Fixed Deposit Details
Bank Name
Canara Bank
Eligibility
Individuals, NRIs, Firms, Companies, Institutions, and other entities, including Trusts, HUFs, Charitable organizations, Government agencies
Interest Rate
6.65 to 6.70% per annum.
Tenure
1111,2222,3333 days
Fixed Deposit Type
Green Deposit
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.
- When you invest in Green Deposit, your funds are earmarked for green financing, which includes renewable energy projects, sustainable infrastructure development, eco-friendly businesses, and more.
- Minimum deposit amount of Rs.1000
- No limit on the maximum deposit amount.
Minimum Investment Amount
1000
Features & Benefits
Pros
- Additional concession for senior citizens.
- Your investment directly supports projects that promote environmental sustainability.
Cons
- Low interest rates.
- Available for specific tenure duration.
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.
Product Review
About this content
Public source: Original MyRupaya page
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