Canara Dhanvarsha: Want to make small risk-free investments? Check THIS scheme, interest rate, other details

The Canara Dhanvarsha account can be opened by an individual, joint acct, guardian on behalf of a minor, proprietorship firm, partnership accts, company, association, trust, and an institution.

The bank also provides a loan facility to the investors on up to 90% of the available deposit balance.

There are many ways to invest your money - you can invest it in equity, debt, mutual funds, Systematic Investment Plans (SIPs), Fixed Deposits, Public Provident Fund, National Pension System (NPS) and more. However, if you want a risk-free instrument that allows you to make a small investment and earn a decent return on the investment. Canara Bank's Canara Dhanvarsha is one such flexi recurring deposit scheme that gives the investor the liberty to invest and earn. 

Canara Dhanvarsha Eligibility
According to the Bank's website, the Canara Dhanvarsha account can be opened by an individual, joint account, guardian on behalf of a minor, proprietorship firm, partnership accts, company, association, trust, and an institution.

Canara Dhanvarsha Deposit Amount
An investor can deposit a minimum of Rs 500 per month and a maximum of Rs 1 lakh. As part of the special feature, the bank allows investors to deposit the instalment one or more times during a month. Deposits can be made any number of times in a given month in multiple of regular installments.

Canara Dhanvarsha Maturity Period 
The investment tenure is a minimum of 1 year and in multiples of 3 months thereafter. The maximum tenure is of 10 years. Free-standing instruction for the credit of Dhanvarsha is available.

Canara Dhanvarsha Interest rate 
The interest rate ranges from 6.25% to 7% depending on the tenure of the deposit. The bank provides an additional interest rate of 0.50% over & above the rate applicable to the general public in case of deposits of 180 days and above.

The bank also provides a loan facility to the investors on up to 90% of the available deposit balance.