Canara Special Deposit Scheme 2024: Benefits & Eligibility

Canara Special Deposit Scheme Apply Online & Application Form | Canara Special Deposit Scheme Check Beneficiary Category & Last Date | Canara Special Deposit Scheme Check Benefits & Features | Canara Special Deposit Scheme Check Selection & Implementation Procedure | Canara Special Deposit Scheme Check Eligibility & All Details | 

A highly attractive investment choice for people looking for good returns, flexibility, consistent income, and a host of other advantages is the Canara Special Deposit Scheme. Due to its low level of risk, tax benefits, senior citizen benefits, and range of amenities, the scheme offers investors a convenient and safe way to increase their wealth and reach their objectives.

This article will provide all types of information about the Canara Special Deposit Scheme 2024 like purpose, Eligibility Criteria, Benefits, Features, important documents, etc. We will also share the process to apply online for this scheme. To get complete information about this scheme, read this article till the end.

Canara Special Deposit Scheme          

Canara Special Deposit Scheme: Canara Bank, one of the top public sector banks in India, has a special investment opportunity. This programme seeks to give people a safe and secure way to invest while simultaneously delivering high returns.

Through this program, people can make fixed deposits and receive interest on their money for a predetermined period of time. The program is offered to a large demographic as it is open to both new and current Canara Bank customers. The Canara Special Deposit Scheme has grown in popularity among investors searching for a dependable investment choice along with its competitive interest rates and adaptable tenure options.

Highlights of Canara Special Deposit Scheme 2024

The highlights of this scheme are as follows:- 

Objectives of Canara Special Deposit Scheme 2024

The Canara Special Deposit Scheme has several objectives, including:-

• To provide individuals with a safe and secure investment option.
• To offer attractive interest rates that are competitive in the market.
• To encourage individuals to save and invest for their future financial goals.
• To promote financial inclusion by making the scheme accessible to a wide range of individuals.
• To contribute to the overall economic growth of the country by mobilizing funds for productive purposes.

Beneficiary Category 

The Canara Special Deposit Scheme is open to a wide range of individuals, including:-

• Resident individuals
• Hindu Undivided Families (HUFs)
• Trusts
• Associations
• Clubs
• Societies
• Partnership firms
• Limited liability partnerships (LLPs)
• Companies
• Non-resident Indians (NRIs) and persons of Indian origin (PIOs) residing abroad (subject to certain conditions)

Application Enrollment Last Dates

The Canara Special Deposit Scheme accepts applications throughout the year. There is no specific last date for enrollment. Individuals can apply for the scheme at any time, as per their convenience.

Selection Procedure 

The selection procedure for the Canara Special Deposit Scheme is simple and straightforward. Individuals need to fill out the application form, provide the necessary documents, and submit them to the nearest Canara Bank branch. The bank will verify the documents and process the application accordingly. Once the application is approved, individuals can make their deposit and start earning interest on their investment.

Implementation Procedure 

Once the application is approved and the deposit is made, the Canara Bank will issue a deposit certificate to the individual. This certificate will serve as proof of the investment and will contain all the relevant details, such as the deposit amount, tenure, interest rate, and maturity date. Individuals can keep this certificate for their records and reference.

Supervision Body 

The Canara Special Deposit Scheme is supervised by Canara Bank, which is regulated by the Reserve Bank of India (RBI). The RBI ensures that the scheme operates in compliance with the applicable rules and regulations, providing individuals with a secure investment option.

Assured Returns

One of the key features of the Scheme is the assurance of returns. The scheme offers a fixed interest rate, ensuring that investors receive a predictable income on their investment. This makes it an attractive option for those who prefer stability and certainty in their financial planning.

Flexibility

The Scheme offers flexibility in terms of investment duration. Investors can choose from various tenure options, ranging from a few months to a few years, depending on their financial goals and requirements. This allows investors to align their investment with their specific needs and time horizon.

Regular Income

For individuals seeking a regular income stream, the Scheme provides an ideal solution. Investors have the option to receive interest payouts on a monthly, quarterly, half-yearly, or annual basis, depending on their preference. This regular income can be a valuable source of financial stability, especially for retired individuals.

Senior Citizen Benefits

The Scheme offers additional benefits for senior citizens. As per the prevailing guidelines, senior citizens enjoy a higher interest rate compared to other investors. This provides them with an opportunity to earn a better return on their investment and enhance their financial security during their golden years.

Low-Risk Investment

The Scheme is a low-risk investment option. It is backed by the credibility and stability of Canara Bank, one of India’s leading public sector banks. This ensures that investors’ funds are secure and protected, offering peace of mind even during uncertain market conditions.

Loan Facility

An added advantage of the Scheme is the availability of a loan facility. Investors can avail of a loan against their deposit, providing them with liquidity and financial flexibility when needed. This feature makes the scheme an attractive option for those who require access to funds without liquidating their investment.

Tax Benefits

The Scheme offers tax benefits under Section 80C of the Income Tax Act, 1961. Investors can claim deductions on the amount invested, up to a specified limit, thereby reducing their tax liability. This makes the scheme a tax-efficient investment avenue for individuals looking to optimize their tax planning.

Nomination Facility

Investors can avail of the nomination facility provided by the Scheme. This ensures that in the event of the investor’s unfortunate demise, the investment can be smoothly transferred to the nominee without any hassles or legal complexities. The nomination facility adds an extra layer of security and convenience to the scheme.

Facility to Reinvest

At the end of the investment tenure, investors have the option to reinvest their maturity amount in the Scheme. This allows investors to continue benefiting from the scheme’s attractive features and capitalize on the potential for long-term wealth creation.

Easy Withdrawal Process

The Scheme offers a hassle-free and convenient withdrawal process. Investors can easily withdraw their funds upon maturity or in case of any emergency, ensuring liquidity and ease of access to their investment.

Key Guidelines 

The key guidelines are as follows:- 

• Minimum deposit amount: INR 10,000
• Maximum deposit amount: No upper limit
• Tenure options: 1 year, 2 years, 3 years, 4 years, and 5 years
• Interest payment frequency: Quarterly
• Interest rate: Subject to prevailing rates at the time of deposit
• Loan facility: Available against the deposit
• Pre-mature withdrawal: Allowed with applicable penalty charges
• Taxation: Interest earned is subject to income tax as per the prevailing tax laws
• Joint holding: Allowed with up to three individuals
• Nomination facility: Available

Important Instructions 

Some important instructions issued for applicants are as follows:- 

• Ensure all the information provided in the application form is accurate and complete.
• Submit the necessary documents, such as identity proof, address proof, and PAN card, along with the application form.
• Read and understand the terms and conditions of the scheme before making the investment.
• Keep a copy of the deposit certificate for future reference.
• Monitor the maturity date of the deposit to plan for its renewal or withdrawal.
• Keep track of the interest payments and ensure they are credited to the designated bank account.
• For any queries or assistance, contact the nearest Canara Bank branch or customer service center.
• Stay updated with any changes or updates to the scheme through official Canara Bank communication channels.
• Be aware of the applicable taxes and comply with the tax laws regarding the interest earned on the deposit.
• Avoid sharing sensitive information related to the scheme, such as account details or login credentials, with anyone.

Tips & Tricks

Some tips and tricks are as follows:-

• Compare the interest rates offered by different banks before making a decision.
• Consider the tenure options and choose the one that aligns with your financial goals.
• Set a reminder for the maturity date of your deposit to avoid missing out on any renewal or withdrawal opportunities.
• Explore the loan facility offered against the deposit, if needed.
• Consult a financial advisor for personalized guidance on investment strategies.
• Regularly review your investment portfolio to ensure it aligns with your changing financial needs.
• Consider reinvesting the interest earned to maximize your returns.
• Stay informed about the prevailing market conditions and economic trends to make informed investment decisions.
• Diversify your investment portfolio to manage risk effectively.
• Keep track of any changes or updates to the Canara Special Deposit Scheme to stay ahead of the curve.

General Points to Remember

Some general points to remember are as follows:-

• Investment in this scheme is subject to market risks.
• Interest rates are subject to change based on market conditions.
• The scheme is governed by the terms and conditions set by Canara Bank.
• Individuals should carefully read and understand the scheme’s brochure and related documents before making an investment.
• Canara Bank reserves the right to modify or withdraw the scheme at any time.
• Any disputes or grievances related to the scheme should be addressed to the designated authority at Canara Bank.
• Individuals should consult their financial advisor or tax consultant for personalized advice on the tax implications of the scheme.
• The scheme is designed for individuals looking for a secure investment option with attractive returns.
• Individuals should assess their risk appetite and financial goals before investing in the scheme.
• Canara Bank is not liable for any loss or damage incurred as a result of investments made in the scheme.

Benefits of Canara Special Deposit Scheme 2024

The benefits of this scheme are as follows:-

• Assured returns: The Canara Special Deposit Scheme provides assured returns to investors, offering a fixed rate of interest on their deposits.
• Flexibility: Investors have the option to choose the tenure of the scheme, ranging from a few months to a few years, according to their financial goals and preferences.
• Regular income: This scheme provides investors with a regular income as the interest is paid out periodically, either on a monthly, quarterly, half-yearly, or annual basis.
• Senior citizen benefits: Senior citizens can avail of additional interest rates or benefits under the Canara Special Deposit Scheme, providing them with better returns on their investments.
• Low-risk investment: This deposit scheme is considered to be a low-risk investment as it is backed by the reputable Canara Bank, ensuring the safety of the principal amount invested.
• Loan facility: Depositors of the Canara Special Deposit Scheme can avail of loan facilities against their deposits, allowing them to meet their financial requirements without liquidating their investments.
• Tax benefits: The interest earned from this scheme is subject to taxation as per the prevailing income tax laws, providing individuals with an opportunity for tax planning and savings.
• Nomination facility: Investors can nominate a beneficiary for their Canara Special Deposit Scheme, ensuring a smooth transfer of the investment in the event of the investor’s demise.
• Facility to reinvest: Upon maturity, investors have the option to reinvest their deposit amount, allowing them to continue earning returns without the hassle of initiating a new investment.
• Easy withdrawal process: In case of emergencies or financial need, investors can withdraw their deposit amount before the maturity period, subject to applicable penalties or charges.

Features Of Canara Special Deposit Scheme 2024

The features of this scheme are as follows:-

• Minimum deposit amount: The minimum deposit amount required to open a Canara Special Deposit Scheme account is specified by the bank and may vary.
• Maximum deposit amount: There is no upper limit on the maximum deposit amount allowed under this scheme, enabling investors to invest as per their financial capabilities.
• Interest rates: The interest rates offered on the Canara Special Deposit Scheme are predetermined by Canara Bank and are subject to change based on market conditions.
• Tenure options: Investors can select their preferred tenure for the scheme, which can range from a few months to a maximum of 120 months, depending on the terms specified by Canara Bank.
• Joint accounts: This scheme allows joint ownership of accounts, providing an opportunity for individuals to invest jointly with family members or business partners.
• Maturity period: The maturity period for the Canara Special Deposit Scheme varies based on the tenure chosen by the investor, with interest being paid out at the end of the maturity period.
• Premature withdrawal: Investors can opt for premature withdrawal of their deposits but may incur penalties or charges as decided by the bank.
• Interest calculation: The interest on the Canara Special Deposit Scheme is calculated on a simple interest basis for deposits up to a specific threshold amount, while deposits exceeding the threshold will earn interest on a compound interest basis.
• Deposit renewal: Upon maturity, investors have the option to renew their deposits for an extended period, ensuring continuous earning of returns on their investments.
• Documentation requirements: To open a Canara Special Deposit Scheme account, investors need to provide certain essential documents such as identity proof, address proof, and PAN card details.

Canara Special Deposit Scheme Eligibility Criteria 

The applicants will need to follow the below-mentioned points to apply online for this scheme:-

• Age requirement: Any individual who has attained the age of 18 years or above is eligible to open a Canara Special Deposit Scheme account.
• Residential status: Both resident and non-resident individuals can apply for the Canara Special Deposit Scheme as per the guidelines specified by the Reserve Bank of India.
• Citizenship: Indian citizens, as well as Non-Resident Indians (NRIs), are eligible to invest in this scheme, subject to the applicable regulations and documentation requirements.
• Joint ownership: Individuals can open a Canara Special Deposit Scheme account jointly with other eligible applicants, as per the bank’s guidelines for joint accounts.
• Minimum deposit requirement: The Canara Special Deposit Scheme may have a specified minimum deposit requirement as per the bank’s rules, which individuals need to fulfill to open the account.

Important Documents 

Some of the important documents required to apply online for this scheme are as follows:-

• Aadhar Card
• Residence Certificate
• Income Certificate 
• Educational Certificates 
• Bank Account Details 
• Latest Passport Size Photos 
• Mobile No
• Email ID 

Canara Special Deposit Scheme Apply Online 2024

To apply for a Canara Bank account, you have two options. Firstly, you can visit canarabank.com and apply online. Another option is to visit the nearest Canara Bank branch that is convenient for you. For further details, you can contact Canara Bank by calling either 1800 425 0018 or 1800 103 0018. Additionally, you can download the Canara Bank app, known as the ai1 app, from either the app store or Play Store. Once downloaded, open the app and log in. Look for the “open deposit account” option, fill in the required details, and receive confirmation that your account has been created.