|Canara Bank Small Savings Deposit Account|
|Product Nature||For individuals who cannot fulfill basic KYC required as the RBI’s directives|
|Interest Rate||2.90% to 3.20%|
|Cash Withdrawal/Transfer Limit||Up to Rs. 10,000 in a month|
Canara Bank Small Savings Bank Deposit Account is for a common man who cannot meet the requirement for KYC or maintain a minimum balance in the account, as per the RBI directives. Here, you can access all the basic banking functions. You can avail Passbook, electronic payment transfer, Standing Instruction, cash deposit and withdrawal, transfer of account from a branch to another, and more. In a financial year, the balance in the account must not exceed Rs. 50,000. Also, the limit for credit in the account in a financial year is Rs. 1 lakh.
In this post, we will discuss Canara Bank Small Savings Account features, eligibility, facilities, deposit and withdrawal norms, operation of the account, terms, and conditions, and frequently asked questions.
Here are these Canara Bank Savings Account features:
Ceilings on deposit and withdrawal from the account: The accounts opened under this scheme shall have the following caps on deposit and withdrawal of cash:
Here are the FAQs:
The interested customers can apply in bank prescribed application form for opening an account under the Canara Bank Small Savings Bank Deposit Account scheme along with available KYC documents and 2 latest passport size photographs.
The accounts opened under Canara Bank Small Savings Bank Deposit Account do not necessarily require fulfilling KYC requirements as one can open such an account by just furnishing a photograph and affixing a thumb impression/ signature on the application form which shall further be verified by the bank official.
The applicants who do not provide any KYC documents at the time of account opening are required to furnish a document witnessing identity (such as an Aadhaar Card and PAN card) within 6 months from the date of opening of such an account.
If no KYC documents are provided by the account holder, the operations in the accounts opened under the scheme shall be allowed initially only for 12 months from the date of opening of the account. A grace period for operations in the account of further 12 months can be allowed by the bank only when the account holder produces any evidence witnessing the application of relevant KYC documents with the concerned departments.
The accounts under the Canara Bank Small Savings Bank Deposit Account scheme shall not be allowed for foreign remittances or receiving money from places outside India unless KYC documents are produced by the account holder.
Only those Indian citizens can apply for Canara Bank Small Savings Bank Deposit Account, who do not have any other operative account in their name in the bank.