KAMADHENU DEPOSIT (Re-investment Plan)

ELIGIBILITY	Individual, Joint (not more than 4), a Guardian on behalf of a minor, HUF, Partnership, a Company, Association or any other Institution
INVESTMENT	Minimum Rs.1000/- Maximum - No ceiling (Can be deposited in odd amount also)
PERIOD OF DEPOSIT	Minimum 5 months Maximum 120 months (can be for odd period also)
INTEREST RATE	Depending upon the period of the deposit as prevailing from time to time. Interest compounded quarterly. Visit our Deposits Interest rate Page here
PERIODICITY OF INTEREST PAYMENT	On Maturity
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. 2 Cr 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.
TDS	Applicable
NOMINATION FACILITY	Available
LOAN FACILITY	Available upto 90% of the deposit amount
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. 2 Crore that are accepted /renewed on or after 12.03.2019 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 Such prematurely closed/part withdrawn/prematurely extended deposits will earn interest at 1.00% below the rate as applicable for the relevant amount slab as ruling on the date of deposit and as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. 2 Crore & above that are accepted/renewed on or after 12.03.2019. However, a penalty of 1.00% shall be levied for premature closure/part withdrawal/premature extension of Domestic/NRO term deposits of Rs.1 Crore & above that are accepted /renewed from 04.02.2011 to 12.10.2012 Such prematurely closed/part withdrawn/prematurely extended deposits will earn interest at the rate as applicable for the amount slab of Rs.2 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. 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.
EXTRA FACILITY	· Facility of part withdrawal of deposits in units of Rs.1000/- keeping the rest of the deposit to earn contracted rate of interest, available.
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.
OVERDUE DEPOSITS	a) The deposit will be renewed automatically from the date of maturity for a similar period at the interest rate prevailing on the date of maturity for the period of deposit, if automatic renewal has been opted by the depositor at the time of opening of the deposit account (except deposits opened under Capital Gains Scheme, Canara Tax Saver Scheme & Non-callable term deposits). b) If automatic renewal of the deposit is not opted by the depositor and the deposit remains with the Bank after the date of maturity (even if the CBS system renews the deposit automatically), the same will be treated as an overdue term deposit from the date of maturity of the original deposit. The overdue term deposit will be paid interest at prevailing Savings Bank rate for the overdue period, i.e. from the date of maturity of the original deposit till the date of payment/ re-investment.
APPLICATION & DOCUMENTS	Application in the Banks’ prescribed form. Copy of PAN Card / Form 60 or 61 (if customer does not have PAN Card). Photograph of Depositor/s (2 copies). Proof of Identity and address as per KYC Norms. Any other related documents as applicable to proprietor ship concern, Partnership Firm, Company, HUF etc.