Canara Bank has introduced Canara Jeevan Dhara savings bank account
Canara Bank has introduced Canara Jeevan Dhara savings bank account: Canara Bank has introduced Jeevan Dhara, a special savings bank account for pensioners, and prospective pensioners. The primary benefit of this account for senior citizens is that it is a zero-balance savings account.
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With this savings account, senior citizens do not have to maintain a minimum balance and there are no maintenance charges. The interest rate per annum is 4% for deposits for senior citizens holding the Canara Jeevan Dhara Savings account.
Key Features and Benefits:
1. Interest Rates and Variants: Canara Jeevan Dhara offers two account variants based on the pension credit:
- Diamonds Account: Tailored for individuals with pension credits up to Rs 50,000.
- Platinum Account: Designed for those with pension credits exceeding Rs 50,000.
The account carries interest rates aligned with regular savings accounts, ranging from 2.90% to 4%, contingent on the account balance. This balance-based interest structure ensures a competitive rate of return for retirees’ funds.
2. Enhanced Interest Rates on Savings: Canara Bank provides an enhanced interest rate structure on savings account balances:
- 2.90%: Balances less than Rs. 50 lakh and between Rs. 50 lakh to less than Rs. 5 crore.
- 2.95%: Balances between Rs. 5 crore to less than Rs. 10 crore.
- 3.05%: Balances between Rs. 10 crore to less than Rs. 100 crore.
3. Loan Facilities: Loan Against Deposit: Senior citizens can avail of loans with interest rates 0.75% above the deposit rate, providing a convenient borrowing option backed by their deposits.
Top Up Facility: The account offers an exclusive top-up facility on pension loans, granting additional financial flexibility to pensioners.
4. Healthcare Concessions: Canara Jeevan Dhara customers receive up to a 25% concession on medical expenses, prioritizing their healthcare needs and well-being.
5. Fixed Deposit Interest Rates: Canara Bank offers attractive Fixed Deposit (FD) interest rates spanning various tenures:
- FDs ranging from 7 days to 10 years with interest rates between 4% and 7.25% for the general public.
- Senior citizens enjoy higher interest rates, ranging from 4% to 7.75%.