Canara Bank Fixed Deposit Scheme
Mr Trivedi was looking for a good bank where he could start his new savings bank account. He was also a very conservative investor, so he wanted to lock a part of his money in an appropriate fixed deposit scheme. After a lot of research, he zeroed in on Canara Bank. This was mainly because Canara Bank is one of the oldest banks in India and also the Canara Bank fixed deposit interest rates are among the highest offered in the country. Soon, he opened the savings account and after a few days enrolled for an appropriate fixed deposit scheme as well. A very happy customer, Mr Trivedi now recommends Canara Bank to all his friends and family members.
Features of the Canara Bank fixed deposit schemes
Here are the main features of a fixed deposit scheme from Canara Bank:
- It can be opened individually or jointly. Up to 4 people can jointly start a fixed deposit scheme in Canara Bank.
- To open the fixed deposit, you need a minimum investment of INR 1000. There is no upper limit on the investment amount.
- TDS is deducted on the interest earned on your Canara Bank fixed deposits.
- Minimal documentation is needed to open the FD.
Reasons to choose the Canara Bank fixed deposit scheme
Here are some of the best reasons why you, like Mr Trivedi, may also consider starting an FD in Canara Bank:
1. Impressive interest rate
Ranging between 2.9% and 5.6%, the Canara Bank fixed deposit interest rates are indeed among the highest in India currently. This helps you to get high, assured returns. If you have some specific financial targets, you can effectively meet them when you invest in a good Canara Bank fixed deposit scheme.
2. Low-risk investment
Unlike other investments such as equity bonds or mutual funds, the Canara Bank fixed deposit schemes are low-risk investments. The fixed deposits do not earn dividends based on the market conditions. You get fixed Canara Bank fixed deposit interest rates that remain steady for the entire duration of the investment, making sure that you get the maturity amount you set out for.
3. Lots to choose from
You can go for a fixed deposit for tenure as low as seven days or for an FD with a tenure of 10 years. This is a very handy feature that you get along with the Canara Bank fixed deposit scheme.
4. Scope to earn an income
As mentioned above, the Canara Bank fixed deposit interest rates are fixed. This is why the dividend you earn is also fixed. If you wish, you can withdraw the dividend periodically and use it as an income. Many people, especially senior citizens, do this. If you do not withdraw, the dividend gets added to the principal amount and your fixed deposit fund continues to grow.
5. Re-investment options
You get to re-invest your money in another fixed deposit after it matures. Canara Bank offers this beneficial feature to all its customers. If however, you wish to withdraw the entire amount after the fixed deposit terminates, you are free to do so as well.
6. Helpful and cooperative bank
And last but not the least, Canara Bank has a very friendly and efficient customer support team. You get all the assistance you need regarding your fixed deposit from very well-trained executives. This cooperation proves to be beneficial and you have a smooth fixed deposit experience.
These are the reasons why you should definitely explore the Canara Bank fixed deposit interest rates, explore the options and then choose an appropriate fixed deposit scheme.
How to start the best Canara Bank fixed deposit
Here are some easy procedures that you can follow to open a new fixed deposit account:
1. The offline way
If you prefer the old-school way of opening your fixed deposit physically, you can very well do so by visiting any branch of Canara Bank. All you have to do is go to the branch, fill out the application form, make the payment and the FD will commence then and there. The process is quick and easy. However, you need to adhere to the working hours of the branch and wait for your turn if there is a queue at the counter.
2. The online way
If you prefer the new-age digital route, opening an online FD account is your best bet. You can forget about long queues and working hours. All you have to do is go online, click a few buttons and instantly start your Canara Bank fixed deposit. It is actually very simple and a vast majority of the customers choose the online Canara Bank fixed deposit schemes.
Canara Bank, though an old name in India, is very modern in its operations. You get several benefits when you choose to open an FD online via the bank’s app or website.
As you can clearly see from the points mentioned above, the Canara Bank fixed deposit scheme is a very good investment platform. You get to reap the benefits of the high Canara Bank fixed deposit interest rates 2021. This apart, you also get to access your account online and withdraw and re-invest as per your needs and preferences. All these factors make the Canara Bank fixed deposits a great choice for you.