A Savings Account is very beneficial with multiple advantages as detailed below:
- Videos For Canara Bank Deposit Rates
- Canara Bank Interest Rate
- Canara Bank Term Deposit Rates
- Canara Bank Fixed Deposit Rates
- Canara Bank Domestic Term Deposit Rates
The bank has cut the FD rates by 15 bps on long-term deposits maturing in 1 year to 10 years. Now FD interest rate for 7 to 45 days is 4.50%, for 46 to 179 days is 5.50%, for 180 days to 1 year is 5.80% and for 1 year to 10 years is 6.10%.: Axis Bank reduced FD interest rate. Deposit shall be renewed automatically for a similar period on the date of maturity at the rate of interest applicable for the period as on the date of maturity, in the absence of any renewal instructions well in advance. Auto Renewal facility is not available for Canara Tax Saver Deposits, Capital Gains Accounts, Canara Samriddhi deposits. Canara Bank Savings Bank Account (SB account) is intended for savings for future. The main objective of this type of account is to promote savings habit in any person. A savings account is one of the most basic bank accounts offered by banks. It lets you keep your money in a safe place, deposit and withdraw as and when you need it, without any.
Find Canara Bank NRE FD Interest Rates (as on 27 Feb 2021). The interest rates for below 1 crore and above 1 crore on fixed deposit depend on which category you fall under and your choice between.
(1) Earns Interest on your Savings
This is the first and foremost benefit of opening a savings account. It starts earning interest on your money as soon as it is deposited. The interest rate is decided solely by the bank and changes from time to time. Regular interest depends upon the balance of the savings account.
Interest rate in savings account ranges from 3.5% to 7%.
Videos For Canara Bank Deposit Rates
(2) Provides Security of Funds
There is no risk involved in your savings account. It is considered as one of the safest investment alternatives. It even offers you the opportunity to put your money into another investment whenever the time comes.
(3) No Lock-in Period
There is no lock-in period under savings account which means that you can withdraw your deposits anytime you need. There is no need to keep your money in this account for any specific period. You have full flexibility in withdrawal of amount from it.
(4) Offers Liquidity
You can withdraw the amount anytime 24X7 with the use of ATM card or debit card from your account during any emergency even when the bank is closed. In fact, being able to access your money when you need it, is one of the biggest benefit of having a savings account.
(5) Availability of Variety of Savings Account
Many banks offer comprehensive range of savings accounts from regular to premium suiting to your personal banking needs. There are different types of savings accounts offered by various banks that differ based on the interest rates and duration of time commitments. You can choose any of them which suits your financial objectives and requirements.
(6) Services of Customer Relation Manager
Now-a-days many of the banks engage a Customer Relation Manager (CRM) who will help not only solve your queries but also assist you in tax saving, investment, mutual fund schemes, insurance, bank procedures, etc. You need to just call your CRM and he/ she will assist you solve your problem.
(7) Online Banking Facilities
Canara Bank Interest Rate
If you maintain a savings account, you can make many transactions online also such as payment of bills, fund transfers using RTGS/ NEFT or IMPS, etc. This will save your time and efforts.
(8) Provides ATM/ Debit Card
You will be offered a debit or ATM card with a nominal charge or without any charges, as offered by your bank. With the help of this card, you can withdraw the funds, make transactions in shops, make payments of bills, etc.
(9) Helps you Get Credit or Loan
The relation you maintain with the bank will help you in getting credits from the bank such as home loan, personal loan. You will also be in a position to negotiate with the banker on the interest rates.
(10) No Cap on Deposits
There is no limit on the amount deposited and number of times it is deposited.
(11) Facility to link Loan EMIs, Mutual Fund SIPs or RD deductions
You get a facility to link your monthly loan EMIs, Mutual Fund SIPs or RD deductions through the savings bank account.
(12) Free Mobile App
Most of the banks provide their mobile app for free. Through this app, you can get to know your account balance, check your statement, make transactions, easy transfer of money, etc.
IN THIS ARTICLE
Earn more from your earnings by saving in Canara Bank deposits. The deposits can be made for a short period or for a long period. The tax saving deposits with longer locking period, save you from paying tax on interest earned on the deposit. On the other hand, senior citizens can enjoy 0.5% extra interest on their deposits.Benefits of having Canara Bank Accounts are high when compared to other bank accounts.
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Canara Bank Deposits
Canara Bank provides a wide variety of deposits than the regular fixed deposit. The Ashraya deposit scheme for senior citizens who are aged above 60 years can be opened either singly or jointly. In the case of a joint deposit, the other depositor can be below 60 years of age, however, the senior citizen is the prime depositor. As with the fixed deposit, the ashraya deposit also allows the depositor to take a loan on the deposit. The recurring deposits are those that are paid monthly and are perfect for individuals who wish to make small savings regularly. The minimum amount of RD can be Rs.50 per month and there is no maximum limit. The deposit tenure ranges from 6 months to 120 months. You can withdraw your money with the help of Canara Bank Debit Cards with out visiting the bank. Nomination facility and loan facility is provided along with the deposit. The kamadhenu deposit is the re-investment deposit in which the interest is paid only after the maturity period. The Canara Bank champ deposit scheme is for children aged below 12 years. The Canara Dhanavarsha scheme is another type of recurring deposit beneficial for people planning to deposit Rs.1000 per month. The maximum amount that can be deposited is limited to Rs.1 lac.
Canara Bank Fixed Deposits
Canara Bank Fixed deposit can be opened jointly (with not more than 4 people) or individually. The deposit can also be opened for a minor by a guardian. Partnership companies and other organizations can also make a fixed deposit. The minimum amount has to Rs.1000 with no limit on the maximum deposit. The tenure for the fixed deposit can be as low as 15 days to a maximum of 120 months. Fixed deposits with a very short tenure of fewer than 15 days can also be opened but the limit of the amount is 5 lakhs. TDS is deducted on the interest gained. Customers are given the opportunity to include a nominee for the deposit. A loan of about 90% of the deposit value can be taken. A penalty of 1 % has to be paid for premature withdrawal of the deposit. The deposit amount can be broken into units of Rs.1000 and can be withdrawn as per the requirement. As a result, the depositor will lose interest only on a small portion of the deposit amount. Other Banks like HDFC Bank Deposits, SBI Bank Deposits and Union Bank Of India Deposits also providing different type of Deposits same as the Bank of Baroda.The deposit will be renewed automatically after the date of maturity for the same period as existing. If the customer fails to renew the deposit or withdraw the deposit amount after maturity, the deposited amount will be paid an interest as per the interest rate existing on the savings account. To open a fixed deposit, the application has to be submitted to the bank along with the PAN card, photograph and identity proof.
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Canara Bank Deposits Interest Rates
Canara Bank Term Deposit Rates
The interest rate on the deposits is calculated monthly and is disbursed quarterly, half-yearly or annually as directed by the customer. The interest rate on fixed deposits is in the range of 5.50% to 6.90% depending on the tenure for which the deposit is made.
For senior citizens, the interest rate on fixed deposits is 0.5% more than that offered for other customers except for the deposits related to capital gains and NRO fixed deposits. The interest rate on the Canara Champ deposit scheme is that the interest is about 4% per annum. Along with Canara Bank some other banks like Dena Bank Deposits, Citi Bank Deposits and Yes Bank Deposits also provides the best interest rates to their customers.Are you looking for loans at low interest rates then Canara Bank Loans provides loans to their customers at low interest.
FAQ’s Related to Canara Bank Deposits
- What is the eligibility for opening a Canara Bank deposit for a minor?
2. What is the interest rate on fixed deposits for senior citizens?
Canara Bank Fixed Deposit Rates
3. What is the tenure for recurring deposit?