According to the bank, the minimum investment amount is Rs 1000 while there is no ceiling on the maximum investment amount.
Canara Bank’s Kamadhenu Deposit is a reinvestment plan similar to fixed deposits and is aimed at providing a safe and flexible deposit option to investors. The scheme offers preferential interest rates that make it attractive. According to the Canara Bank website, any individual, Joint (not more than 4), a Guardian on behalf of a minor, HUF, Partnership, a Company, Association or any other Institution can open their account in this scheme.
Canara Bank Kamadhenu Deposit Investment Amount
According to the bank, the minimum investment amount is Rs 1000 while there is no ceiling on the maximum investment amount. The bank said that money can be deposited in odd amounts as well.
Canara Bank Kamadhenu Deposit Time
Those willing to invest in the Kamadhenu plan will have to put their money into it for a minimum of 5 months and a maximum of 120 months or 10 years.
Canara Bank Kamadhenu Deposit Penalty For Premature Closure /Part Withdrawal
The bank levies a penalty of 1% for premature closure/part withdrawal/ premature extension of Domestic/NRO term deposits of less than Rs 2 crore. “For premature closure/part withdrawal/premature extension of Domestic/NRO term deposits, the Bank imposes a penalty of 1.00%. Such prematurely closed/part withdrawn/prematurely extended deposits will earn interest at 1.00% below the rate as applicable for the relevant amount slab…,” said the bank.
A penalty of 1% is waived in case of premature closure/part withdrawal/ premature extension of Domestic/NRO CALLABLE term deposits of Rs 2 crore & above that are accepted/renewed on or after 12.03.2019.
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Canara Bank Kamadhenu Deposit Interest Rate 2022 for less than Rs 2 crore
The bank said that the interest rate is calculated depending upon the period of the deposit as prevailing from time to time and interest is compounded quarterly. The latest interest rate as per the bank’s website is given below and is subject to change as per the bank’s base rate.
Auto-Renewal Of Deposit
The deposit shall be renewed automatically for a similar period on the date of maturity at the rate of interest applicable for the period as on the date of maturity, in the absence of any renewal instructions well in advance
