Canara Ashraya Deposit Scheme: Senior Citizens can deposit a minimum of Rs 1000 while there is no ceiling on the maximum amount.
Senior Citizens often look for investment options that can yield a risk-free healthy return. Canara Bank’s Ashraya Deposit Scheme for Senior Citizens is one such scheme available in the market. According to the Canara Bank, individuals who have completed the age of 60 years and above are eligible for the scheme. In the case of the joint account, accounts can be opened jointly with other Senior Citizens or with other persons below the age of 60 years subject to the condition that the senior citizen is the main depositor.
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Canara Ashraya Deposit Scheme Investment Amount
Senior Citizens can deposit a minimum of Rs 1000 while there is no ceiling on the maximum amount. Even domestic fixed deposits and Kamadhenu Deposits account holders can also open this account.
Canara Ashraya Deposit Scheme Tenure
The Canara Bank Ashraya deposit can be done for a minimum of 15 days and a maximum of 120 months or 12 years.
Canara Ashraya Deposit Interest Rate
The bank said that an additional 0.50% will be paid for domestic term deposits (including RD and except for NRO, NRE and Capital Gains Deposit scheme) of less than Rs 2 cr and with tenor of 180 days and above, over and above the rate offered for the general public. The interest rate ranges between 3.25 per cent and 7.5 per cent depending upon the tenure of the deposit. This is inclusive of the 0.5 per cent additional interest rate on offer.
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The Bank also offers loans up to 90% of the deposit amount. However, a penalty of 1% will be levied for premature closure/part withdrawal/ premature extension of Domestic /NRO term deposits of less than Rs 1 crore.
Canara Ashraya Deposit Return Calculator
Suppose you invest Rs 2 lakh for 666 days with the Canara Bank Ashraya Deposit scheme, you will get an interest rate of 7.5 per cent and it will yield a return of Rs 27,369.86 and the maturity amount would be Rs 2,27,369.86.
