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Canara Bank has a huge variety of products related to savings bank accounts and deposit schemes that are available for the customers to choose form. This enables the customers to make a sound deposit or investment based on the plans that best suit their needs. Customers can choose from plans like Canara Junior Saving account, Canara tax Saver Scheme, Canara Champ deposit Scheme, Canara SB Power Plus, etc. One of the schemes among this lot is the Canara Bank Savings Bank Gold Scheme.
About Canara Bank Gold Deposit Schemes
The bank has a unique scheme for the prospective customers to invest in gold scheme instead of gold itself. The features and benefits of this scheme are highlighted below.
1st February, 1st May, 1st August and 1st November every year
The bank has a detailed list of applicants that are eligible for applying for the Savings Bank Gold Scheme. The list of such eligible applicants is detailed here,
The application and documentation process of the Canara Bank Savings Bank Gold Scheme is fairly simple and quick. Following are the list of documents that will be required under the scheme.
1. What are the application and documentation requirements in case of existing customers of the bank?
The bank requires the existing customers to make a customer request for applying to the Canara bank Savings Bank Gold Scheme. Such requests made by the existing customer are sufficient for the application and documentation process of the scheme.
2. What happens in case a customer is not able to maintain the average monthly balance of Rs. 50,000 required under the guidelines of the scheme?
In case any customer is not able to maintain the average monthly balance of Rs. 50,000 during any month, the bank withdraws the concessional facilities available under the value added services offered by the bank, from the following next/succeeding month by sending a prior notice of such withdrawal.
3. Is TDS applicable/ deductible under the scheme?
No. TDS is not charged/ deductible under the scheme.
4. Does the bank have any special rates of interest for Senior Citizens under the scheme?
This scheme of the bank does not have a separate/ special rate of interest applicable for the senior citizens.
5. Can the customer apply for a loan against the deposit made under the scheme?
No. The bank has the policy to not issue any loans against the deposit made under the scheme.
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