The Best Fixed Deposit Plan for Child in Canara Bank

Canara Bank is one of the largest Government-possessed banks in India, which offers numerous Fixed Deposit schemes. Guests can invest in the scheme to secure their life-long finances in the account to get advanced periodic chance rates. Canara Bank also assures that the plutocrat deposited by their guests earns a comparatively good interest over a specific term. The term for a Fixed Deposit account in Canara Bank ranges from a minimum of 7 days to a outside of 10 times grounded on the investment or savings demand of the client. guests can make a judicious selection of the Fixed Deposit accounts to find the best suited for their children. They can start before hand so that the deposit quantum becomes significant and collect sufficient interest by the time their sprat becomes an adult or may need that quantum for educational purposes.

Canara Bank Fixed Deposit Special Features and Benefits

1. For any Fixed Deposit scheme, seven days is the minimal deposit term.

2. The minimal deposit quantum to start any Fixed Deposit scheme is Rs 1,000.

3. Bank provides the customer with seductive interest rates grounded on the prevailing bank policy.

4. Elderly citizens that are resident individualities will get an fresh 0.5 interest rate.

5. A nomination installation for any scheme or policy is available in Canara Bank.

6. One can take a loan for over to 90 of the deposit quantum.

7. Account holders can withdraw any quantum from the account precociously, subject to certain conditions.

Canara Bank Fixed Deposit Scheme Eligibility Criteria


1. Two or further individualities can open a common account and enjoy its benefits

Up to 4 individualities can open a common account, but not further than that.

2. Guardians on behalf of a minor can conclude for schemes and programs.

Individuals, HUFs, Company

1.Partnerships or Associations or any other Institution can also open this type of account.

5 Colorful Canara Bank Fixed Deposit Schemes

1.Kamadhenu Deposit (Reinvestment Plan)

Under this scheme, one can make a deposit as low as Rs. 1,000 into the account. There’s no upper limit to the deposit quantum. The deposit term ranges from 5 months to 120 months. One can get reasonable deposit interest rates as per the being bank rates. The maturity quantum will also get the accrued interest with it.

2. Fixed Deposit

This is one of the most popular Fixed Deposit scheme offered by the Banks. One can open a fixed deposit account with an quantum as low as Rs 1,000. There’s no upper limit to the maximum deposit quantum. This deposit in this Fixed Deposit account offers 4 options of interest payment to the client-yearly, daily, semi-annually, or annually.

3. Ashraya Deposit Scheme

This is a scheme substantially salutary for elderly citizens. Guests with Kamadhenu Deposit accounts and Domestic Fixed Deposit accounts are also eligible for this scheme. They can open a single or a common account. In the case of a common account, the primary account holder should be a elderly citizen.

4. Canara Tax Saver Scheme

Canara Tax Saver Scheme is one of the fixed deposit schemes that’s offered under the Kamadhenu Deposit Scheme. This scheme or account is largely salutary for salaried individualities, professionals, and businessmen, and indeed HUFs. It’s a 5-time term deposit. One can start with a nominal deposit of Rs. 100 under this scheme. The maximum deposit quantum can be Rs.1.5 lakh. Under this scheme, the existent gets income duty benefits for a outside of Rs.1.5 lakh on his deposits under Sec 80C of the Income Tax Act, 1961.

5. Canara Champ Deposit Scheme

This is a good plan for parents who plan to invest in the name of their kiddies. Its crucial point is that it starts with a veritably nominal quantum of Rs. 100, and there will be no deductions from the account in case of not maintaining the minimal balance in the account. The plan also comes with a host of benefits and offers for kiddies.

Nomination and C-Net Banking is available under this scheme.

The account holder can take an educational loan under this scheme. They need to pay two credits in six months. However, this payment should be of Rs. 500 each, if the payment is made at the pastoral or semi-urban branches of Canara Bank. However, a sum of Rs. 1000, if it’s made at civic megacity branches of the Bank or in metropolises.


I know, investments can be a risk at times because the world is full of frauds and ills but there are people with pure intentions as well. So, above are some mentioned Fixed Deposit Schemes for the Children of our future.


Q1. Do all Canara Bank schemes have a minimum of 7 days term for deposits?

Ans. No. The deposit term’s minimum limit of a week or 7 days is only applicable for deposits of upto Rs. 5 lakh and above specifically in Canara Bank Fixed Deposit schemes. For below Rs. 5 lakh deposits, the minimal security period is for 15 days.

Q2. Is there any fine applicable for unseasonable pullout of plutocrat under Canara Bank Fixed Deposit schemes?

Ans. A for feiture of 1 will be assessed on the existent for precociously withdrawing from a domestic, or an NRO fixed deposit account below Rs 2 Crore. (For accounts w.e.f. March 12, 2019).