How to Open a RD Account in Canara Bank?

If you want to open a Recurring Deposit (RD) account with HDFC Bank, here are some general guidelines that you can follow,

1. Visit: Visit the Nearest Canara Bank Branch.

2. Inquire about an RD Account: Go to the Canara Bank customer service desk to find out how to open a RD account.

3. Request Information: The customer service manager will help you with the available RD options, interest rates, available tenure, and any other important information.

4. Provide KYC Documents: The customer is advised to keep KYC documents ready for submission. Usually, this involves identity documents, proof of address, and passport-sized photos.

5. Obtain and Fill the Application Form: Get the RD application form from the bank’s representative. Fill up the necessary information correctly, including personal details, nominee details, deposit amount, tenure, etc.

6. Submit the Application Form and KYC Documents: Hand over the filled application form along with all the supporting documents.

7. Deposit the Initial Amount: The Bank will request to deposit the initial amount. Depending on the policies, the initial deposit amount may vary.

8. Receive RD Account Details: Once the application is processed and the initial deposit is advanced, the customer will receive the RD account passbook or certificate. This paper will contain all the details about your RD account in terms of the deposit amount, tenure, interest rate, and maturity date.

9. Set Standing Instructions: The customer will have the option to create standing instructions to the bank so that the monthly installment is transferred from your Canara bank savings account to the Canara bank’s RD account automatically.

10. Monitor Your RD Account: Keep a tab on your RD account by receiving periodic statements from your bank. This will help the customer to stay updated on how his/her investment is performing.

Canara Bank is an emerging Indian banking and financial services company and it is headquartered in Bengaluru, Karnataka. Canara Bank has offices in London, New York, and Dubai as well. Canara Bank was nationalized in the year 1969. Canara Bank offers a wide range of bundles of banking products and services to its customers these banking products also include Recurring Deposit offerings as well. Canara Bank provides different RD options to their customers, the basic aim is to provide a safe option that can be utilized to save money for a fixed tenure and give interest earnings to the customers. There is a wide range of benefits provided by opening a RD account with Canara Bank as they provide an easy loan facility, auto-renewal of RD, and many other things.