The Canara Bank 310-day FD is a short-term fixed deposit plan that is specifically made for the people who are not saving their money in the long term but still want to receive a higher interest than the savings account. It requires a minimum investment of only ₹1,000 and there is no maximum limit, thus it is a flexible and secure investment option for all kinds of people including employees, old citizens, and pensioners. Besides, the Government of India has insured up to ₹5 lakhs for deposits under the DICGC scheme, so the money is safe even if financial conditions are not good.
Interest Rates And Returns
One of the most important things about the 310-day FD is its interest rate which is quite attractive. Regular customers can get an interest rate of about 7.15%, while the old people will have an even better rate of 7.65% hence, superior returns for short-term deposits. Canara Bank does quarterly compounding of interest and gives investors, as per their own choice, the option of either cumulative or non-cumulative payouts. In the case of the cumulative option, interest is compounded with the principal and paid out at the time of maturity, however, the non-cumulative option allows for monthly or quarterly interest payments. For example, if one invests ₹1,00,000 in this scheme, he will get a return much higher than the one coming from keeping the money in a regular savings bank account.
Flexibility And Withdrawal Options
The scheme also has great liquidity because account holders will get the chance to withdraw their FD prematurely seven days after deposit. A small deduction on interest might be there but still, it is a way for investors to take their money out during an emergency. Canara Bank even provides the customers with a loan of up to 90% of the FD amount which is very useful for the customers with urgent need of funds without having to break their deposits.
Online And Offline Opening Process Made Easy
The opening of the 310-day fixed deposit is a hassle-free and simple procedure. The clients have the option to carry out the FD creation via the Canara Bank mobile app, the internet banking portal or by going to the nearest branch. Only three basic documents like PAN, Aadhaar and identity proof are required. To make the investment experience seamless and customer-friendly, the bank also offers digital receipts, online tracking, and auto-credit facilities at maturity.
Who Should Invest In This FD?
This FD can be considered as a good choice for risk averse investors who want to earn regular interest with the least possible risk. It is a perfect solution for those who have short-term goals like savings, emergency funds or want to earn better interest without the hassle of long lock-in periods. Senior citizens, in particular, are the ones who profit from the high-interest rates and the safety of their principal amount.
Also Read: Senior Citizens Pension 2025: Monthly Benefits for 65 & 75-Year-Olds Directly In Bank Accounts