This article offers a brief summary of the key aspects of the Canara Bank‘s Senior Citizen Savings schemes. Since these details are subject to frequent updates, please refer to the bank’s official website for the most current information on features and interest rates.
Canara Bank – Senior Citizen Savings Features:
- The deposit range spans from a minimum of Rs 1000/- to a maximum of Rs 30,00,000/- within a Financial Year. Multiple accounts can be opened within this maximum limit.
- The account has a duration of 5 years and offers the option for extension for an additional 3 years, provided it’s done within 1 year from the date of maturity.
- SCSS account holders can enjoy TDS exemption upon submission of Form 15G/H as per the guidelines outlined in the scheme.
- Nomination facilities are permitted for up to four individuals, allowing account holders to designate beneficiaries.
- Account openings are available through both online modes (such as net banking or mobile banking) and offline modes (at bank branches).
- The scheme includes provisions for transferring accounts as per the established guidelines and also permits premature closure in accordance with the scheme’s regulations.
How to invest?
Click here to invest in the Canara Bank’s Senior Citizen Savings schemes.
Note: The information presented here is sourced from publicly available data. We cannot be held responsible for any inaccuracies in the details. For the most current and accurate information, please visit the official website of the respective bank/institution.