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Save money while enjoying a higher interest rate with Canara Bank Recurring Deposits. Canara Bank Recurring Deposit Interest Rates differ for resident and NRI customers. Canara Bank Senior Citizen RD Interest Rates are higher.
Canara Bank offers competent rates on their deposits, they have significant presence in Karnataka, especially the northern Karnataka regions. Their products are customized to cater to the mid-tier segment of customers. The bank manages to provide best-in-class products and services which has enabled it to consistently increase market share.
About Canara Bank Recurring Deposit Rate
Recurring deposit is categorized under term deposit and are amongst the basic products offered by most of the banks in India. Unlike the term deposit where the amount is deposited in bulk, the recurring deposit allows the account holder to invest a fixed amount called the installment on a monthly basis for a pre-determined tenure. The amount to be deposited on a monthly basis and the tenure for which the deposit has to be made every month are pre-determined. Based on these two factors, the interest rates are applicable.The interest rates of fixed deposits are applicable for recurring deposits as well. The interest on recurring deposit is calculated on a quarterly basis. This investment avenue promotes the discipline of investing on a regular basis. The amount that will be paid out to the account holder at the end of maturity will be informed to the individual at the beginning or at the time of opening the account. Any lapse or delay in payment of monthly installment will be penalized by reduced interest credit to the account and reduced maturity value thereof.
Like all other banks, Canara Bank also offers recurring deposit facility. The minimum deposit amount with which one can initiate a recurring deposit account is Rs. 50/- which is extremely affordable even by the rural customers. There is no maximum amount on the monthly installment that can be contributed. The incremental contribution can be in multiples of Rs. 50/-. The minimum tenure allowed is 6 months and the maximum being 120 months. The incremental tenure is 3 months. The features of recurring deposits are competitive and the interest rates are inline with the industry rates.
Below is the effective annualized rate of return on Canara Bank’s term deposits and recurring deposits. The interest rates are subject to change on a regular basis and are the latest updates are available on the bank’s official website. The investor is advised to check for the latest interest rates before making an investment.
For deposits less than Rs. 1 Crore
A penalty of 1% is levied on premature closure of deposits which have amount less than Rs.1 crore. This penalty is applicable on all deposits that are accepted /renewed on or after 04.02.2011.
There is no penalty applicable on premature closure or premature extension of NRE term deposits of Rs.1 Crore & above that are placed/renewed on or after 13.10.2012. However, there is a penalty of 1% on premature closure/premature extension of NRE term deposits of Rs.1 crore & above that are placed /renewed from 29.12.2011 to 12.10.2012.
You can make use of any reliable online RD Calculator to compute the interest and the maturity earned on your invested amount. Using an RD Calculator is easy—all you need to do is enter the instalment amount you want to invest monthly, the period, the interest rate, method of compounding (monthly, quarterly, half-yearly or annually) and the calculator will provide the maturity amount that you get at the time of maturity of the Recurring Deposit.
Using an RD calculator helps you calculate how much you need to save monthly to achieve your financial goal.
1. Who can apply for an RD account with Canara Bank?
Following are the people who can open an RD account with Canara Bank.
2. Can the account holder avail an overdraft facility?
Loans and overdraft facility can be availed against recurring deposits held with Canara Bank. They will be considered by the branch on a case-by-case basis.
3. What are the documents required to apply for an RD account with Canara Bank?
Below are the list of documents required to apply for an RD account with Canara Bank -
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