Evidence record
Last verified 11 Sep 2026 · Next review 11 Oct 2026
Institution
- Name
- Canara Bank
Regulator · List of Insured Banks · Retrieved · Source dated
- Type
- public sector bankNot verified
Institution's own website · Nitya Nidhi Deposit Scheme · Retrieved
Ownership category is not stated on the reviewed scheme page or in the register entry.
- State
- Not established from reviewed public sourcesUnknown
Regulator · List of Insured Banks · Checked
The register entry gives no city or state for this bank.
- Website
Institution's own website · Nitya Nidhi Deposit Scheme · Retrieved
Regulatory listing
- DICGC insured-bank register
- Listed as an insured bank
Regulator · List of Insured Banks · Retrieved · Source dated
Listed as “Canara Bank” in the register updated as on 8 Sep 2026.
This is the Deposit Insurance and Credit Guarantee Corporation's own list, read on the date shown. A listing is a fact about the register on that date, not an assessment of the institution. The register covers banks only, so a credit society or Nidhi company will not appear on it.
Daily-deposit product
Filed under Pigmy / daily deposit; mapping probable. The bank's deposit policy exempts commission paid to agents collecting door-to-door deposits under a special scheme; the scheme page does not describe collection.
- Scheme name used
- Nitya Nidhi Deposit
Institution's own website · Nitya Nidhi Deposit Scheme · Retrieved
- Published rate
- 2.00% (63 months)
Institution's own website · Nitya Nidhi Deposit Scheme · Retrieved · Effective
Paid on maturity.
- Interest method
- Not publicly stated on the reviewed source
Institution's own website · Nitya Nidhi Deposit Scheme · Checked
States that interest is paid on maturity, not how it is calculated.
- Minimum deposit
- ₹50 a month
Institution's own website · Nitya Nidhi Deposit Scheme · Retrieved · Effective date not stated
- Maximum deposit
- ₹1,000 a day, capped at ₹30,000 a month
Institution's own website · Nitya Nidhi Deposit Scheme · Retrieved · Effective date not stated
- Tenure
- 63 months only
Institution's own website · Nitya Nidhi Deposit Scheme · Retrieved · Effective date not stated
- Early closure
- Interest reduced by slab on early closure, with a further penalty inside 12 months
Institution document · Policy Guidelines on Deposits 2026-27 · Retrieved · Effective date not stated
- Collection away from the branch
- Not established from reviewed public sourcesUnknown
Institution's own website · Nitya Nidhi Deposit Scheme · Checked
Collection method was not recorded from the reviewed page.
- Loan against the deposit
- Up to 75% of the outstanding balance
Institution's own website · Nitya Nidhi Deposit Scheme · Retrieved · Effective date not stated
Check for yourself before acting
- Ask the institution for the current rate in writing. Published rates change without notice.
- Ask what you would receive if the account is closed early.
- Ask how interest is calculated and when it is credited.
- Check the DICGC insured-bank list yourself on the day you decide.
Pigmity is independent and is not affiliated with Canara Bank. This is not the institution's page, not an official register, and not a recommendation.
Each fact shows its source, the date Pigmity read it, and whether the source states an effective date. “Not publicly stated” means the reviewed source was read and does not give the fact. “Not established” means Pigmity has not established it. Neither means no.
Spotted an error? Write to hello@pigmity.com with the institution and what is wrong, and a link to where the correct figure is published if you have one. The report form is closed for now, so nothing is collected through this page.
Pigmity's analysis
Canara Bank's Nitya Nidhi Deposit continues the oldest daily-deposit product in Indian banking. It began as Syndicate Bank's Pigmy Deposit Scheme in Udupi in 1928 and passed to Canara Bank when Syndicate Bank merged into it. Our history of the pigmy deposit covers that path.
What the terms mean in practice
The term is fixed at 63 months, with no shorter option, and interest is paid on maturity at the published 2.00% a year. The bank states that rate with effect from 1 October 2022, which is itself useful: a figure that has stood on a scheme page for years is either stable or unrevisited, and only the bank can say which.
A daily ceiling of ₹1,000, capped at ₹30,000 a month, bounds how fast the balance can grow. The ₹50 monthly minimum keeps an account open on very small contributions.
Because interest is paid at maturity rather than credited along the way, the published rate describes what a depositor receives at the end of the full term, not a yield that can be drawn on.
Closing early
The bank's deposit policy reduces interest by slab on early closure, with a further penalty inside 12 months. The policy document governs the figure, so ask the branch which slab applies before assuming one.
Who pays the agent
Canara's deposit policy bars commission or brokerage on deposits, with an exception for agents employed to collect door-to-door deposits under a special scheme. The collection cost is the bank's, which is part of why the rate on this product sits where it does.
Reading it against other published rates
At 2.00% on a 63-month term, the rate needs its term beside it before it can be compared with anything. The directory and our guide to pigmy rates print every published schedule with its term and closure rule for that reason.