Canara Dhanvarsha|Canara Bank Fixed Deposit Rates-– Interest Rate, Calculator & Benefits

Fixed Deposit 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

Features & Benefits

Pros

• Flexible Installments.
• Multiple Installments in a month.

Cons

• You can only deposit Rs 1 lakh deposit amount in a month.

Pros & Cons

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.

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