| Special Rate for Senior Citizen |
- Additional interest rate of 0.50% will be paid for domestic term deposits (including RD and except for NRO, NRE and Capital Gains Deposit scheme) of less than Rs. 3 Cr (W.e.f. 11.06.2024) and with tenor of 180 Days and above, over and above the rate offered for General public.
- The system will automatically enable preferential ROI of 0.50% to all existing eligible Domestic Term Deposits and RD Deposits from the date of Customer attaining Senior Citizen status w.e.f. 24.07.2018.
- In case of death of the Senior Citizen before the date of maturity, the deposit may be continued with the contracted interest rate only if there is no change to the other contracted terms.
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| Penalty for Premature Closure / Part withdrawal / Premature Extension of Deposits |
- A penalty of 1.00% shall be levied for premature closure/part withdrawal/premature extension of Domestic/NRO term deposits of less than Rs. 3 Crore that are accepted /renewed on or after 11.06.2024.
- For premature closure/part withdrawal/premature extension of Domestic/NRO term deposits, the Bank imposes a penalty of 1.00%. Such prematurely closed/part withdrawn/prematurely extended deposits will earn interest at 1.00% below the rate as applicable for the relevant amount slab as ruling on the date of deposit and as applicable for the period run OR 1.00% below the rate at which the deposit has been accepted, whichever is lower.
- A penalty of 1.00% is waived in case of premature closure/part withdrawal/ premature extension of Domestic/NRO CALLABLE term deposit of Rs. 3 Crore & above that are accepted/renewed on or after 11.06.2024.
- Penalty is waived for premature extension of Domestic / NRO term deposits of less than Rs.3 Crore during the tenure (W.e.f. 11.06.2024), where extension is for a period longer than the period originally agreed to.
- Penalty of 1.00% is waived in case of premature extension of NRE CALLABLE term deposit of less than Rs. 3 Crore during the tenure (W.e.f. 11.06.2024), where extension is for a period longer than the period originally agreed to. Further, no interest will be payable on NRE term deposits prematurely closed/prematurely extended before completion of 1 year.
- Such prematurely closed/part withdrawn/prematurely extended deposits will earn interest at the rate as applicable for the amount slab of Rs.3 Crore & above as ruling on the date of deposit and as applicable for the period run OR the rate at which the deposit has been accepted, whichever is lower.
- No interest will be payable on term deposits prematurely closed/prematurely extended before completion of 7th day from account opening.
- A penalty of 1.00% is applicable on Term Deposits under Capital Gains Account Scheme-1988, which are prematurely converted/withdrawn/closed, irrespective of the size of the deposit amount.
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| Auto Renewal of Deposit |
- Deposit shall be renewed automatically for a similar period on the date of maturity at the rate of interest applicable for the period as on the date of maturity, in the absence of any renewal instructions well in advance.
- Proof of address as per KYC Norms.
- Auto Renewal facility is not available for Canara Tax Saver Deposits, Capital Gains Accounts, Canara Samriddhi deposits (discontinued w.e.f. 01.10.2015), Canara Khazana and Shikhar Deposits (discontinued w.e.f. 26.03.2020) and Non-callable deposits and other special tenure deposit products wherever specifically mentioned.
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| Overdue Deposits |
- If a Domestic Term Deposit matures and proceeds are unpaid, the amount left unclaimed with the Bank shall attract rate of interest as applicable to saving account or the contracted rate of interest on the matured Term Deposit, whichever is lower.
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1800 1030
