Canara Bank Savings Account
|Canara Bank Savings Account
|Minimum Balance Requirement
- With chequebook: Rs. 500 for rural areas, Rs. 1000 for urban areas.
- Without chequebook: Rs. 100 for rural areas, Rs. 500 for urban areas.
- 3.25% for outstanding balances up to Rs. 50 lakhs.
- 3.75% for outstanding balances of over Rs. 50 lakhs.
- The interest is calculated on daily balance you maintain in the account.
- The interest amount is paid half-yearly.
- It is credited to the savings account every February, May, August, and November
- Passbook, debit card, net banking, mobile banking, DD pay orders, nomination option.
- Joint account, minor account, senior citizen account, and a lot more.
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.
- Headquartered at Bangalore, Karnataka, Canara Bank is one of the oldest public sector banks in India which was established in 1906.
- The bank has a huge network of branches and ATMs spread over various locations of the country as well as abroad.
- It also has a great record of earning big profits from years and hence listed in premier class in the industry.
How to Open Canara Bank Savings Account?
- Resident Indians can log on to the official website of Canara Bank and click on the option for opening up a new savings account.
- Applicants need to submit their personal information in the required fields and also choose the branch which they intend to visit for further account opening.
- Scanned copies of the KYC documents need to be uploaded.
- After this applicants will receive a Unique Reference Number (URN) in their registered mobile number. Validation of mobile number and email will be required.
- Take print out of the application and then visit the chosen bank branch along with original KYC documents uploaded in the website.
- Deposit the minimum balance as required at the bank branch.
- Your Canara Bank savings account will be opened and a welcome kit will be provided with necessary details and documents like cheque book and passbook.
Documents Require for Savings Account by Canara Bank
Below-given is a list of the documents for the savings bank (SB) account:
- Identity proof (Passport, Voter's ID, Driving License, Aadhaar card, PAN)
- Address proof (Passport, Voter's ID, Driving License, Aadhaar card, Ration card, electricity/ telephone bill)
- Two passport-size photos
- PAN Card. If there is no PAN Card, then submit Form 60 or 61, as applicable
- Applicable documents for special category accounts like student, minor, Associations, Trusts, senior citizen, HUF, etc
Canara Bank Savings Account Interest Rates and Charges
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.
- Rs. 50 is applicable for debit card replacement.
- No charges apply for inoperative accounts that have more than the minimum balance.
- Rs. 30 per month is collected at one-time on the last working day. This charge is applicable if you fail to maintain the minimum account balance.
- Rs. 200 per account is applicable for an account closure before a year. No charges apply for closure of account within 14 days of opening.
Types of Canara Bank Savings Account
Below-mentioned are all the types of savings accounts by Canara Bank:
- Canara Bank Basic Savings Deposit Account
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.
Canara Bank Small Savings Bank Deposit Account
- Credit of any amount is free when transferred through the online funds transfer method.
- Internet banking and mobile banking available.
- No requirement to maintain a minimum balance.
- No charges apply on activation of inoperative account or an account that is inoperative.
- Collection or deposit of cheques drawn/deposit of cash by the State or Central government is free-of-cost.
- Maximum 4 free withdrawals per month on ATM/Debit card. After this, Rs. 5 per transaction is applicable as service charge.
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.
Canara Payroll Package Saving Bank Account
- This account will operate only for 12 months. After this, you have to submit evidence of application for one of the required KYC documents to continue the account. Upon this step, the account will be allowed to operate for the next 12 months.
- In a month, total transfers and withdrawals must not exceed Rs. 10,000.
- Only on submission of the official valid documents to verify the identity of the customer, foreign remittances are allowed to be credited to your account.
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.
Canara Bank Junior Savings Account
- You will get a Platinum Debit Card with photo. The withdrawal limit on the same is Rs. 50,000.
- 50% discount is applicable on processing fee for loans.
- You will receive a Credit Card. It is free-of-charge for the first year.
- Personal accident insurance is available.
- 200 cheque leaves are free-of-cost per annum.
- 2 Demand Drafts are free for every month.
- Overdraft facility is available
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.
Canara Champ Deposit Scheme
- Withdrawals allowed by withdrawal slip. The student has to visit the branch for withdrawal or do the same through a Debit card at an ATM.
- SMS alerts come on the mobile number as stated by the guardian in the Declaration.
- This account comes with attractive educational loan schemes for students.
- The maximum balance should not exceed Rs. 50,000.
- Per year, the total credit amount should not go over Rs. 1 lakh. Also, the account should always be in credit.
- The account holder will receive SMS alert for debit, credit on account, etc, on the provided mobile number.
- Upon majority, the account can continue without restrictions.
- By way or NEFT/RTGS or DD, the account holder can make a free fund transfer to educational institutions or colleges. Maximum transfer/withdrawal limit for the same is Rs. 10,000.
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.
Canara Bank SB Power Plus
- To qualify for an education loan scheme as per the terms and conditions of the bank, there should be at least two credits in 6 months aggregating to Rs. 500 for rural branches. The limit is Rs. 1000 in case or metro and urban branches. The limit is excluding the credited interest.
- This Champ Deposit Scheme can be converted to a regular SB deposit after the child attains majority.
- Per annum, free collection of cheques and DDs can be gifted to the minor. The amount for the same can be up to Rs. 25,000 in Rupees or a foreign currency.
- If the balance is in excess of Rs. 15,000, it can be converted to Kamadhenu Deposit. This shall be done on the request of the account holder. The same will remain with the Canara Bank until the minor completes + education or is eligible to pursue higher education.
- On Kamadhenu Deposits, TDS is applicable.
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.
SB Gold Scheme
- There is no initial balance requirement. But, you have to maintain at least Rs. 1 lakh as average quarterly account balance.
- Unlimited ATM transactions allowed at Canara Bank ATMs
- ATM cash withdrawal limit is Rs. 50,000 at bank-branch ATMs. The withdrawal limit is permissible as per other banks if you withdraw from non-branch ATMs.
- You will receive the SB Power Plus statement of A/cs through email.
- Locker and Auto sweep facility are available.
- Free unlimited locker operations. 25% concession on the locker rent is applicable for the first year. This is irrespective of the size of locker.
- You can access mobile banking and net banking.
- Full waiver on Demand Draft charges.
- SMS alerts are enabled on the registered mobile number.
- Per annum, you are eligible for up to 300 cheque leaves without any charges.
- Chequebooks are personalized in nature.
- You can use the account for Demat operation.
- Interest is calculated as per the daily balance you maintain in the account.
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.
Canara NSIGSE Savings Bank Deposit Account
- The minimum average monthly balance of the SB Gold Scheme should be Rs. 50,000.
- If the minimum balance is not maintained then concessional facilities for the succeeding month is withdrawn by a notice.
- 50% concession on fund transfer under RTGS and NEFT is available.
- Free debit card and nomination facility is provided.
- There is a waiver on the opening charges of Demat account.
- Facility of 50% concession on Demand Draft i.e. Rs. 1 per Rs. 1000 or thereby a part is available.
- A free Credit Card is available for free for the 1st account holder.
- No ledger folio charges apply. Free tele-banking facility and free Anywhere Banking available.
- Sweep-in for term deposit of amount more than Rs. 1 lakh one-time at the request of account holder mentioning the term deposit tenure.
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.
Canara Bank Super Savings Salary Account
- Eligible applicants are any girl who passes the Class 8 exams or an SC/ST girl who has passed the Class 8 from the Kasturba Gandhi Balika Vidyalayas. The girl should also enrol for Class 9 in a Union Territory/State Government-aided school or a local body school.
- This scheme is not for married girls or girls who study in an unaided private institution or a Central Government run school.
- Withdrawals and deposits can be done at the bank branch and through electronic payment channels, and cheques.
- For this grant, there is no restriction based on the income criteria.
- No chequebook is given till the student attains majority.
- No charges apply for non-operation of this SB deposit account.
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.
Canara Bank Jeevandhara SB Account for Senior Citizens
- You will receive sweep in and out facility.
- You can opt for a nominee.
- You will get Canara Mediclaim health insurance coverage.
- Canara Mediclaim health insurance coverage
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.
- On paying a nominal fee, you can get assistance for writing a will. Similarly, you can even access executants’ services. These services are in full confidence. No details are shared with any third-party.
- You can take a loan against the balance in this account.
- Personal accident insurance and health insurance policy are available.
- Health insurance and Accident insurance policies available.
Frequently Asked Questions about Canara Bank Savings Account
Here are the Canara Bank Savings Account FAQs:
The Bank offers savings account for salaried individuals, companies, women, minors, senior citizens, etc. For non-minor accounts, the minimum age of the account holder should be 18 years and above. For junior account, the age eligibility is 10 years.
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
The interest rate is 3.25% to 3.75%. The interest is calculated on the daily balance maintained in the account. It is payable the basis of a quarter. So, the interest amount will be credited to your account in February, May, August, and November.
The rate of interest depends on the account balance maintained. There is no special interest available for customers based on their profile or seniority by age.