Canara BankCanara Bank Small Savings Bank Deposit Account

Canara Bank Small Savings Bank Deposit Account scheme is introduced keeping in mind the general public and to get them enrolled in the financial system. It comes with minimum requirements and still offers wide range of deals and rewards to its customers.

Canara Bank Small Savings Bank Deposit Account Features and Benefits:
  • Opening a Small Savings Bank Deposit Account doesn't require any valid documents; the applicant can get his/her account opened without any formalities.
  • It doesn't require any minimum maintenance charges. Every Indian citizen is eligible for opening this account.
  • This scheme provides with the likes of internet banking, mobile banking and electronic transactions for easy deposits and withdrawals free of cost.
  • A subscriber holding an inoperative account (an account where no deposits, transactions and withdrawals are made) will not be charged with for non-maintenance.
  • The account holder is provided with a passbook on opening the Small Savings Bank Deposit Account to keep track of his/her account details.
  • The applicant's signature or thumb impression is the only requirement for opening an account, which has to be affixed in front of the bank manager.
  • KYC details are not required, the applicant's thumb impression or signature anf two passport size photographs are sufficient.
Limitations:
  • The account holder's account balance should not exceed more than Rs 50,000 at any time of the year.
  • The account holder can only get a credit of Rs 1 Lakhs every year.
  • A maximum of Rs 10,000 is allowed to be transacted and withdrawn from the account.
  • Foreign transfers are not applicable with this type of account.
  • Those who fail to follow these rules and regulations provided by the bank have to provide their KYC details and if not submitted, his/her Small Savings Bank Deposit Account will be closed by the bank.
Documents required:
  • The bank officials will not ask for any documents during the first year of the account.
  • The individual has to provide with proof to the bank that he/she has applied for government identifications after the individual's account completes one year.
  • Canara Bank Small Savings Bank Deposit Account application form can be acquired from any Canara Bank branch or their website.
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