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  • Canara Dhanvarsha - A Flexi Recurring Deposit Scheme

    CANARA BANK RECURRING DEPOSIT
     4.0 / 5.0   by 11 users
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    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    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

    Installment Amount

    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

    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

    TDS is not deducted on the Canara Dhanvarsha flexi recurring deposit account.

    Nominations

    Canara Dhanvarsha flexi recurring deposit holders are also eligible to select nominees for their accounts.

    Loans

    Customers can also avail loans for up to 90% of the available balance in their Canara Dhanvarsha flexi recurring deposit accounts.

    Penalty

    Canara Bank does not impose any other penalties other than for premature closures of Canara Dhanvarsha flexi recurring deposit accounts.

    Premature Closures

    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.

    Documents Required

    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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    Customer 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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