Product Details
Bank Name
Canara Bank
Eligibility
Individuals, who have completed the age of 60 years and above, in single or joint names.
In case of joint account, accounts can be opened jointly with other Senior Citizens or with other persons below the age of 60 years subject to the condition that the Senior Citizen is No.1 depositor.
Interest Rate
Up to 7.75% per annum.
Tenure
5 months to 12 months.
Fixed Deposit Type
Senior citizen
Ashraya Deposit Scheme
Tax Benefits
None
Credit Ratings
CRISIL A1+
Interest Payment Frequency
Monthly/Quarterly/half yearly. Typically for fixed deposits having interest payment at maturity, compound interest is applicable and for fixed deposits having monthly interest payment, simple interest is applicable. Typically fixed deposits having a tenure of one year or less, simple interest is applicable. It is best to consult the bank officials before you book a fixed deposit
Cummulative/Non-Cummulative
Cumulative
Features
This scheme is specially designed for senior citizens.
Minimum deposit amount of Rs.1000
There is no limit on the maximum deposit amount.
Deposits shall be eligible for a Demand Loan /overdraft facility of up to 90% of the deposit amount.
Minimum Investment Amount
1000
Features & Benefits
Pros
Competitive interest rates.
No limit on the maximum deposit amount.
Flexible interest payout options.
Cons
No tax benefits.
Pros & Cons
Account Opening Procedure
How to Open?
1. Visit a Canara Bank branch: Locate a branch near you and visit during their operating hours.
2. Gather necessary documents: Prepare the following documents:
Identity proof (Aadhaar card, passport, driving license, etc.)
Address proof (Aadhaar card, passport, utility bill, etc.)
Income proof (if applicable, such as salary slips, Form 16)
Photographs
3. Submit the application form: Fill out the fixed deposit application form provided by the bank. You will need to provide details about the deposit amount, tenure, interest payout options, and nominee information.
4. Make the deposit: Deposit the required amount to open the FD. You can choose to pay in cash, by cheque, or through electronic transfer.
5. Receive the fixed deposit receipt: Once the deposit is made, you will receive a fixed deposit receipt (FDR) as proof of your investment.
Application Procedure
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