Canara Bank Gold Deposit Scheme

Features and Benefits of Canara Bank Savings Bank Gold Scheme

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.

• The customers are required to make an initial balance of Rs. 50,000 to open such an account and maintain a monthly average balance of the same.
• The bank allows nomination as part of the scheme
• Investors cannot seek loans against the gold scheme as collateral.
• The bank also allows a lot of value added facilities like 50% concession in the DD facility, 50% concession in funds transfer through  NEFT/RTGS, free issue of debit card and credit card to the first applicant (in case of Joint application), waiver of demat account opening charges,
• Some of the other value added facilities include name of the account holder printed on cheque book, free telebanking facility and free funds transfer facility through internet banking
• The bank also levies no ledger folio charges for the account holders of this scheme.
• The deposit made under the scheme is in the nature of a running (operative) account.

Interest payment on Canara Bank Savings Bank Gold Scheme

• The bank offers a standard rate of interest on the Savings Bank Gold Scheme that is in line with the rate of interest applicable on regular savings account deposits.
• The bank also does not offer any special rates for senior citizens or in case of bulk deposits.
• TDS on interest is also not applicable in case of this scheme.
• Interest on Savings bank Gold Scheme accounts is calculated on the basis of the daily balance available in the account. The bank makes the payment of interest for each quarter on the following dates,

1st February, 1st May, 1st August and 1st November every year

Eligibility for Savings Bank Gold Schemes

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,

• Individuals,
• Joint accounts,
• Minor accounts,
• Illiterates,
• HUF,
• Non-corporate bodies,
• Clubs,
• Societies, 
• Associations, 
• Schools,
• Trusts,
• Executors/Administrators,
• Government bodies,
• Semi-Government Departments, 
• Recognised PF A/cs,
• Capital Gains Account

Documents required for the Bank’s Scheme

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.

• The applicants are required to submit a specimen signature that will be a point of reference in case of any dispute or if verification is needed.
• In case the customers do not have a PAN card, they can fill Form 60 or form 61 for the same.
• Along with the specimen signature above, the bank also requires the applicants to submit 2 copies of photographs, proof of address as per KYC norms.
• The bank may also require other documents that may be applicable to the students, minors, HUFs, Trusts as per the guidelines of the bank in this regard.

FAQs