I opened a savings account in the Canara bank after my sister insisted on me and must say that their service, at least in West Bengal, is good. Recently while trying to withdraw cash in the bank’s ATM I came across my old school friend and she was the one who explained to me what is KDR in Canara Bank. KDR is the abbreviation of Kamadhenu Deposit, a scheme that helps you to deposit your money safely and gives a good interest rate. Here is what I learnt about this scheme.
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What is the KDR scheme of Canara bank?The KFR is a reinvestment plan or scheme of Canara bank providing safe and flexible deposit options to its customers. You can avail this scheme with your joint/single account and the deposit amount under this scheme can range from Rs 1,000 up to whatever amount you want. Let me share some of its aspects here:
Interest rate of KDR ranges from 3.95% to 5.35%
The time period of such deposit is a minimum of 5 months to a maximum of 10 years
TDS is applicable as per the Income Tax Department rules
You can avail 90% of the value of your deposited money as your loan
You can make someone nominee of this deposit as well
It can be said that any person can open the KDR deposit. Some basic criteria however are:
A person can opt for this deposit singly or jointly and up to 4 members are allowed under this scheme
Guardians can also open the KDR with Canara bank on behalf of their minor/minors
Partnership/HUF/Companies or other institutions can also opt for this scheme
These details should be enough to help you understand what is KDR in Canara Bank.
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Authors Of The Question
What is KDR in Canara Bank?
Bharti
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1 Year
2022-11-29T07:49:34+00:00 2022-11-29T07:49:35+00:00Comment
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