Canara Special Deposit Scheme Launched: Interest Rate, Benefits & Features

Canara Special Deposit Scheme 666 Days Apply Procedure, Check Canara Special Deposit Scheme Interest Rate & Benefits – Canara Special Deposit Scheme has been launched by Canara Bank with 7% interest for the public and 7.5% interest for senior citizens. Along with this, rates have also been increased by Canara Bank on FDs below Rs 2 crore, under which Canara Bank tweeted that “Maximize your investment returns!” About 7.50% return is provided by Canara Bank on 666 days deposit. In today’s article we are going to provide you with all the important information related to Canara Special Deposit Scheme, like what are the features of this scheme and under it How to apply etc. [Also read- Sahaj Jan Seva Kendra: Online Registration, Toll Free Number]

Canara Special Deposit Scheme

Canara Bank was founded in July 1906 in the then small port city of Mangalore in Karnataka by Shri Ammembal Subba Rao Pai, a notable thinker and philanthropist. This bank is famous for its customer-centricity in the country, recently Canara Special Deposit Scheme has also been started by Canara Bank, through this scheme, 7.50% return on 666 days deposit is provided by the bank. An annual percentage yield of 7% will be paid on deposits of financial institutions serving general customers in the private sector, it is learned through the mentioned strategy. Apart from this, the benefit of APY of 7.5% will be provided to the elderly or senior citizens of the state through Canara Special Deposit Scheme.[Read More]

Canara Special Deposit Scheme

Overview of Canara Special Deposit Scheme

Scheme NameCanara Special Deposit Scheme
Launched ByBy Canara Bank
BeneficiariesCanara Bank Customers
Application ProcedureOnline
ObjectiveProviding 7.50% return on 666 days deposit
BenefitsA return of 7.50% will be provided on deposits of 666 days
CategoryCentral government schemes
Official Website——-

Objectives of Canara Special Deposit Scheme

The main objective of Canara Special Deposit Scheme is to provide 7.50% return on 666 days deposit to all the customers, 15 basis points hike has been done by Canara Bank in its Overnight to 1 Month MCLR rates, after this hike it will total to 7.05%. After the increase of 15 basis points, the MCLR rate for three months has become 7.40%, in contrast to the MCLR rate for six months after the same increase of 7.80%. Canara Bank has increased its one-year MCLR rate by one basis point from 7.89% to 7.90%. Canara Special Deposit Scheme has been started by the bank for Dussehra and Diwali. 

Penalty on Canara Special Deposit Scheme

  • A penalty of one percent will be imposed for premature closure, partial withdrawal or extension of domestic or NRO fixed deposits of less than Rs 2 crore.
  • Through this, this penalty will also be imposed on extension of deposit period. Apart from this, “For premature closure/partial withdrawal/premature extension of Domestic/NRO Fixed Deposit, the Bank charges a penalty of 1.00%” The information has been released on the website of Canara Bank.
  • Such deposits shall earn interest at the rate less than 1.00% either as applicable to the respective amount slab as decided on the date of deposit and applicable for the period, or at the rate at which the deposit was accepted 1.00% whichever is less.
  • This applies whether the deposit is prematurely closed, as opposed to whether it is partially withdrawn, or prematurely extended.
  • On fixed deposits withdrawn prematurely or extended prematurely, on the other hand, no interest will be paid before the expiry of the seventh day.

Features of Canara Special Deposit Scheme

  • Now the highest possible return will be provided by the investments of the beneficiaries, the launch of Canara Special Deposit Scheme has been announced by Canara Bank by tweeting on Twitter.
  • An interest rate of 7.50 percent is provided through this scheme for a period of more than 2 years or exactly 666 days.
  • 7% annual interest for common citizens of the country and 7.5% for senior citizens is provided through this scheme launched by Canara Bank.
  • Around 2.9% to 5.75% and 2.9% to 6.25% for senior citizens is paid by Canara Bank on 7 to 10 years deposits for the general public through this scheme.

Canara Bank FD Interest Rates on Deposits Below Rs.2 Crore

  • 7 days to 45 days: For general public – 2.90 percent; For senior citizens – 2.90 percent
  • 46 days to 90 days: For general public – 4.00 percent; For senior citizens – 4.00 percent
  • 91 days to 179 days: For general public – 4.05 per cent; For senior citizens – 4.05 percent
  • 180 days to 269 days: For general public – 4.50 percent; For senior citizens – 5.00 percent
  • 270 days to less than 1 year: For general public – 4.55 percent; For senior citizens – 5.05 percent
  • 333 days special scheme: For general public – 5.10 percent; For senior citizens – 5.60 percent
  • 1 year only: For general public – 5.30 per cent; For senior citizens – 5.80 percent
  • More than 1 year to less than 2 years: For general public – 5.40 percent; For senior citizens – 5.90 percent
  • 2 years and above to less than 3 years: For general public – 5.45 per cent; For senior citizens – 5.95 percent
  • 3 years and above to less than 5 years: For general public – 5.70 per cent; For senior citizens – 6.20 percent
  • 5 years and above to 10 years: For general public – 5.75 percent; For senior citizens – 6.25 percent

Additional interest of around 0.50 per cent is available on deposits of less than Rs 2 crore for senior citizens (other than NRO/NRE and CGA deposits). Further, it is informed from Canara Bank website that these rates are also applicable to Recurring Deposits with tenor of 180 days and above.

How to Apply under Canara Special Deposit Scheme?

All those citizens who want to apply under Canara Special Deposit Scheme can submit the application on, apart from this, interested citizens can go to the branch which is most convenient for them. To get other information related to the application under this, you can contact 1800 425 0018 or 1800 103 0018.

  • First of all you have to download the Canara Bank app, which is also called ai1 app, you can download it from App Store or Play Store.
  • After downloading, just open the app. After logging in, find the option “Open Deposit Account”.
  • After this you have to fill in the asked details, and after that, you will be successfully acknowledged that you have created an account.

Leave a Comment