Canara Special Deposit Scheme Launched, Know Benefits, Features & All

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Canara Special Deposit Scheme Interest Rates, Benefits & Features & All Other Details | How to Apply Online for Canara Special Deposit Scheme

Canara Bank hiked rates on FDs under Rs 2 crore. The bank also introduced a new fixed-term deposit (FD) plan with 7% interest for the public and 7.5% for seniors. Canara Bank tweeted, “Maximize your investment returns!” Canara Bank offers a 7.50% yield on deposits with a maturity of 666 days. In today’s post, we are going to cover the details of the new program as well as the features and key benefits of the program.

Canara Special Deposit Scheme

Shri Ammembal Subba Rao Pai, a remarkable thinker and philanthropist, founded Canara Bank in July 1906 in Mangalore, then a tiny port city in Karnataka. The bank is known for its customer focus. Canara Bank is now accepting applications for a unique fixed-term deposit plan with a term of 666 days. In line with the strategy outlined, the financial institution, which caters to the general private sector client, pays a 7% annual percentage return on deposits, while the elderly or seniors are entitled to a 7.5% APY. This unique term deposit scheme is provided by the State Bank and applies to amounts less than 2 crores.

Canara Bank, a public sector financial institution, has increased both the Repo Linked Lending Rate (RLLR) and the Marginal Cost of Funds Based Lending Rate (MCLR). The new prices come into effect today, October 7, 2022. Both MCLR and RLLR were raised by the bank across the board for all maturities. Canara Bank increased its overnight to 1-month MCLR rates by 15 basis points to 7.05%. The three-month MCLR rate rose to 7.40% after a 15 basis point rise, while the six-month MCLR rate rose to 7.80% after a similar rise. The bank raised its one-year MCLR rate by one basis point from 7.89% to 7.90%.

Unity Bank has introduced Shagun 501, a unique fixed term for Dussehra and Diwali. Private customers receive 7.90% p.a. on 501 days fixed deposit, while seniors receive 8.40% p.a. This holiday offer is valid until October 31, 2022.

Canara Special Deposit Scheme Withdrawal Penalty

  • Points to consider before applying: A penalty of one per cent will be assessed for early closing, partial withdrawal or rollover of domestic or NGO term deposits of less than two million rupees which are accepted or rolled over.
  • This penalty also applies if the deposit is extended. “For early closure/partial withdrawal/early renewal of domestic/NGO term deposits, the bank will impose a 1.00% penalty,” according to Canara Bank’s website. Such deposits will earn interest at a rate that is either 1.00% lower than the rate applicable to the relevant amount tile at the time of deposit and for the current period OR 1.00% lower than the rate at which the deposit was made made was accepted, whichever is the lower.
  • This applies regardless of whether the depot was closed early, partially withdrawn or prematurely extended.
  • On the other hand, time deposits that are withdrawn early or extended before the end of the seventh day do not earn interest.”

 

Features of the Canara Special Deposit Scheme

  • The investments of the beneficiaries will now bring the highest possible profits. Canara Bank announced on Twitter the launch of its “Canara Special Deposit Scheme” which offers an interest rate of 7.50 percent for a period of more than 2 years or exactly 666 days.
  • Canara Bank’s special term deposit program offers 7% annual interest for the general public and 7.5% for seniors.
  • Canara Bank pays 2.9% to 5.75% on 7- to 10-year deposits for the general public and 2.9% to 6.25% for seniors.

Application Process for the Canara Special Deposit Scheme

One can apply at canarabank.com or one can go to the branch that is most convenient for one. For more details you can contact us on either 1800 425 0018 or 1800 103 0018.

  • Download the Canara Bank app, also known as the ai1 app. You can download it from the App Store or Play Store.
  • Once downloaded, just open the app. After logging in, find the option “Open depot”.
  • Enter the requested details and after that you will be successfully confirmed that you have created the account.

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