Senior Citizens regularly search for investment options which could yield a hazard-unfastened wholesome go back. Canara Bank’s Ashraya Deposit Scheme for Senior Citizens is one such scheme to be had inside the marketplace. According to the Canara Bank, people who’ve finished the age of 60 years and above are eligible for the scheme. In the case of the joint account, accounts may be opened mutually with different Senior Citizens or with different folks underneath the age of 60 years challenge to the circumstance that the senior citizen is the main depositor.
Canara Ashraya Deposit Scheme Investment Amount
Senior Citizens can deposit not less than Rs a thousand even as there’s no ceiling on the most quantity. Even domestic fixed deposits and Kamadhenu Deposits account holders also can open this account.
Canara Ashraya Deposit Scheme Tenure
The Canara Bank Ashraya deposit may be carried out for at the very least 15 days and a maximum of one hundred twenty months or 12 years.
Canara Ashraya Deposit Interest Rate
The bank stated that an extra 0.50% might be paid for domestic term deposits (along with RD and except for NRO, NRE and Capital Gains Deposit scheme) of less than Rs 2cr and with tenor of a hundred and eighty days and above, over and above the rate presented for the general public. The hobby price levels between 3.25 in step with cent and seven.5 in step with cent depending upon the tenure of the deposit. This is which includes the zero. Five in line with cent extra interest fee on offer.
The Bank additionally offers loans as much as ninety% of the deposit amount. However, a penalty of one% may be levied for untimely closure/part withdrawal/ untimely extension of Domestic /NRO time period deposits of much less than Rs 1 crore.
Canara Ashraya Deposit Return Calculator
Suppose you make investments Rs 2 lakh for 666 days with the Canara Bank Ashraya Deposit scheme, you’ll get a hobby price of 7. Five in keeping with cent and it’s going to yield a return of Rs 27,369.86 and the adulthood amount would be Rs 2,27,369.86.