NITYA NIDHI DEPOSIT (NND) SCHEME*

 

With effect from 01.04.2020, Pigmy Deposit Scheme of erstwhile Syndicate Bank and New Nitya Nidhi Deposit (NNND) Scheme of Canara Bank are merged and renamed as NITYA NIDHI DEPOSIT (NND) Scheme. This scheme is intended to mop up the small savings and is specially designed for daily savers of small means and based on daily door collection. The Bank’s Authorized agent will collect your savings at your doorsteps at daily or less frequent intervals in tune with your convenience.

Eligibility

Individual, Proprietorship, Partnership Firms, Clubs & Association

Minimum contribution per month

Rs.50.00. However, daily collection per day per account shall not exceed Rs.1000/- (Maximum Rs.30000.00 in a month)

Time Period

63 Months

Rate of Interest

2.00 % on Maturity (63 months) w.e.f. 01.10.2022

Loan Facility

Maximum 75% of the outstanding balance

Premature closure

w.e.f.01.07.2022
  • Period of NND Deposit: Less than 12 months
  • Revised Rates: 0.10%
  • Recovery of Penalty: A penalty of 0.05% on the interest payable for premature closure of NND Deposit (when closed within 12 months of opening) will be charged.
  • Period of NND Deposit: Completed 12 months and less than 24 months
  • Revised Rates: 0.25%
  • Recovery of Penalty: NA
  • Period of NND Deposit: Completed 24 months and less than 39 months
  • Revised Rates: 0.50 %
  • Recovery of Penalty: NA
  • Period of NND Deposit: Completed 39 months and less than 63 months
  • Revised Rates: 1.00 %
  • Recovery of Penalty: NA
  • Period of NND Deposit: 63 months on maturity
  • Revised Rates: 2.00%
  • Recovery of Penalty: NA

** w.e.f 15.06.2023

Nomination

Available

*The scheme is applicable to authorized branches only. For more details, kindly visit the nearby branch.