|Canara Bank Basic Savings Bank Deposit Account||Details|
|Minimum Balance||Zero-balance requirement|
|Annual Interest Rate||
Up to Rs. 50 lacs: 3.25%
Over Rs. 50 lacs: 3.75%
|Account Maintenance Charges||Nil|
|Interest Payable||Interest is payable quarterly on daily balance maintained in the account: February, May, August and November|
|Facilities||Passbook, free withdrawals/deposit, internet banking, mobile banking, electronic fund transfers and bill payments, NEFT, RTGS, and more|
Canara Bank Basic Savings Bank (BSBD) Account is a Savings Bank (SB) product. It offers the account holder with basic banking facilities as under the financial inclusion objective by the Reserve Bank of India. A savings bank account provides facilities such as deposit/withdraw cash, transfer funds, and several more all while earning an interest on the account balance. The BSBD account is a zero-balance savings account. It means Canara Bank minimum balance for this SB account is Rs. 0. This SB account offers maximum privileges. It was launched with the intention to provide banking service to all income classes.
In the following post, we will discuss about Canara Bank BSBD account features, eligibility criteria, basic facilities, limitations, fees, charges, documents required for account opening, and FAQs.
Below given are the features of BSBD Canara Bank account:
|Canara Bank BSBD Account Features||Details|
|Account Opening Application||
|Address Proof and Identity Proof||
You can open the Canara Bank SB account under the following conditions:
|Canara Bank BSBD Account Facilities||Details|
This SB product comes with normal banking services. There is no Canara Bank minimum balance requirement for this account. Here are some of the services available:
|Other Facilities||Mobile banking, internet banking, Passbook, Standing Instruction, account transfer from a branch to another, etc.|
Below given are the limits of the BSBD Canara Bank Account:
Below given are the charges and fees for the Canara Bank savings account:
|Canara Bank BSBD Account Fees and Charges||Details|
|Debit Card Annual Fee||Nil|
|Minimum Balance Requirement||Nil|
|Initial Deposit Requirement||Nil|
|Inoperative Account Charges||Nil|
|Annual Credit limit||Rs.1 lakh|
|Outstation Cheque||Rs.25 to Rs.250|
|Annual Balance Limit||Rs.50,000|
|Debit Card PIN Regeneration||Rs.150|
|Debit Card Replacement||Rs.100|
|Closure of Account within a Year||No charges|
|ATM Transaction Charges||
Below mentioned are the documents required to open Canara Bank savings account:
Here are the FAQs about BSBD Canara Bank 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.
There are no criteria to maintain any minimum balance in the Canara BSBD account. It is a zero-balance account. You can keep any amount of balance in this account. There is no penalty charged even if the average monthly balance is zero.
The Canara Bank BSBD Account interest rate is 3.25% per annum as the credit limit is Rs.50,000 per year. For other savings account of this bank, the rate of interest is 3.25% annually for account balance up to Rs. 50 lakhs. The Canara Bank Savings Account interest rate is 3.75% for balance over Rs. 50 lakhs. For higher rate of interest, the bank offers various other types of accounts and investment options, which you may want to check out.
The BSBD account serves basic banking facilities to Indian citizens. It comes with a credit limit for deposit, balance, and services. However, it is preferred by low-income group class because most of its facilities are free-of-cost.
The guardian or parent of the minor can open Canara Bank Basic Savings Deposit Account on the behalf of their child. The parent or guardian must submit the minor’s Birth Certificate at the time of account opening. The account will be in the name of the minor.
Disclaimer: Information is gathered from secondary sources and meant for reference only. Loanbaba is not a channel partner of Canara Bank.