Change in Preferential rate of interest ?

[Chandru Mano]

Hi

Many other banks give  0.5 % (senior citizen) + 1 % (staff rate)  over and above the rate applicable for public for term deposits. 

But as per Canara Bank circular 85 / 2014, with effect from Feb 2014 onwards,  +1.50 % is for >5 yr deposit and only +1% for < 5 year deposit for ex-emp/ex-emp senior citizen. Why such discrepancy ?

If anyone has the circular soft copy, can you please share ?

Thanks

[Mohandas Rao]

An extract from the website of CANARA BANK:

• Senior Citizens are not eligible for additional interest rate for their Recurring Deposits, Capital Gains Account Scheme and NRO term deposits (i.e, interest rates as applicable to General Public be offered).
• For Employees / Ex-employees of Canara Bank, who are eligible for preferential interest rate as per Bank’s Guidelines, additional 1.00% over and above the rate applicable for General Public is extended, irrespective of the size of the deposit. 
  
• For Ex-employee Senior Citizens (60 years and above) of Canara Bank, who are eligible for preferential interest rate as per Bank’s Guidelines, additional 1.00% over and above the rate offered for General Public is extended for deposit period of less than 5 years, irrespective of the size of the deposit. For deposit period of 5 years and above to 10 years, additional 1.50% over and above the rate for General public, irrespective of the size of the deposit, is extended.
  
• Employees/Ex-employees/Ex-employee Senior citizens of Canara Bank are not eligible for additional interest rate for their Capital Gain Account Scheme and NRO term deposits.

--
Visit our blog site http:://bankpensioner.blogspot.com
---
You received this message because you are subscribed to the Google Groups "bankpensioner" group.
To unsubscribe from this group and stop receiving emails from it, send an email to bankpensione...@googlegroups.com.
Visit this group at http://groups.google.com/group/bankpensioner.
For more options, visit https://groups.google.com/d/optout.

[din...@rajvanshi.net]

In Indian Bank, Senior Citizens are eligible for additional interest rate of 0.50% p.a. for the period of 6 months to 120 months on Recurring Deposit also.

 

Dinesh Rajvanshi

[Jaganathan vk]

vijaya bank gives .25% for sr.citizens ror all types of deposits and 1% for staff/ex staff

[Raghavan K]

But not for variable Recurring Deposit Scheme.

 

K Raghavan,"Deepam",11 Millennium Nagar,Koduvathara Road,Padivattom,PO Edapally,Cochin-682024.Phone 0484 2345367,Mobile 9446801259.

[Sobhana Kumary]

Hi,

I would like to know if Sr. citizens get .50% additional on tax saver deposit. Canara Bank web site says, additional .50% cannot be extended to sr. citizens under capital gains and NRO deposits.

 Does tax saver deposit come under capital gains account?

Thank you

Sobhanakumary

On Sun, Mar 23, 2014 at 1:18 PM, <din...@rajvanshi.net> wrote:

[Ramachandran N]

REGARDING PREFERENTIAL INTEREST AND RATE FOR SENIOR CITIZENS TOTALLING   ONE AND  A HALF PERCENT   1 1/2%.THE MATTER WAS TO BE TAKEN UP DURING A MEETING WITH H.O OFFICIALS AND A MAIL WAS SENT TO SRI. M.PERUMAL. SUBSEQUENTLY WHAT HAPPENED IS NOT KNOWN. THE MEETINGWAS HELD AN AUGUST 2012.

[Vithaldas2008]

If the deposit is in the joint  names of the retired staff who is senior citizen along with spouse or other  members of family, additional interest of 1.5% is allowed only if the name of retired staff is first name. Why additional interest should not be allowed if the name of staff is appearing on the receipt jointly with other family member even if  name of staff is second or third name? In Indian bank ,the staff gives a declaration stating that the entire money deposited belongs me.

.http://meranam/j

the deposit is  in the name of retired staff if theheld in the name of 

Sent from my iPad

[satyendra kumar bansal]

It is allowed in syndicate bank

Satyendra Bansal, (SVRS Synd Bank )
77, Vivek Vihar, New Sanganer Road,
Sodala, Jaipur-302019

---

From: Vithaldas2008
Sent: ‎27-‎03-‎2014 08:57 AM
To: bankpe...@googlegroups.com

[perumal maruthu]

Bank is paying 1%+0.5% more if the deposit is for 5+Years.

For less than 5year deposits, only 1% preferential is given.

M.Perumal

[Kishore Kumar Nanda]

Whether for Variable Deposit, Indian Bank pays extra interest for Senior Citizens.

[giris...@yahoo.co.in]

What u say is correct ,but first payee comes under the taxation and if the money belongs to the ex bankers.no logic convinces to go otherwise.
Girish Dora

Sent on my BlackBerry® from Vodafone

---

From: Kishore Kumar Nanda <kkna...@yahoo.co.in>

Sender: bankpe...@googlegroups.com

Date: Thu, 27 Mar 2014 15:53:23 +0800 (SGT)

To: bankpe...@googlegroups.com<bankpe...@googlegroups.com>

ReplyTo: bankpe...@googlegroups.com

[Ramanathan Venkateswaran]

SBI is giving preferential ROI even if retired staff name is shown as second depositor. Even Bank of Maharashtra is giving . But Canara bank is a strict rules master, always go by rules book.

R.VENKATESWARAN

RETD CANARA BANK

[Raghavan K]

No. When I approached, branch says no since there is no product code available in the system.

 

K Raghavan,"Deepam",11 Millennium Nagar,Koduvathara Road,Padivattom,PO Edapally,Cochin-682024.Phone 0484 2345367,Mobile 9446801259.

[Ramachandran N]

PLEASE REFER CANARABANK WEBSITE  INTEREST RATES MENU.THEY GIVE 1.5% MORE FOR

DEPOSITS  FOR 5 YEARS AND MORE.REPRESENTATIOM HAS TOBE MADE AGAIN.

N.RAMACHANDRAN

[Chandru Mano]

as per recent circular (i think cir. 2/2015), 1.5 % more is given irrespective of the tenure of deposit. previously, this rate was given only to deposits made for 5 years and above only.  Also, now 1% more is given on Tax saver FD. 

Thanks & Regards

Mano