customers can also avail loans for up to 90% of the available balance in their Canara Dhanvarsha flexi recurring deposit accounts.
Canara Bank does not impose any other penalties other than for premature closures of Canara Dhanvarsha flexi recurring deposit accounts.
Canara Bank allows recurring deposit holders to close their accounts before the end of the selected tenure with a penal interest cut of 1% according to the ROI on the opening date.
The following documents have to be submitted by resident Indians while opening a Canara Dhanvarsha flexi recurring deposit account -
- Recurring Deposit Application Form
- PAN Card Copy
- Form 61 or 60 (if the PAN card is not available)
- 2 Photographs of the applicant
- KYC Documents - Identity Proof / Address Proof
- Other Documents related to Companies, Firms, HUFs, etc.
- NRE customers have to submit all the above mentioned documents excluding the PAN Card and Form 61 or 60.
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