Canara Bank Small Savings Deposit Account

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.

Features of Canara Bank Small Savings Bank Deposit Account

Here are these Canara Bank Savings Account features:

  1. Eligibility: All Indian residents are eligible to open an account under this scheme under their names.
  2. Available Facilities:
    • The account holders shall be able to withdraw money in the account as well as deposit in the account through cash as well as other online methods such as NEFT, IMPS, RTGS, etc. Deposit, as well as collection of cheques, is also available in this scheme.
    • ATM cards shall also be issued to the account holders under this scheme.
    • The bank shall not levy any charge on/ for inoperative/ activating accounts under this scheme.
    • The facility of Internet Banking may also be extended for accounts under the Canara Bank Small Savings Bank Deposit Account scheme subject to the discretion of Bank officials.
    • Transfer of account from one branch to another is possible without any hassle.
    • Passbooks are issued for every account opened under this scheme.
    • Other facilities such as standing instructions and nomination are also available.
  3. Deposit and Withdrawal Limits:
  4. 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:

    • Balance in the account shall not exceed Rs. 50,000 at any point in time.
    • Total credits in the account for any year shall not exceed Rs. 1 lakh.
    • The aggregate transfers and withdrawals from such an account shall not exceed Rs. 10,000 in a month.
    • Operations in accounts shall be restrained by the bank if any of the above-mentioned guidelines are not followed by the account holder under the scheme. In such a case, further transactions in the account shall be allowed only after receiving KYC documents from the account holder.

Frequently Asked Questions about Canara Bank Small Savings Account

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.

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