Investment Amount
Maximum – No ceiling | Tenure
Maximum – 120 months | Interest Rate*
Maximum – 5.80% |
*The bank’s interest rates are similar to Canara Bank FD rates.
Canara Bank has a broad range of deposit options including its recurring deposit scheme that is designed to help customers save in smaller amount now so as to build a larger corpus in future. This option gives the customers dual-benefit of liquidity and guaranteed returns.
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Canara Bank RD Rates 2020
Check and compare the latest Canara Bank recurring deposit rates along with the highlights of the scheme.
| RD Tenure | Canara Bank RD Interest Rates (p.a.) | |
| Regular Citizens | Senior Citizens | |
| 180 days to less than 1 year | 5.50% | 6.00% |
| 1 year | 5.85% | 6.35% |
| Above 1 year to less than 2 years | 5.85% | 6.35% |
| 2 years & above to less than 3 years | 5.85% | 6.35% |
| 3 years & above to less than 5 years | 5.80% | 6.30% |
| 5 years & above to 10 years | 5.80% | 6.30% |
Features & Benefits of Canara Bank Recurring Deposit
The following-stated are the important features of the RD scheme by the bank as well as the benefits customers can accrue investing in the same:
| Particulars | Details |
| Tenure | 6 months – 120 months |
| Min. Deposit Amount | Rs. 50/ months (in multiples of Rs. 50 thereafter) |
| Rates for Senior Citizens | Extra 0.5% over the standard rates |
| Premature Withdrawal | Allowed; penalty applicable @ 1% |
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Premature Withdrawal Facility
To provide for an emergency or any other need, customers can liquidate their recurring deposits made with Canara Bank. However, the following points must be considered:
- A penalty of 1% will be levied on premature closure of the RD scheme.
- This penalty is applicable only on the account opened on or after 1st April 2011.
- The penalty of Rs. 1.5 and Rs. 2 levied at every Rs. 100 for a tenure of 5 years and more than 5 years, respectively.
Canara Bank RD Calculator
Paisabazaar has an online, free of charge RD calculator which helps customers determine their recurring deposits in a well-planned way. It calculates the maturity amount that a customer shall receive on making timely deposits of a particular amount at applicable Canara Bank RD rates for a specified tenure (in months or years).
Who can Apply for Canara Bank RD
The following list of persons can open a recurring deposit scheme in Canara Bank:
- Individual residents
- HUFs (Hindu Undivided Families)
- Companies, proprietorship firms, associations, a trust or an institution
Note: Minors, i.e. individual residents above the age of 10 years to below 18 years can also reap the benefits of this savings-cum-investment scheme under the name of a legal guardian.
Documents Required for Applying for Canara Bank Recurring Deposit
To open a recurring deposit with Canara Bank, the following list of details/documents must be checked for a seamless application process:
- PAN Card or Form 60/61
- 2 photographs of the depositor
- ID proof & Address proof (as per KYC norms)
Note: This is not an exhaustive list.
How to Apply for Canara Bank RD?
Customers must collect the aforementioned documents in original as well as photocopy and visit the nearby branch of Canara Bank. A bank personnel shall walk the interested applicant throughout the application process.
For those who have the net banking option, they can avail the RD deposit scheme at anytime and anywhere. Just login to the internet banking using the registered user ID and password and invest accordingly.