Product Details
Bank Name
Canara Bank
Eligibility
Individuals, Joint Acct, Guardian on behalf of minor, Proprietorship firm, Partnership accts, Company, association, trust, institution.
Interest Rate
6.70 to 7.25% per annum.
Tenure
1 year to 10 years.
Fixed Deposit Type
Recurring
Canara Dhanvarsha
Tax Benefits
None
Credit Ratings
CRISIL A1+
Interest Payment Frequency
At maturity. Typically for fixed deposits having interest payment at maturity, compound interest is applicable and for fixed deposits having monthly interest payment, simple interest is applicable. Typically fixed deposits having a tenure of one year or less, simple interest is applicable. It is best to consult the bank officials before you book a fixed deposit
Cummulative/Non-Cummulative
Cumulative
Features
Deposits shall be eligible for a Demand Loan /overdraft facility of up to 90% of the deposit amount.
Minimum deposit amount of Rs.500 and maximum amount of 1,00,000 monthly.
The tenure of the deposit can be from 1 year to 10 years.
Installment can also be deposited one or more times during the month.
Deposits can be made any number of times in a given month in multiples of regular installment.
Minimum Investment Amount
500
Fees and Charges
Pros
Flexible Installments.
Multiple Installments in a month.
Cons
You can only deposit Rs 1 lakh deposit amount in a month.
Pros & Cons
Account Opening and Procedure
How to Open?
1. Visit a Canara Bank branch: Locate a branch near you and visit during their operating hours.
2. Gather necessary documents: Prepare the following documents:
Identity proof (Aadhaar card, passport, driving license, etc.)
Address proof (Aadhaar card, passport, utility bill, etc.)
Income proof (if applicable, such as salary slips, Form 16)
Photographs
3. Submit the application form: Fill out the fixed deposit application form provided by the bank. You will need to provide details about the deposit amount, tenure, interest payout options, and nominee information.
4. Make the deposit: Deposit the required amount to open the FD. You can choose to pay in cash, by cheque, or through electronic transfer.
5. Receive the fixed deposit receipt: Once the deposit is made, you will receive a fixed deposit receipt (FDR) as proof of your investment.
Application Procedure
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