Canara Ashraya Deposit Scheme
Canara Bank offers a wide range of term deposit accounts with attractive rates of interest and a variety of benefits. Canara Ashraya deposit scheme is a fixed deposit scheme designed especially for senior citizens.
The account can be opened in a single name or joint names subject to eligibility criteria of the account. The fixed deposit account comes with benefits such as loan facility, attractive rate of interest, and low minimum deposit amount.
Features of Canara Ashraya Deposit Scheme
Account Type | Single/ Joint |
Amount | Minimum: Rs.1000 Maximum: No limit |
Rate of Interest | Minimum: 4.00% Maximum: 7.25% |
Period | Minimum: 15 days Maximum: 120 months or 10 years |
Loan against Deposit | The scheme offers loan facility up to 90% of the deposited amount |
Periodicity of interest payment | Monthly(discounted), quarterly, half yearly |
Nomination (if any) | Available |
TDS on interest | Applicable |
Canara Ashraya Deposit Scheme interest rates
Maturity Period | Interest Rate for General Citizens (p.a.) | Interest Rate for Senior Citizens (p.a.) |
15 Days to 45 Days | 4.00% | 4.00% |
46 Days to 90 Days | 5.25% | 5.25% |
91 Days to 179 Days | 5.50% | 5.50% |
180 Days to 269 Days | 6.25% | 6.75% |
270 Days to less than 1 Year | 6.50% | 7.00% |
1 Year Only | 6.90% | 7.40% |
444 Days | 7.25% | 7.75% |
Above 1 Year to less than 2 Years | 6.90% | 7.40% |
2 Years & above to less than 3 Years | 6.85% | 7.35% |
3 Years & above to less than 5 Years | 6.80% | 7.30% |
5 Years & above to 10 Years | 6.70% | 7.20% |
Eligibility criteria for Canara Ashraya Deposit Scheme
- Individuals who have completed the age of 60 can open the account on a single or joint basis
- In case of joint account, the account can be opened with individuals below the age of 60 subject to the condition that the depositor is over the age of 60.
- The depositor should be able to deposit the minimum amount stated by the bank.
FAQs on Canara Bank Ashraya Deposit Scheme
- What are the eligible accounts for this scheme?
Domestic fixed deposit accounts and Kamadhenu accounts are eligible.
- What is the basic rate of interest offered?
Additional 0.50% rate of interest is offered uniformly across all maturities irrespective of the amount deposited.
- Is there a penalty charged on pre closure of the account?
A penalty of 1.00% will be charged for pre closure and premature withdrawal on the account
- Can money be deposited in odd amounts?
Yes, money can be deposited in odd amounts given that it is more than or equal to the minimum deposit amount.
- Does the bank offer loan facility for this scheme?
Loan up to 90% of the deposit amount is offered on this scheme.
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