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CANARA DHANVARSHA- A FELXI RECURRING DEPOSITE SCHEME

 

CANARA DHANVARSHA A FLEXI RECURRING DEPOSIT SCHEME

 

 

1. Resident Individual, Joint Account, Guardian on behalf of minor, HUF,

ELIGIBILITY

firm, a Company, An association, a trust, an institution

 

2. Non-Resident- External Customers

 

Minimum amount per month: Rs 1000 and in multiples of Rs 100 thereof &

 

Maximum Rs 1 Lac.

 

Amount up to 10 times of the regular instalment(including regular

PATTERN OF DEPOSIT

instalment for the month) can be deposited per month

Mode of Deposit for NRE Customers:

 
 

The initial deposit, regular instalment / additional instalment to

 

these accounts are to be received as debit from NRE SB Account or

 

by way of other approved inward remittances.

PERIOD OF DEPOSIT

Minimum 1 year and in multiples of 3 months; Maximum 10 years

 

As applicable to term deposits of various tenures prevailing from time to

 

time. Interest compounded quarterly.

INTEREST RATE

Where there are more than four skips of regular instalment during the

tenure of deposit simple interest will only be paid.

 
 

For the top up amount, interest is calculated on daily product basis.

   

SPECIAL RATE FOR SENIOR

Not applicable

CITIZEN

 

TDS

No TDS is deducted as of now. However same is subject IT rules for

Recurring Deposit for the respective Assessment Year.

 

NOMINATION FACILITY

Available

LOAN FACILITY

Available up to 90% of the available deposit balance

 
   

PENALTY FOR PRE-MATURE

Permitted with a PENAL cut of 1% on the rate applicable as per the ROI as

on the date of opening for the period run.

CLOSURE

 
   
 

Resident Customers:

 

Application in the prescribed form.Copy of PAN Card / Form 60 or 61 (if

APPLICATION AND

customer does not have PAN Card).Photograph of Depositor/s (2

DOCUMENTS

copies).Proof of Identity and address as per KYC Norms.Other related

 

documents as applicable to Firm, Company, HUF etc.

 

NRE Customers: Documents as above except PAN Card/ Form 60 or 61

Penalty

NIL except for premature closure