The Canara Bank Ashraya Deposit Scheme is a fixed deposit plan specially crafted for elders, providing great interest rates, alsowith a flexible duration and added security, to name just a few. This scheme is great for and thusdevoted to the retired people that wish to multiply their savings to however large they are, and at the same time enjoy regular money flow and easy access to it. Anyone can apply for it, as it is all over Canara Bank branches, and minimum deposit required is just ₹1,000.
Attractive Interest Rates & Flexible Tenure
With the Ashraya plan, senior citizens have the right to enjoy the higher rate of interest offered for their deposits as compared to the general fixed deposits. The scheme allows the customer to choose his deposit period between 15 days and 120 months, thus giving him the choice depending on his financial objectives. Besides monthly, quarterly, or half-yearly payments of interest, the customer can also go for quarterly compounding and then receiving the total interest along with the principal at the end of the tenure period— this is particularly suitable for those who wish to have a lump sum return.
Loan Facility & Nomination Benefits
The main feature of this scheme is that it allows the account holder to take a loan against his deposit of up to 90% of the deposit amount, thus the way is open to emergency funds through liquidity created by the loan. Moreover, the nominee under the scheme will be in a position to claim the deposit with ease if the account holder passes away unexpectedly. This ensures that the investment is not only a secure one but also a family-friendly option.
Ashraya Deposit Scheme Summary Table
| Feature | Details |
|---|---|
| Minimum Deposit | ₹1,000 |
| Maximum Deposit | No upper limit |
| Tenure | 15 days to 120 months |
| Interest Payment | Monthly/Quarterly/Half-yearly/Maturity |
| Loan Facility | Up to 90% of deposit |
| Nomination | Available |
| Eligible Accounts | Fixed Deposits & Kamadhenu Deposits |
Final Thoughts
The Ashraya Deposit Scheme of Canara Bank is a safe and beneficial saving plan for old people. With flexible conditions, higher interest rates, and the option of taking a loan during emergencies, it guarantees both, as it is the case with people’s primary concerns, growth and peace of mind. The senior citizens looking for a secure investment option should, therefore, take the scheme up and visit the nearest Canara Bank branch where personalized advisory service is available.
