The fixed deposit programme of Canbank Factors, a subsidiary of Canara Bank, is open for investment.
Schemes and features
Canbank Factors offers cumulative and non-cumulative schemes. The latter is available in monthly, quarterly and half-yearly options. Under the scheme, deposits are accepted for 12, 15, 18, 21 and 24 months.
The interest rate for 12 months is 6.75 per cent and for other tenors 7 per cent. The interest is compounded monthly. The minimum deposit for the monthly option is Rs 40,000 and for the other schemes Rs 25,000. Details can be obtained from the company's registered office at No. 17, 1st floor, Seshadri Road, Bangalore - 560 009.
Business prospects
Canbank Factors, a non-banking finance company, is a major player in the factoring industry.
Eighty per cent of the factoring volumes is contributed by the small and medium enterprises sector (SMEs).
