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Canara Special Deposit Scheme Launched: Interest Rate, Benefits & Features

Canara Special Deposit Scheme:

Canara Special Deposit Scheme

Canara Bank bumped up the rates for fixed deposits (FDs) that are less than Rs 2 crore. They even came up with a fresh FD plan offering 7% interest for everyone and 7.5% for seniors. They tweeted about it, saying, “Get the most out of your investments!” Additionally, Canara Bank offers a 7.50% return on deposits lasting 666 days. Today, we’ll talk about the new scheme in detail, along with its features and perks.

Canara Special Deposit Scheme:

A smart and kind person named Shri Ammembal Subba Rao Pai started Canara Bank in a small place called Mangalore in Karnataka, back in July 1906. This bank cares a lot about its customers. Right now, Canara Bank is letting people apply for a special savings plan that lasts for 666 days. If you put your money in this plan, the bank will give you 7% interest every year. But if you’re older, you’ll get even more interest – 7.5%! This special offer is only for people who want to save less than 2 crores with this government-owned bank.

Canara Bank, a bank that’s owned by the government, has raised the rates it charges for loans. They did this for all kinds of loans starting from today, October 7th, 2022. The bank increased the rates for short-term loans by a small amount, and for longer-term loans by a bit more. For example, if you borrow money from them for less than a month, the rate went up by a little bit to 7.05%. If you borrow for three or six months, the rates are higher too. And for borrowing money for a year, the rate went up just a tiny bit.

Unity Bank has come up with a special savings plan called Shagun 501, just for Dussehra and Diwali. If you put your money in this plan for 501 days, you’ll get 7.90% interest per year. But if you’re a senior citizen, you’ll get even more – 8.40% interest per year! This offer lasts until October 31, 2022.

Canara Special Deposit Scheme Penalty on Withdrawal:

  • Things to think about before you do something: If you decide to close your savings account early or take out some of the money, or if you want to keep it longer, for any savings under two crore rupees, the bank might charge you one percent extra.
  • This rule also applies if you decide to keep the account longer. Canara Bank’s website says, “If you close your savings account early, take out some money, or keep it longer than planned, the bank will charge you one percent extra.
  • ” Also, the interest you earn on these savings might be one percent less than the usual rate.
  • This is true whether you close the account early, take out some money, or keep it longer.
  • But if you take out or keep the money longer than seven days early, you won’t earn any interest at all.

Features of Canara Special Deposit Scheme:

  • Now, people who invest their money will get lots of profits. Canara Bank just said on Twitter that they have a new savings plan called “Canara Special Deposit Scheme.” If you put your money in this plan for more than 2 years, you’ll get an interest rate of 7.50 percent. That’s about 666 days exactly.
  • For everyone else, Canara Bank’s regular savings plan gives a yearly interest of 7%. But if you’re a senior citizen, you’ll get a bit more, 7.5% interest.
  • If you save money for 7 to 10 years, Canara Bank gives you an interest between 2.9% and 5.75%. For seniors, it’s between 2.9% and 6.25%.

Canara Special Deposit Scheme Applying Procedure:

You can apply for an account either online at canarabank.com or by visiting a nearby branch. For more information, call us at 1800 425 0018 or 1800 103 0018.

  • To use Canara Bank’s app, called ai1, you can download it from the App Store or Play Store.
  • Once downloaded, open the app and log in.
  • Look for the “open deposit account” option, fill in your details.


Friends, we’ve provided important information regarding the Canara Special Deposit Scheme. If you’re still facing any kind of issue, you can inform us through comments. Every comment from you is valuable to us. We’ll continuously strive to solve your problem. Thank you for visiting our website https://dailyupdateshq.com and stay tuned for the latest updates.

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