Canara Bank’s Special Deposit Scheme – Canara Bank has recently launched an attractive fixed deposit scheme offering higher interest rates on deposits below ₹2 crore. This new plan provides a 7% interest rate for general customers and an even better 7.5% for seniors. Always looking to help customers enhance their investment returns, Canara Bank has introduced this 666-day deposit scheme, which we’ll explore in detail below.
Overview of the Canara Special Deposit Scheme
Canara Bank, founded by philanthropist Shri Ammembal Subba Rao Pai in July 1906 in Mangalore, Karnataka, is well-known for its customer-centric approach. The bank’s Special Deposit Scheme is now available for deposits with a tenure of 666 days. Under this scheme, the bank offers a competitive annual percentage yield (APY) of 7% for all regular customers, while senior citizens can enjoy an APY of 7.5%.
This scheme is uniquely designed for fixed deposits below ₹2 crore and reflects the bank’s commitment to serve its customers effectively.
As of today, Canara Bank has also raised its Repo Linked Lending Rate (RLLR) and Marginal Cost of Funds Based Lending Rate (MCLR). The updated rates, effective from October 7, 2024, have increased across the board, with the overnight to 1-month MCLR rates now standing at 7.05%, and significant hikes across other tenures.
Additionally, Unity Bank has launched the Shagun 501 Fixed Deposit scheme offering a competitive 7.90% for 501-day deposits until a tentative end date, providing another great option for depositors.
SBI Utsav Fixed Deposit Scheme
Grow your investments with Canara Bank’s Special Deposit Scheme offering 7.50% interest for a duration of 666 days. #CanaraBank #CanaraBankSpecialDepositScheme #666Days pic.twitter.com/yjxK3ICXaM — Canara Bank (@canarabank) October 8, 2024
Withdrawal Penalties for the Canara Special Deposit Scheme
- Before applying, it’s essential to consider the following penalty structure: A 1% penalty will be charged for premature closure, partial withdrawals, or extensions of domestic or NRO fixed deposits below ₹2 crore.
- The penalty applies regardless of whether the deposit was extended, and the interest received will be at a reduced rate, either 1% lower than the current rate for that period or 1% lower than the accepted deposit rate, whichever is less.
- Early withdrawals made before the end of the first seven days will not earn any interest.
Key Features of the Canara Special Deposit Scheme
- This scheme ensures that investors receive maximized returns with a substantial interest rate of 7.50% for investments held for 666 days.
- For the general populace, Canara Bank offers a yearly interest rate of 7%, while senior citizens receive 7.5% on their fixed deposits.
- Standard rates for longer deposits (7-10 years) for the general public range from 2.9% to 5.75%, whereas seniors can earn from 2.9% to 6.25%.
How to Apply for Canara Special Deposit Scheme
Applicants can apply for the scheme through the following methods:
- Visit the Canara Bank website at canarabank.com or visit the nearest branch for assistance.
- Call customer service at either 1800 425 0018 or 1800 103 0018 for more information.
- Download the Canara Bank ai1 application from the App Store or Google Play Store.
- After installation, open the app, log in, and find the “open deposit account” option to fill in the required details for account creation.