Canara Bank has come up with a unique 444-day Fixed Deposit (FD) scheme for those customers who are concerned about raising their returns in a short-to-medium period of investment. The plan is to the advantage of investors who, by keeping their money locked in for a short time, can still earn an interest rate much better than the standard one-year FDs.
Depositors Will Enjoy Attractive Interest Rates
Canara Bank’s 444-day FD scheme offers general public a competitive rate of interest, whereas, for elderly customers, the bank gives additional benefit in the form of a senior citizen’s rate fixed at a higher level. Thus, by investing in this FD, the customers draw more return than available for the regular tenures which are in the range of one year and more so if the investment has the risk of market exposure.
Investors And Minimum Deposit Amount
The FD scheme with a duration of 444 days is open to all, including individuals, senior citizens, and Hindu Undivided Families (HUFs). A very small minimum investment amount is required to open a deposit, thus small and mid-level savers can easily invest in the scheme. Generally, both callable and non-callable deposit options are available, so customers can choose the one based on their liquidity needs.
Interest Payout And Compounding Options
Canara Bank gives the facility to choose the mode of disbursing interest on the 444-day FD to the depositors. The investors, who want regular income, can go for monthly or quarterly interest payouts or choose to receive the matured amount only, along with the interests earned on it, for getting higher compounded returns. The flexibility in interest release makes this Fixed Deposit attractive to both the income seekers and the long-term savers.
Premature Withdrawal And Loan Facility
FD scheme gives one the option of premature withdrawal, but little penalty might be applied though. Moreover, customers can get a loan or overdraft facility against the FD which permits them to have the money without terminating the deposit. This trait brings about liquidity and ease of use during financial emergencies.
Taxation On FD Interest
The interest accrued on the 444-day FD comes under taxable income and thus taxation is done as per income tax rules. If the bank observes that interest income is exceeding the prescribed limit, it will deduct the TDS from the payment. The customers who are eligible can provide the exemption forms to the bank in order to avoid TDS, in accordance with the tax laws.
Why The 444-Day FD Is A Good Choice
The investment in Canara Bank 444-day FD is the best option for those who do not like risking their capital; it is also good for seniors and those who have short-term financial goals. Higher interest rates, different payout choices, and the trustworthiness of a strong bank mean that this FD scheme provides a secure and profitable investment opportunity.
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