Grow Your Money & Go Green 🟢: Canara Bank Launches New Canara Green Deposit Product for Eco-Conscious Investors
Canara Bank, a leading public sector bank in India, is making waves in the financial sector with the launch of its innovative Canara Green Deposit. The proceeds of the Green Deposits will be deployed for lending towards projects (Green Finance) in renewable energy, green building, smart agriculture, water or waste management etc., as part of Green Deposit Policy Framework of Canara Bank.
What is Canara Green Deposit? 🌱
The Canara Green Deposit is a specialized term deposit account designed to mobilize funds specifically for financing renewable energy projects and other environmentally friendly initiatives. By depositing your money in a Canara Green Deposit, you’re directly supporting the bank’s efforts in promoting sustainable practices and combating climate change.
Features of the Canara Green Deposit 🎉
Purpose ⚡
To offer green deposits to customers to achieve the sustainability agenda and help augment the flow of credit to green activities/projects.
Eligibility ✅
Individuals, Staff & Ex-staff Senior citizen, Firms, Companies, Institutions, and other entities, including Trusts, HUFs, Charitable organizations, Government agencies, NRIs (In case of NRI Customer the product shall be available in NRO and NRE deposit).
Rate of Interest %
| Slabs | Period of Deposit | Callable Deposits | Callable Deposits | Non-Callable Deposits |
|---|---|---|---|---|
| Less than Rs. 2 Crore | Rs. 2 Crore & above | Rs. 2 Crore & above | ||
| 1 | 1111 days (~3 yr) | 6.70 % | 4.95 % | 5.0 % |
| 2 | 2222 days (~6 yr) | 6.65 % | 4.95 % | 5.0 % |
| 3 | 3333 days (~9 yr) | 6.65 % | 4.95 % | 5.0 % |
Note: The interest rates are for general public deposits.
Deposit Amount 💵
Minimum Deposit: 🤑
For Callable: Rs.1000/- (Both Offline and Online) &
For Non-Callable: Rs. 2,00,00,000/- (Offline, through Branches)
Maximum Deposit: 💰
No Maximum Limit for Callable and Non-Callable deposits
Related: Canara Bank FD Rates, Earn up to massive 8.0% effortlessly
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Terms & Conditions 📃
- Recurring Deposits cannot be opened under the Canara Green Deposit scheme.
- *Senior citizens are eligible for additional interest as per the existing Term Deposit guidelines.
- Canara Bank is not accepting term deposits under non-callable segment for maturities of 3 years and above for deposits above Rs. 1 crore to less than Rs. 2 Crore.
- Currency – Deposits available in INR only as per the RBI framework.
- Green deposits to be opened in the prescribed tenors only.
- Deposits would be auto renewed (if the same tenor is available on maturity) or withdrawn at the option of the depositor.
- Penalty for pre-mature closure shall be applicable for callable deposits as per existing conditions on term deposits.
- Loan against deposit is available as per existing procedures.
- TDS applicable as per Section 195 of the Income Tax Act, 1961.
- Nomination facility is available.
- For tenors 1111 days, 2222 days & 3333 days, Canara Bank offers only Canara Green Deposit.
In addition, an appreciation certificate will be awarded to the depositor for their contribution to the ESG (Environmental, Social and Governance) initiatives, on opening this deposit account through Canara Bank online banking.
The funds deposited under this product should be utilized for green finance purposes, which entails lending to and/or investing in projects and activities aligned with the green deposit lending framework guidelines. These initiatives aim to support climate risk mitigation, climate adaptation, resilience building, and other environmentally focused objectives, including bio-diversity management and nature-based solutions.
The launch of Canara Green Deposit reflects Canara Bank’s commitment to environmental responsibility. It aligns with the Reserve Bank of India’s (RBI) push for green financing and promotes sustainable development practices. This initiative helps bridge the gap between environmentally conscious investors and projects that require funding for a greener future.
Frequently Asked Questions 🤔
Q. How to Invest in Canara Green Deposit?
For detailed information and to invest in Canara Green Deposit, visit your nearest Canara Bank branch or explore Canara Bank’s official website. The bank representatives can guide you through the application process and answer any questions you may have.