Canara Bank RD Interest Rates 2024

What are Canara Bank RD Interest Rates?

Canara Bank RD Interest Rates are the rates of interest offered by Canara Bank on the Recurring Deposit accounts opened by customers for a fixed period. 

These rates are determined by the bank based on several factors, such as:

• Deposit Amount

• Tenure

• Prevailing Market Conditions

• Internal Policies of Canara Bank

Canara Bank RD Interest Rates 2023

The Canara Bank Recurring Deposit rates for deposits of up to Rs. 2 crores are as follows: 

Note: Canara Bank RD Rates are effective as of 01 May 2023.

Disclaimer: RD Interest rates are subject to change with time. Policybazaar does not endorse, rate, or recommend any particular company or product. The policyholder bears the investment risk in the investment portfolio.

Key Features of Canara Bank RD Scheme

Canara Bank’s Recurring Deposit-RD scheme is a popular investment option for its customers. 

Some of the key features of RD scheme in Canara bank are mentioned in the table below:

Types of Canara Bank RDs

The list of different types of Canara Bank Recurring Deposits is as below:

1. Canara Bank Regular Recurring Deposit Scheme

   Features	Details
   Minimum Monthly Deposit	Rs. 50 – No limit
   Tenure	6 months – 120 months
   Loan Against RD	Available
   Nomination Facility	Provided
   Premature Closure	Permitted with 1% penalty

2. Flexi RD Canara Dhanvarsha Scheme

   Features	Details
   Minimum Monthly Deposit	Rs.500 – Rs. 1 lakh
   Tenure	1 year – 10 years
   Interest Rates	6.25% p.a. – 7.25% p.a. (same as Regular Canara Bank RD Scheme)
   Special Interest Rates for Senior Citizens	0.50% p.a. additional to Canara Bank RD interest rates for the general public
   Premature RD Account Closure	Permitted with a 1% penalty
   Flexibility in Instalment Payment	Allowed to deposit instalments one/ multiple times in a month Additional deposits u/ Flexi Option
   Penalty on Delayed Payment of Instalment	N/A
   Premature Withdrawal	Available without any penalty
   Loan Against RD	Up to 90% of the recurring deposit amount
   Nomination Facility	Provided
   Premature Closure	Permitted with 1% penalty
   Taxation on Interest	Tax is charged as per your income tax slab

Eligibility Criteria

The following persons can open Canara Bank RD Scheme:

• Resident Individual Citizens

• Minor (through a guardian)

• Non Resident Indian (NRI)

• Hindu Undivided Family (HUF)

• Proprietorship Firms

• Companies, Associations

• Trusts, Societies, Clubs, etc.

Documents Required

The following documents are required to apply for the Canara Bank RD Scheme of your choice:

• 2 Passport-Size Photographs

• Valid Passport

• Voter ID Card, 

• PAN Card/ Form 60/ Form 61

• Driving License

• Photo Ration Card

• Applicable documents to companies/ proprietorship firms/ HUFs/ Partnership Firms/ etc. 

• Canara Bank Savings Bank Account Details

How to Open an RD Account with Canara Bank?

Canara Bank provides only an offline method to open a Recurring Deposit Account.

Steps to Apply through Offline Mode:

Step 1: Visit your nearest Canara Bank branch and ask for an RD account opening form

Step 2: Fill out the form with your personal and contact details

Step 3: Carefully choose the following details:

• Tenure

• Monthly Instalment Amount for your RD

Step 4: Submit the completed form along with the necessary documents

Step 5: Deposit the first instalment amount for your RD account

Step 6: Once the Canara Bank RD Scheme account is opened, you will receive a passbook or an RD certificate with all the details of your RD account

Canara Bank RD Interest Calculator

You can use a Canara Bank RD interest calculator to compute the maturity amount of your RD account. 

Steps to Calculate RD Interest in Canara Bank:

Step 1: Go to the Policybazaar Canara Bank RD calculator website

Step 2: Enter the required details such as:

• Monthly Instalment Amount

• RD Tenure

• Interest Rate

Step 3: The calculator will automatically show you the following details: 

• Total Amount Invested

• Interest Earned

• Maturity Amount

Benefits of Opening Canara Bank RD Scheme Account

Opening a Canara Bank RD Scheme offers several benefits to an investor, they are:

• Safe Investment Option: Canara Bank is a trusted and reputable bank in India, so investing in an RD account with them ensures the safety of your investment.

• High-Interest Rates: Canara Bank offers competitive interest rates on RD accounts than regular savings accounts.

• Flexibility: Canara Bank RD accounts come with flexible tenure options ranging from 6 months to 120 months, allowing you to choose a tenure that suits your investment needs.

• Regular Savings: RD accounts encourage regular savings as you need to make monthly deposits, which can help you inculcate the habit of saving.

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