Canara Bank SB Power Plus

Canara Bank SB Power Plus Account
Minimum Average Quarterly Balance Rs. 1 lakh
Interest Rate 2.90% to 3.20%
Interest Credit On Quarterly Basis

Canara Bank SB Power Plus Account scheme is for a premier segment of customers. Accounts opened under the scheme shall offer special benefits to the customers having high-value cash in their saving accounts. The minimum average quarterly balance requirements under this scheme are Rs. 1 lakh. The bank offers certain freebies to account holders under this scheme. You will receive a free-of-cost Platinum Debit Card. And you will also get personal accidental insurance (death only) cover of up to Rs. 8 lakhs.

In this post, we will discuss Canara Bank SB Power Plus Savings Account features, eligibility, balance requirement, interest rate, facilities, cash withdrawals, credit card, auto/reverse sweep, and frequently asked questions.

Features of Canara Bank SB Power Plus Account

  1. Eligibility: All Indian Residents, Associations, Clubs, Joint accounts, Trusts and institutions, Guardians on the behalf of minors, etc., are eligible to open an account under the Canara Bank SB Power Plus Account scheme. NRO/ NRE customers are also eligible to open accounts under this scheme.
  2. Balance Requirement: There is no initial balance requirement in the accounts opened under this scheme. However, the bank stipulates maintaining a minimum average quarterly balance of Rs. 1 lakh to retain the status of the premium customer under this scheme. The bank shall withdraw the freebies offered under this scheme if the account holder does not meet the minimum average quarterly balance requirements.
  3. Interest Rate: Under this scheme, the bank offers an interest rate equal to the rate offered in other saving bank account schemes. No special rate for bulk deposits is offered by the bank under this scheme. The rate is between 2.90% to 3.20% depending on the balance available in the account.
  4. Facilities Offered:
    • A nomination facility is available.
    • A loan facility against the deposit is not allowed under the scheme.
    • Free of cost Platinum debit card with account holder’s photo affixed on the card.
    • Free e-statements of accounts are sent twice a month (every 15 days) by the bank in the registered email IDs of the account holders.
    • Free issuance of Demand Drafts.
    • Free SMS Alerts facility, IMPS, internet banking, mobile banking.
    • Free 300 leaves personalized cheque books once in a year
    • Free reset of password in IMB.
    • Free of cost cash remittance/ deposit at base branch as well other branches.
    • A DEMAT account is available with a trading account.
  5. Periodicity of Interest Credit: The bank calculates the interest on a daily product basis which is credited in the bank account every quarter on the following dates- 1st Feb, 1st May, 1st August and 1st November.
  6. ATM Cash Withdrawals: The bank offers unlimited cash withdrawal from Canara Bank SB Power Plus Account in ATMs owned by the bank. Also, Rs. 50 thousand can be withdrawn from the bank account through the ATM provided by the bank under this scheme in the ATM owned by the bank only. For transactions through another bank ATM, the limit applicable to the concerned bank shall be applicable.
  7. Auto Sweep/Reverse Sweep: The bank offers the facility of auto sweep in and out as per the request of the customer for a balance exceeding the threshold limit of Rs. 1 lakh.
  8. Credit Card: The bank offers a credit card with NIL charges for the first year. The bank offers a facility of Personal Accidental Insurance (death only) for an amount ranging from Rs. 2 lakhs to Rs. 8 lakhs for self and spouse on a credit card issued by the customers having opened an account under Canara Bank SB Power Plus Account as per terms and conditions.

Frequently Asked Questions about Canara Bank SB Power Plus

Here are the FAQs for this Canara Bank Savings Account:

The applicant needs to furnish the application in the desired format along with the KYC documents such as PAN, Aadhar card, etc. along with 2 recent passport size photographs. NRE customers also need to submit the same documents except for PAN.

It is a regular running account.

TDS is not applicable for the interest earned under the Canara Bank SB Power Plus Account scheme.

Locker facility on a priority basis is offered by the bank for its customers having a savings account under this scheme having concession of 25% in locker rent for the initial year irrespective of the locker size. One can operate the locker any number of times without any fee.

Yes, you get a Demat account facility with the trading account.