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Canara Bank Savings Account offers instant credit of up to Rs 15,000 on outstation cheques. It also provides 2 free-of-charge Demand Drafts of the minimum balance amount maintained in the account with Rs. 10,000 with a maximum capping of up to Rs. 25,000. The highest Canara Bank savings account interest rate is 3.75%. Below-mentioned are some of the reasons as to why you should choose this financial institution for banking services.
Below-given is a list of the documents for the savings bank (SB) account:
The rate of interest offered on the account is between 3.25% and 3.75%. This is a fixed rate and remains static through the period of account’s operation. The rate applicable will depend on the account balance you maintain. Below-mentioned are other applicable charges.
Below-mentioned are all the types of savings accounts by Canara Bank:
You can access basic bank facilities after opening the Basic Savings Deposit Account. But if you choose to open this account, you cannot have any other operative account with Canara Bank. You can open the account in your name, with a guardian if there is a minor involved, or jointly. The account balance should not be over Rs. 50,000. Also, for a year, the aggregate of all the credit transactions should not go over Rs. 1 lakh.
The Small Savings Bank Deposit Account is for people who are unable to submit the required KYC (Know Your Customer) documents. Here, you have to provide only your passport photograph, name, thumb impression or signature. The features of this account is similar to the Basic savings accounts but with a few restrictions due to lack of KYC papers.
The Payroll Package Savings account allows employers to transfer payments through bank transfers to employees. The transfer method is quick and without any paperwork. Corporates/Firms should have a year’s standing with at least 25 employees. Rs. 1,000 is the minimum average monthly balance (AMB) that the employers should maintain in the account. This AMB is calculated from the succeeding month of account opening. If AMB is not complied with, then Rs. 100 is the fine.
Eligible applicants are minors or kids over 10 years of age. The junior savings account is opened with a Declaration from the guardians/parents. This is an individually operated account. A personalized debit card is offered with the minor’s name. For this, the limit for withdrawals in a month is Rs. 5,000. Also on the account, Rs. 10,000 per month is the limit for total debit transactions.
This is a savings bank deposit for children up to 12 years, which basically up to 11 years, 364 days. The minimum amount for initial deposit is Rs. 100. There is no penalty if the account holder does not maintain the minimum balance. No joint account facility is available. No TDS is applicable. There is no facility of chequebook under this scheme. Nomination and net banking (for viewing purpose) are available.
This savings account is for premier customers. The account holders can include resident individuals, guardian on behalf of minors, joint account, Trusts and Institutions, Associations, Clubs, NRO/NRE customers, etc. You will receive a personalized Platinum debit card. You will also get a Credit Card that will be free for the first year. Personal accident insurance is available.
The eligible candidates for this savings schemes are individuals, minors, joint applicants, illiterates, non-corporate bodies, HUF, Societies, Clubs, schools, Associations, Administrators, Trusts, Executors, semi-government departments, government bodies, capital gains accounts, and recognized PF accounts. The minimum initial balance should be Rs. 50,000. No TDS is applicable.
The NSIGSE savings account is designed to reduce the rate of school dropouts for female students. In turn, this encourages the enrolment of girls from the SC/ST community to the Secondary School. This NSIGSE savings account follows the directives laid by the Ministry of Human Resources Development, Government of India. There is no requirement for the maintenance of minimum balance. You can withdraw cash only with withdrawal slips at bank branches.
This SB account is a zero balance account. It is for firms and corporate with at least 25 employees in above. If the company has less than 25 employees, then the bank will consider the account opening at its own discretion. You will get facilities such as mobile banking, internet banking, Debit card, fund transfer, SMS alerts, free passbook, etc.
The Jeevandhara savings account is special and available for only the senior citizens who are at least 60 years old and above. Also, the account is accessible to resident Indians only. Per day withdrawal limit on ATM is Rs. 25,000. There is no requirement for maintaining a minimum balance in the account. You get facilities such as mobile banking, internet banking, and SMS alerts.
Here are the Canara Bank Savings Account FAQs:
In case of SB account for minors, apart from the basic KYC papers, the applicant will have to submit the passport photograph, ID proof, address proof of the guardian. The bank will also need declaration from the guardian. There is a need for birth proof and ID card of the student from the educational institution as well.
There is a need to maintain an average monthly balance. Rs. 500 is the requirement for rural branches. Rs. 1000 is the requirement for urban, semi-urban, and metro branches. There are savings accounts that have the facility of no minimum balance and zero account balance as well.
Some of the benefits of the Canara SB accounts include ATM cum Debit Card, superior customer service, a free Passbook, internet banking, mobile banking, instant credit of outstanding cheques up to a certain value, etc.
Various types of debit cards are offered by the Canara Bank depending on the product. For instance, you receive an ATM cum Debit card on the Basic and small savings bank account. A personalized debit card is available for the junior savings account. A Platinum debit card with photograph is available for Jeevandhara SB account, SB Power Plus, and Payroll Package SB account.
