CANARA DHANVARSHA- A FELXI RECURRING DEPOSITE SCHEME

CANARA DHANVARSHA A FLEXI RECURRING DEPOSIT SCHEME
Eligibility	Individuals, Joint Acct, Guardian on behalf of minor, Proprietorship firm, Partnership accts, Company, association, trust, institution.
Deposit	Minimum amount per month: Rs 500 and Maximum Rs 1 Lac.
Period	Minimum 1 year and in multiples of 3 months; Maximum 10 years
Special features	Installment can also be deposited one or more times during the month. Additional amounts deposited under flexi option are not considered as prepayment for future installments. Deposits can be made any number of times in a given month in multiples of regular installment. Free standing instruction for the credit of Dhanvarsha.
Interest rate	As applicable on normal RD
Interest application	For the RD Instalment amount as per the existing RD procedure. For the top up amount, interest is calculated on daily product basis.
Special Rate For Senior Citizen	Additional ROI of 0.50% for Deposits with tenor of 180 days and above.
TDS	As per prevailing IT rules

Nomination Facility	Available

Loan Facility	Available up to 90% of the available deposit balance
Premature closure	No penalty for premature withdrawal: ROI applicable rate for the period (deposit remained with the bank) at the time of opening or contract rate whichever is less. No penalty for delayed payment of instalment.