The Canara Dhanvarsha account can be opened by an individual, joint acct, guardian on behalf of a minor, proprietorship firm, partnership accts, company, association, trust, and an institution.
There are many ways to invest your money – you can invest it in equity, debt, mutual funds, Systematic Investment Plans (SIPs), Fixed Deposits, Public Provident Fund, National Pension System (NPS) and more. However, if you want a risk-free instrument that allows you to make a small investment and earn a decent return on the investment. Canara Bank’s Canara Dhanvarsha is one such flexi recurring deposit scheme that gives the investor the liberty to invest and earn.
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Canara Dhanvarsha Eligibility
According to the Bank’s website, the Canara Dhanvarsha account can be opened by an individual, joint account, guardian on behalf of a minor, proprietorship firm, partnership accts, company, association, trust, and an institution.
Canara Dhanvarsha Deposit Amount
An investor can deposit a minimum of Rs 500 per month and a maximum of Rs 1 lakh. As part of the special feature, the bank allows investors to deposit the instalment one or more times during a month. Deposits can be made any number of times in a given month in multiple of regular installments.
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Canara Dhanvarsha Maturity Period
The investment tenure is a minimum of 1 year and in multiples of 3 months thereafter. The maximum tenure is of 10 years. Free-standing instruction for the credit of Dhanvarsha is available.
Canara Dhanvarsha Interest rate
The interest rate ranges from 6.25% to 7% depending on the tenure of the deposit. The bank provides an additional interest rate of 0.50% over & above the rate applicable to the general public in case of deposits of 180 days and above.
The bank also provides a loan facility to the investors on up to 90% of the available deposit balance.
