** Approximate Annualized Yield in % terms at the beginning of the slab. Effective Annualized rate of return on Bank’s Re-investment Deposit Plan (Kamadhenu Deposit) is based on quarterly compounding of interest.
Bank offers an additional interest of 0.50% p.a for deposits of Senior Citizens for all maturity slabs.
++ Bank is not accepting Bulk Term Deposits under Non Callable segment for maturities of 1 year and above
- Senior Citizens are not eligible for additional interest rate for their Capital Gains Account Scheme and NRO term deposits (i.e, interest rates as applicable to General Public be offered).
- For Employees / Ex-employees of Canara Bank, who are eligible for preferential interest rate as per Bank’s Guidelines, additional 1.00% over and above the rate applicable for General Public is extended, irrespective of the size of the deposit.
- For Ex-employee Senior Citizens (60 years and above) of Canara Bank, who are eligible for preferential interest rate as per Bank’s Guidelines, additional 1.50% over and above the rate offered for General Public is extended for deposits irrespective of the size and period of the deposit.
- Employees/Ex-employees/Ex-employee Senior citizens of Canara Bank are not eligible for additional interest rate for their Capital Gain Account Scheme and NRO term deposits.
- No penalty will be levied for premature closure/part withdrawal/premature extension of Domestic /NRO term deposits of Rs.1 Crore & above that are placed/renewed on or after 13.10.2012. However, a penalty of 1.00% shall be levied for premature closure/part withdrawal/premature extension of Domestic/NRO term deposits of Rs.1 crore & above that are placed /renewed from 04.02.2011 to 12.10.2012.
- No interest will be payable on term deposits prematurely closed/prematurely extended before completion of 7th day.
- A penalty of 1.00% is applicable on Term Deposits under Capital Gains Account Scheme-1988, which are prematurely converted/withdrawn/closed, irrespective of the size of the deposit amount.
# Features of Callable and Non-callable Deposits w.e.f. 11.02.2015:
CALLABLE DEPOSIT: A callable deposit of Rs. 1 crore and above can be opened for a period of 7 days and above to 10 years. The rate of interest applicable is as per the chart given above. The deposit can be closed before maturity at any point of time without penalty and the rate of interest will be payable at the rate prevailing on the date of opening for the period that the deposit has run.
NON CALLABLE DEPOSIT: A Non callable deposit of Rs. 1 crore and above can be opened for a period of 46 days and above to 10 years for other than individuals and HUF. The deposit cannot be closed before maturity and the bank will offer additional interest over and above the rate applicable to Callable Deposits as per chart given above. Non callable deposits will have no auto renewal/ part withdrawal/sweep in sweep out facilities.
An option letter is to be submitted to the concerned branch to open a Callable or Non Callable deposit for a period of 46 days & above (other than individuals and HUF).
The overdue deposit (i.e. term deposit which has matured) will be paid interest at prevailing Savings Bank Rate for the overdue period. If such deposit is continued (entire amount or in part), the same will be treated as a fresh term deposit from the date of presentation, at the rate prevailing on the date of presentation for the period of fresh term deposit.
In case of a deposit which is renewed automatically on the due date (where no instructions for Auto Renewal was given by the depositor) and is presented for closure before maturity, prevailing SB rate will be paid for the period from the date of maturity till the date of closure of the deposit.
In case of a deposit which is renewed automatically on the due date (where no instructions for Auto Renewal was given on the date of opening the term deposit) and the depositor has requested for renewal for a different maturity period, interest at prevailing SB rate will be paid for the period from the date of maturity till the date of presentation for renewal of the deposit for a different maturity period. The same is applicable for an auto-renewed deposit presented for part renewal/alternate instructions which are different to the originally contracted terms of the deposit.