Canara Special Deposit Scheme Launched, Know Benefits, Features & All

Canara Special Deposit Scheme:- Canara Bank raised rates on FDs under Rs 2 crore. The bank also introduced a new fixed deposit (FD) plan with 7% interest for the public and 7.5% for seniors. Canara Bank tweeted, “Maximize your investment returns!” Canara Bank provides a 7.50% return on 666-day deposits. In today’s post, we will cover the details regarding the new scheme and also the features and important benefits of the scheme.

Canara Special Deposit Scheme

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Canara Special Deposit Scheme

Shri Ammembal Subba Rao Pai, a remarkable thinker, and philanthropist, established Canara Bank in Mangalore, then a tiny port town in Karnataka, in July 1906. The bank is well-known for its customer-centricity. Canara Bank is now accepting applications for a unique fixed deposit plan with a term length of 666 days. In accordance with the outlined strategy, the financial institution catering to the private sector’s general clients will pay an annual percentage yield of 7% on deposits, whilst elderly or senior citizens will be eligible for an APY of 7.5%. This unique program for making term deposits has been made available by the state-owned bank, and it is for amounts less than 2 crores. 

Canara Bank, a financial institution operating in the public sector, has increased both the Repo Linked Lending Rate (RLLR) and the Marginal Cost of Funds Based Lending Rate (MCLR). The new prices are going into effect today, which is the 7th of October in 2022. The MCLR and RLLR were both raised by the bank throughout the board for all tenors. Canara Bank has increased its overnight to 1-month MCLR rates by 15 basis points, bringing them up to 7.05%. The MCLR rate for three months has increased to 7.40% after a rise of 15 basis points, while the MCLR rate for six months has increased to 7.80% after a similar increase. The bank moved its one-year MCLR rate up by one basis point, taking it from 7.89% to 7.90%.

Unity Bank has introduced Shagun 501, a unique Fixed Deposit duration for Dussehra and Diwali. Retail clients get 7.90% p.a. on 501-day fixed deposits, while seniors receive 8.40% p.a. This holiday deal is valid until October 31, 2022.

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Canara Special Deposit Scheme Penalty on Withdrawal

  • Points to be considered before applying: A penalty of one percent will be assessed for prematurely closing, partly withdrawing, or extending Domestic or NRO term deposits of less than two crore rupees that are accepted or renewed. 
  • This penalty will also apply if the deposit is extended. “For premature closure/part withdrawal/premature extension of Domestic/NRO term deposits, the Bank charges a penalty of 1.00%,” it states on the website of Canara Bank. Such deposits will earn interest at a rate that is either 1.00% lower than the rate that was applicable for the relevant amount slab as ruling on the date of deposit and as applicable for the period run OR 1.00% lower than the rate at which the deposit was accepted, whichever is lower.
  • This applies whether the deposit was prematurely closed, partially withdrawn, or prematurely extended. 
  • On the other hand, there will be no interest paid out on term deposits that are early withdrawn or prematurely extended before the conclusion of the seventh day.”

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Features of Canara Special Deposit Scheme

  • Beneficiaries’ investments will now provide the highest possible profits. Canara Bank announced on Twitter the launch of its “Canara Special Deposit Scheme” which provides an interest rate of 7.50 percent for a period of more than 2 years or precisely 666 days. 
  • Canara Bank’s special term deposit program provides 7% yearly interest for the general public and 7.5% for seniors.
  • Canara Bank pays 2.9% to 5.75% on 7- to 10-year deposits for the general public and 2.9% to 6.25% for seniors.

Canara Special Deposit Scheme Applying Procedure

One may submit an application at canarabank.com, or they can go to the branch that is most convenient for them. You may contact us by calling either 1800 425 0018 or 1800 103 0018 for further details.

  • Download the app of Canara bank also called as ai1 app, you can download on the app store or play store.
  • After downloading, just open the app. Find the option of “open deposit account” after logging in.
  • And fill in the details asked and after that, you will be successfully acknowledged that you have created the account.

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