Canara Bank has unveiled a specialized savings account aimed at pensioners and those nearing retirement, designed to provide an array of benefits catering to their unique financial needs. This new offering, known as Canara Jeevan Dhara, extends its advantages to retirees who’ve opted for voluntary or regular retirement. Through this account, Canara Bank seeks to provide financial security and flexibility to individuals in their post-employment phase.
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%.
Unlocking Financial Opportunities for Retirement:
Canara Jeevan Dhara presents a comprehensive solution for pensioners and those entering retirement, ensuring financial stability and value-added benefits. With tailored interest rates, loan facilities, healthcare concessions, and enticing FD rates, this account empowers individuals to confidently embark on their post-career journey.