Canara BankCanara Bank Basic Savings Bank Deposit Account

Canara Bank is one of the oldest banks in India established in 1906. Canara bank's network of branches and ATMs are spread all over the country and overseas. It is headquartered in Bangalore and provides a wide range of services and benefits to its customers. It is one of the most prestigious banks in the country with a record of profits made since its establishment.

Canara Bank Basic Savings Deposit Account benefits:

Canara bank provides with the basic banking properties such as mobile and internet banking, passbook, ATM/Debit card, joint account, nomination facility, an account for minor and senior citizen and much more. The outstation cheque can be credited up to Rs 10,000. The interest rate comes with it is 4% which is payable on a six-month basis.

Canara Bank Basic Savings Deposit Account minimum balance with a chequebook in a rural branch is Rs 500 and in Urban Branches is Rs 1000.

Canara Bank Basic Savings Deposit Account minimum balance without a chequebook in a rural branch is Rs 100 and in Urban Branches is Rs 500.

Opening a Canara Bank Basic Savings Account:
  • Any Indian citizen is eligible for opening a Canara Bank Account.
  • Individual's personal details are required for opening a new savings account. Submit all the personal details and opt for a Canara Bank branch of your favor.
  • The documents are scanned and uploaded on the Canara Bank server.
  • Unique Reference Number will be sent to the applicant's mobile number via an SMS.
  • The applicant's email and mobile number is required to be dictated to the bank personnel.
  • The applicant is required to take a copy of the application form. One can get it from the bank officials.
  • Now, the applicant has to visit the preferred branch with the original documents.
  • The minimum balance requirement for opening an account is Rs 1000; the applicant has to deposit that.
  • The account will be opened.
Required Documents:
  • Address proof and ID of the applicant. Aadhar Card, PAN card, Driving Lisenceetc, all is applicable.
  • Applicant's two passport size photos.
  • Signature card.
  • A copy of PAN card.
  • If the applicant is a minor or a student, he/she has to bring the related documents.
Fees and Additional charges:
  • An amount of Rs 30 will be deducted if the applicant fails to maintain a minimum balance (Rs 1000).
  • No penalty has to be given for accounts (inactive) above minimum balance.
  • An account that is inactive below the minimum balance will be charged with Rs 150 or available balance (lower one is first applicable).
  • If the applicant tends to issue a new debit card, he/she will have to pay additional Rs 50.
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