If you're seeking a safe investment and consider bank FDs to be a good option, this Canara Bank scheme could prove beneficial for you. Canara Bank is currently offering the highest interest rate on its 444-day fixed deposit plan. By investing in this scheme, you can secure guaranteed returns. A key advantage is that it's a government bank, ensuring the safety of investors' money.
Interest Rates on FD
Canara Bank's current interest rates are determined for different age groups of investors. The interest rates in this scheme are as follows:
- General citizens: 6.60 percent
- Senior citizens (above 60 years): 7.10 percent
- Super senior citizens (above 80 years): 7.20 percent
This interest rate applies to the special 444-day FD scheme.
Earn Fixed Profit on a Deposit of One Lakh Rupees
If you are a general investor and deposit ₹1,00,000 in Canara Bank for 444 days, you will receive a total of ₹1,13,764 upon maturity. This means you will earn a fixed interest of ₹13,764.
Similarly, if you are a senior citizen aged above 60 years, depositing ₹1,00,000 in the same FD scheme will get you ₹1,14,888 after 444 days. This translates to a guaranteed fixed profit of ₹14,888.
Account Can Be Opened in Minutes with Online Facility
In today's digital age, Canara Bank has also made its services available online. Customers can open an FD account through internet banking or mobile banking. For this, KYC documents like Aadhaar card, PAN card, mobile number, and bank account are required. Once the account is opened, you can track your investment status, interest rate, and maturity date online.
Nomination Facility Available
You can also provide nominee information while opening an FD account. This prevents any future complications and ensures easy transfer of the investment amount to the nominee. According to bank rules, nomination is not mandatory, but it is considered a better option from a security standpoint.
Additional Information Related to FD
- The interest earned on the FD is compounded on a quarterly basis.
- The FD can be prematurely withdrawn if needed.
- As per the specified terms, a small penalty interest may be deducted for premature withdrawal.
- The option of a tax-saving FD, with a term of 5 years, is also available in the bank.
Government Guarantee on Money Security
Canara Bank is a government-owned bank, controlled by the Government of India. Therefore, the money deposited in this bank is considered completely safe. Additionally, under the RBI's Deposit Insurance Scheme, each customer's money is insured up to ₹5 lakh.
Why This Scheme Is Becoming a Topic of Discussion
The special feature of this 444-day FD scheme is that the returns are not only fixed but also higher than other FD options. This scheme is proving beneficial for everyone from small investors to senior citizens. That is why many customers are attracted to this scheme, and inquiries have increased in bank branches.
These Documents Will Be Required
While opening an FD account, the bank asks for some necessary documents. These include Aadhaar card, PAN card, passport-size photograph, address proof, and mobile number. If you are a senior citizen, it is mandatory to provide an age certificate to avail the benefit of additional interest.
Minimum and Maximum Deposit Limit
The minimum investment amount for FD in Canara Bank is ₹1,000, while there is no fixed limit for the maximum amount. You can deposit any amount according to your convenience and budget. However, investments above ₹2 crore are considered in a separate category, for which special interest rates apply.
