How to open a Canara Bank Recurring Deposit online and offline ?

 


Canara Bank is a government-owned bank. It was founded in the year 1906 and is one of India’s leading public-sector banks. Canara Bank has 9,518 branches around the nation and 13,423+ ATMs. The bank also has a few international branches, most of which were established in the 1980s.

Canara Bank Recurring Deposit

Recurring deposit, also commonly known as RD. This is a unique term deposit offered by Indian banks. In this deposit, you have to pay the regular amount till the fixed time. So its benefit shows you on your interest. This deposit is more useful for people who want to pay a fixed amount regularly and get the amount after a few years. Quarterly interest on this deposit is calculated based on compounding. RD and FD are mutually exclusive. Remember that because you have many choices in this RD that investors can use. Investors can invest in this FD for as long as they like and earn interest.

In this recurring deposit, all notifications touch you when you deposit. So that no problem will arise going forward. While at the beginning you and the bank decide the date of repayment and the rate of interest. So in this deposit, you have to deposit the amount in your account at regular intervals. So this amount is not big but small.

What are the Features of Canara Bank Recurring Deposit

  • RD is a long-term saving scheme offered by the canara banks.
  • In this scheme, you have to deposit some fixed amount for a certain term.
  • Recurring Deposit is an upgraded version of Fixed Deposit
  • In the Canara Bank, The Tenure is flexible ranging from 6 months to 10 years.
  • In Canara Bank, you can select tenure as per your own comfort

Eligibility for Canara Bank Recurring Deposit Account

  • Resident Indian
  • Non-Resident Indian (NRI)
  • Hindu Undivided Family
  • Minors can also open RD accounts under the supervision of their parents

Documents Required for Opening Canara Bank Recurring Deposit Account

  • Identity proof (Aadhar Card, Passport, PAN card, Voter ID card, Driving license, Government ID card,)
  • Bank Statement
  • PAN Card
  • Address Proof
  • Recent Passport Size Photo
  • Salary Slips, if required

Which Factors Deciding RD Interest Rate

The following factors decide the RD interest rates:

Age of Investor: In the RD account the senior citizens are offered a higher interest rate than the other user

RD Tenure: RD interest rates depend on the RD Tenure, If you have long-term tenure then you have a higher interest rate.

Bank: Different banks provide varying RD interest rates. Currently, small financing banks provide greater interest rates than major banks.

How to open a Canara Bank Recurring Deposit online



Step 1: Visit the Canara Bank official website “https://canarabank.com/“

Step 2: Log in using your Canara Bank Net banking User ID and Password.

Step 3: Click on the “E-Recurring Deposit” option from the menu.

Step 4: Fill out the form displayed on your screen.

Step 5: After filling out the form Click on the “Continue” button.

Step 6: Then you will receive a message “Your RD account open successfully” on your registered mobile number.

How to open a Canara Bank Recurring Deposit offline

Step 1: Visit your nearest Canara Bank Branch

Step 2: Ask for the RD account opening form.

Step 3: Fill out all the required detail properly.

Step 4: After filling out the form give it to the bank officer with all the required documents.

Step 5: After that, the bank officer will open your RD account successfully.

Conclusion:

In conclusion, Canara Bank Provides Recurring Deposit (RD) plans both online and offline, meeting the different demands of its clients. Individuals may start saving and collecting interest on their regular deposits quickly thanks to various tenure choices and simple application processes. Canara Bank’s RD helps consumers save for the future and arrange their finances.

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