Types of Canara Bank RD Accounts
Here are some common types of Canara RD accounts:
1. Regular RD Accounts
Tenure | 6 months – 12 months (in multiples of 3 months) |
---|---|
Minimum Deposit | ₹50, and in multiples of ₹50 thereafter. |
Maximum Deposit | No Limit |
Loan Facility | Available, up to 90% of the deposit balance |
TDS Applicability | Applicable |
Nomination Facility | Available |
Premature Closure | Available but with penal provision |
Penalty | ₹1.50 for every ₹100 instalment per month for RD with five years tenure ₹2 for every ₹100 instalment per month for RD with more than five years tenure. Also, in case the delay in remittance is for more than four installments, the RD account will be repaid at simple interest. |
2. Canara Dhanvarsha- A Flexi Recurring Deposit Scheme
Tenure | 1 year – 10 years (in multiples of 3 months) |
---|---|
Minimum Deposit | ₹1,000 and further deposits in multiples of ₹100. |
Maximum Deposit | ₹1,00,000 |
Loan Facility | Available, up to 90% of the deposit balance |
TDS Applicability | No TDS is deducted, however, income tax is subjected to an individual’s tax slab. |
Nomination Facility | Available |
Premature Closure | Available |
Canara Bank RD Interest Rates 2024
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.
Ownership | Private Sector Bank |
---|---|
CEO | K. Satyanarayana Raju |
Headquartered In | Bengaluru |
Founded In | 1 July 1906 |
Customer Support Number | 1800 1030 |
Table of Content
- Canara Bank RD Interest Rates 2024
- Features of Canara Bank Recurring Deposit
- How to Open a RD Account in Canara Bank?
- How to Calculate RD Interest Rates in Canara Bank?
- Eligibility Criteria to Start a RD Account with Canara Bank
- Documents Required for Starting an RD Account
- Types of Canara Bank RD Accounts
- Canara Bank RD Premature Withdrawal Rules
- Frequently Asked Questions (FAQs)