CANARA DHANVARSHA- A FELXI RECURRING DEPOSITE SCHEME
CANARA DHANVARSHA A FLEXI RECURRING DEPOSIT SCHEME
1. Resident Individual, Joint Account, Guardian on behalf of minor, HUF,
firm, a Company, An association, a trust, an institution
2. Non-Resident- External Customers
Minimum amount per month: Rs 1000 and in multiples of Rs 100 thereof &
Maximum Rs 1 Lac.
Amount up to 10 times of the regular instalment(including regular
PATTERN OF DEPOSIT
instalment for the month) can be deposited per month
Mode of Deposit for NRE Customers:
The initial deposit, regular instalment / additional instalment to
these accounts are to be received as debit from NRE SB Account or
by way of other approved inward remittances.
PERIOD OF DEPOSIT
Minimum 1 year and in multiples of 3 months; Maximum 10 years
As applicable to term deposits of various tenures prevailing from time to
time. Interest compounded quarterly.
Where there are more than four skips of regular instalment during the
tenure of deposit simple interest will only be paid.
For the top up amount, interest is calculated on daily product basis.
SPECIAL RATE FOR SENIOR
No TDS is deducted as of now. However same is subject IT rules for
Recurring Deposit for the respective Assessment Year.
Available up to 90% of the available deposit balance
PENALTY FOR PRE-MATURE
Permitted with a PENAL cut of 1% on the rate applicable as per the ROI as
on the date of opening for the period run.
Application in the 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.Other related
documents as applicable to Firm, Company, HUF etc.
NRE Customers: Documents as above except PAN Card/ Form 60 or 61
NIL except for premature closure