Canara Bank RD Interest Rates-2024
Introduction:
Established in 1906 and later nationalized in 1969, Canara Bank stands as one of India's largest public sector banks, operating under the auspices of the Government of India.
Among its array of investment options, the Canara Bank Recurring Deposit scheme holds a prominent position, allowing individuals to steadily accumulate savings through monthly deposits.
Based in Bengaluru, Canara Bank holds the distinction of being one of the nation's oldest public sector banks, enjoying government ownership.
Furthermore, owing to its rich history, the Canara Bank recurring deposit interest rates for 2024 remain competitive, comparable to those offered by other major banks, with the added advantage of a minimum deposit requirement as low as Rs. 50.
Established in 1906 and later nationalized in 1969, Canara Bank stands as one of India's largest public sector banks, operating under the auspices of the Government of India.
Among its array of investment options, the Canara Bank Recurring Deposit scheme holds a prominent position, allowing individuals to steadily accumulate savings through monthly deposits.
Based in Bengaluru, Canara Bank holds the distinction of being one of the nation's oldest public sector banks, enjoying government ownership.
Furthermore, owing to its rich history, the Canara Bank recurring deposit interest rates for 2024 remain competitive, comparable to those offered by other major banks, with the added advantage of a minimum deposit requirement as low as Rs. 50.
Features of Canara Bank Recurring Deposit
Characteristics of Canara Bank's Recurring Deposit Interest Rates
Canara Bank offers competitive RD interest rates, reaching up to 5.25%.
Interest is compounded quarterly, ensuring optimal growth of your savings.
With a customer-friendly approach, Canara Bank accepts minimal deposits, starting from as low as Rs. 50.
The flexibility extends to deposit amounts, which can be made in multiples of Rs. 50.
Senior citizens enjoy enhanced benefits with RD rates going up to 5.75%.
Nomination facilities allow any family member or spouse to receive the final amount.
Additionally, Canara Bank offers a convenient loan facility, allowing customers to borrow up to 90% of the available accumulated balance.
Characteristics of Canara Bank's Recurring Deposit Interest Rates
Canara Bank offers competitive RD interest rates, reaching up to 5.25%.
Interest is compounded quarterly, ensuring optimal growth of your savings.
With a customer-friendly approach, Canara Bank accepts minimal deposits, starting from as low as Rs. 50.
The flexibility extends to deposit amounts, which can be made in multiples of Rs. 50.
Senior citizens enjoy enhanced benefits with RD rates going up to 5.75%.
Nomination facilities allow any family member or spouse to receive the final amount.
Additionally, Canara Bank offers a convenient loan facility, allowing customers to borrow up to 90% of the available accumulated balance.
Recurring Deposit Interest Rates - 2024
Banks
Interest
Rates (PA)
Interest
Rates (PA)
Interest Rate
for Seniors (PA)
Interest Rate
for Seniors (PA)
Bandhan Bank RD Interest Rate
Bandhan Bank RD
Interest Rate
3.0% - 7.25%
3.5% - 7.75%
₹15,000
Kotak Mahindra Bank RD Interest Rate
Kotak Mahindra
Bank RD Interest Rate
Kotak Mahindra Bank RD
Interest Rate
4.0% - 7.25%
4.0% - 7.25%
4.0% - 7.75%
IDFC First Bank Rd Interest Rate
Central Bank
of India
3.5% - 7.0%
3.5% - 7.0%
4.0% - 7.5%
YES Bank RD Interest Rate
YES Bank RD
Interest Rate
7.45% - 7.75%
7.95% - 8.25%
RBL Bank RD Interest Rate
RBL Bank RD
Interest Rate
3.0% - 7.25%
3.0% - 7.25%
3.5% - 7.75%
Eligibility Criteria for Canara Bank RD
Canara Bank Recurring Deposits Eligibility Requirements
An individual, joint account holder, guardian of a minor, Hindu Undivided Family (HUF), proprietorship firm, company, association, trust, or institution are eligible to open a Canara Bank RD account, provided they meet the eligibility criteria.
Non-resident Indians (NRIs) can also open an RD account by utilizing NRE or NRO accounts.
Minors can establish an RD account under the guardianship of parents or legal guardians.
Canara Bank Recurring Deposits Eligibility Requirements
An individual, joint account holder, guardian of a minor, Hindu Undivided Family (HUF), proprietorship firm, company, association, trust, or institution are eligible to open a Canara Bank RD account, provided they meet the eligibility criteria.
Non-resident Indians (NRIs) can also open an RD account by utilizing NRE or NRO accounts.
Minors can establish an RD account under the guardianship of parents or legal guardians.
Canara Bank Recurring Deposits Eligibility Requirements
An individual, joint account holder, guardian of a minor, Hindu Undivided Family (HUF), proprietorship firm, company, association, trust, or institution are eligible to open a Canara Bank RD account, provided they meet the eligibility criteria.
Non-resident Indians (NRIs) can also open an RD account by utilizing NRE or NRO accounts.
Minors can establish an RD account under the guardianship of parents or legal guardians.
Documents Required for Canara Bank RD
Documents Needed to Establish a Canara Bank RD Account
Official application form provided by the bank
Copies of PAN card or Form 60/61 (if PAN is unavailable)
Two passport-sized photographs of the applicant
Any valid identity proof
Any valid address proof
Additional documents (based on the applicant's profile)
Documents Needed to Establish a Canara Bank RD Account
Official application form provided by the bank
Copies of PAN card or Form 60/61 (if PAN is unavailable)
Two passport-sized photographs of the applicant
Any valid identity proof
Any valid address proof
Additional documents (based on the applicant's profile)
Documents Needed to Establish a Canara Bank RD Account
Official application form provided by the bank
Copies of PAN card or Form 60/61 (if PAN is unavailable)
Two passport-sized photographs of the applicant
Any valid identity proof
Any valid address proof
Additional documents (based on the applicant's profile)
Types of Canara Bank Recurring Deposit Schemes
Regular Recurring Deposit:
This standard RD scheme allows investors to contribute a minimum of Rs. 50 per month for their chosen tenure to earn interest. The minimum investment duration is six months, with subsequent multiples of three months. The maximum period allowed is 120 months.
Canara Bank Dhanvarsha Recurring Deposit Scheme – Flexi RD Scheme:
Canara Bank offers the advantageous Canara Dhanvarsha RD scheme, permitting account holders to deposit amounts exceeding the monthly preset limit. This scheme enables customers to invest surplus or bonus funds into their Canara Dhanvarsha account, earning additional interest on these extra deposits beyond the regular interest on the required monthly deposits.
The Canara Bank Dhanvarsha RD scheme is accessible to both residents and non-resident Indians. Accounts can be opened for a duration ranging from a minimum of 1 year to a maximum of 10 years, with a minimum monthly deposit of Rs. 10,000 up to a maximum of Rs. 1 lakh. While this scheme does not offer special interest rates for senior citizens, it does provide features such as nomination facilities and loan options.
Nitya Nidhi Deposit Scheme:
The Nitya Nidhi Deposit Scheme, introduced following the merger of Syndicate Bank and Canara Bank, commenced on April 1, 2020. This scheme is designed to attract small daily savers, facilitating daily door-to-door collections by bank agents. With a minimum monthly investment requirement of Rs. 50, the account has a tenure of 63 months, offering an interest rate of 2.50% per annum.
Regular Recurring Deposit:
This standard RD scheme allows investors to contribute a minimum of Rs. 50 per month for their chosen tenure to earn interest. The minimum investment duration is six months, with subsequent multiples of three months. The maximum period allowed is 120 months.
Canara Bank Dhanvarsha Recurring Deposit Scheme – Flexi RD Scheme:
Canara Bank offers the advantageous Canara Dhanvarsha RD scheme, permitting account holders to deposit amounts exceeding the monthly preset limit. This scheme enables customers to invest surplus or bonus funds into their Canara Dhanvarsha account, earning additional interest on these extra deposits beyond the regular interest on the required monthly deposits.
The Canara Bank Dhanvarsha RD scheme is accessible to both residents and non-resident Indians. Accounts can be opened for a duration ranging from a minimum of 1 year to a maximum of 10 years, with a minimum monthly deposit of Rs. 10,000 up to a maximum of Rs. 1 lakh. While this scheme does not offer special interest rates for senior citizens, it does provide features such as nomination facilities and loan options.
Nitya Nidhi Deposit Scheme:
The Nitya Nidhi Deposit Scheme, introduced following the merger of Syndicate Bank and Canara Bank, commenced on April 1, 2020. This scheme is designed to attract small daily savers, facilitating daily door-to-door collections by bank agents. With a minimum monthly investment requirement of Rs. 50, the account has a tenure of 63 months, offering an interest rate of 2.50% per annum.
Canara Bank RD Premature Withdrawal Facility
A 1% premature withdrawal penalty applies to RD accounts opened on or after February 4, 2011.
Interest on RD will be disbursed after deducting the penal rate (1%) from the prevailing interest rate on the deposit date.
No penalty for prematurely closing deposits under the Flexi Recurring Deposit Scheme.
The interest rate applied will be the rate applicable for the duration the RD was held with the bank at account opening or the contracted rate, whichever is lower.
A 1% premature withdrawal penalty applies to RD accounts opened on or after February 4, 2011.
Interest on RD will be disbursed after deducting the penal rate (1%) from the prevailing interest rate on the deposit date.
No penalty for prematurely closing deposits under the Flexi Recurring Deposit Scheme.
The interest rate applied will be the rate applicable for the duration the RD was held with the bank at account opening or the contracted rate, whichever is lower.
Tax Exemptions on Canara Bank RD
TDS is applicable
TDS is applicable
How to Open a Recurring Deposit Account in Canara Bank?
Opening Recurring Deposit Account Offline:
Opening an RD account online through Net Banking is a straightforward process. Here's how you can take advantage of the benefits offered by Canara Bank RD rates:
If your Net Banking account isn't active yet, visit the Canara Bank branch and complete the Net Banking activation form.
Log in to your Net Banking account using your username and password.
Navigate through the menu and select the 'E-Recurring Deposit' option.
Complete the RD form by providing essential details such as tenure and amount. If you're a senior citizen, ensure to check the box confirming your status and provide the necessary supporting documents.
Once your bank account is successfully opened, the predetermined funds will be automatically debited from your savings account and credited to your RD account.
Opening Recurring Deposit Account Offline:
Follow these steps to initiate the opening of your Canara Bank RD account and commence earning returns from Canara Bank RD rates:
Visit your Canara Bank branch where you hold a savings account and request an RD form.
Complete the form, specifying details like the RD amount and tenure, ensuring to include the nominee's name.
Opt for standing instructions if you prefer automatic deduction of monthly installments from your savings account.
Provide necessary documents for identity and address verification.
Make the initial deposit. Payment can be made in cash, by cheque, or online.
Upon verification of all your information, your RD account will be activated.
Opening Recurring Deposit Account Offline:
Opening an RD account online through Net Banking is a straightforward process. Here's how you can take advantage of the benefits offered by Canara Bank RD rates:
If your Net Banking account isn't active yet, visit the Canara Bank branch and complete the Net Banking activation form.
Log in to your Net Banking account using your username and password.
Navigate through the menu and select the 'E-Recurring Deposit' option.
Complete the RD form by providing essential details such as tenure and amount. If you're a senior citizen, ensure to check the box confirming your status and provide the necessary supporting documents.
Once your bank account is successfully opened, the predetermined funds will be automatically debited from your savings account and credited to your RD account.
Opening Recurring Deposit Account Offline:
Follow these steps to initiate the opening of your Canara Bank RD account and commence earning returns from Canara Bank RD rates:
Visit your Canara Bank branch where you hold a savings account and request an RD form.
Complete the form, specifying details like the RD amount and tenure, ensuring to include the nominee's name.
Opt for standing instructions if you prefer automatic deduction of monthly installments from your savings account.
Provide necessary documents for identity and address verification.
Make the initial deposit. Payment can be made in cash, by cheque, or online.
Upon verification of all your information, your RD account will be activated.
How to Calculate the Maturity Amount on Canara Bank RD?
The maturity amount represents the total sum received upon the completion of the RD tenure, indicating the accumulated interest earned.
Utilizing an RD calculator significantly simplifies interest calculation. However, the following formula provides a method to compute interest manually:
A = P*(1+R/N)^(Nt)
Here, 'R' denotes the interest rate, 'P' signifies the initial deposit, 'n' represents the tenure in months, and 't' indicates the applicable duration.
The maturity amount represents the total sum received upon the completion of the RD tenure, indicating the accumulated interest earned.
Utilizing an RD calculator significantly simplifies interest calculation. However, the following formula provides a method to compute interest manually:
A = P*(1+R/N)^(Nt)
Here, 'R' denotes the interest rate, 'P' signifies the initial deposit, 'n' represents the tenure in months, and 't' indicates the applicable duration.
1.) How can I close my RD account?
You can close your RD account either by visiting your bank branch, using net banking, or through the bank's mobile application.
2.) Where will the closure proceeds be deposited?
The closure proceeds will be credited to the same savings bank account from which the recurring deposit payments were deducted.
3.) Is it necessary to visit the bank branch to close the RD account?
No, you can also close your RD account using net banking or the bank's mobile application.
4.) Can I close my RD account online?
Yes, you can close your RD account online through net banking or the bank's mobile application.
5.) Will I receive the closure proceeds immediately?
The closure proceeds will be deposited into your savings account, usually within a few business days after the closure request is processed.
Author
Harish Malhi
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