Canara Bank Super Savings Salary Account

Canara Bank Super Savings Salary Account
Initial Deposit Zero
Monthly Average Balance Rs. 1,000
Interest Rate 2.90% onward
Purpose of the Account Salary account for employees

Canara Bank Super Savings Salary Account now known as Canara Payroll Package Scheme is a savings account with no requirement for an initial deposit amount. It is specially designed for employees of corporates. The firm must have at least 25 workers and 1-year standing. It is a running (operating) account. The standard interest rate (starting from 2.90%) for a savings bank (SB) account applies to this scheme. A nomination facility is available.

In this post, we will discuss the Canara Payroll Package Scheme features, eligibility, interest rates, documents required, savings account value-added services, and frequently asked questions.

Features of Canara Bank Super Savings Salary Account

Here are the features of the Canara Payroll Package Scheme:

  • The monthly average balance in the account should be Rs. 1,000.
  • The balance is accounted for from the month succeeding the account opening.
  • Per annum, Rs. 100 is collected if you do not maintain the minimum balance.
  • You can use Canara ATMs free of cost. However, the usage at domestic VISA ATMs is free for 5 transactions in non-metro cities and 3 in metro cities each month.
  • The next transaction fee would be Rs. 5 for non-financial transactions and Rs. 15 for financial ones.

Eligibility for Canara Bank Salary Account

Here are the eligibility norms for Canara Payroll Package Scheme:

  • The eligible firms and corporates are those with a minimum of 25 employees.
  • They should have a minimum standing of 1 year.
  • The employees’ salary mandatorily must get the salary credit to Canara Payroll Package Scheme SB Account.

Canara Bank Super Savings Salary Account Interest Rates

Here is more information on Canara Payroll Package Scheme Interest Rate:

  • The interest rate is 2.90% for a balance less than Rs. 50 lakhs.
  • The rate is 3% for a balance of Rs. 100 crores but less than Rs. 300 crores.
  • The rate is 3.05% for a balance of Rs. 300 crores and less than Rs. 500 crores.
  • The rate is 3.20% for a balance of Rs. 500 crores and more.
  • The interest is calculated on a daily basis.
  • The interest amount is credited every quarter.
  • The credit of interest every year is on the 1 Feb, 1 May, 1 August, and 1 of November.

Documents for Canara Bank Salary Account

Here are the documents for Canara Payroll Package Scheme:

  • Proof of Photo ID and address as per KYC norms
  • Two copies of the depositor’s photograph
  • Specimen Signature Card
  • Duly filled and signed application form
  • Copy of PAN Card or Form 60/61

Value-Added Services - Canara Bank Payroll Package Scheme

Here are the details about value-added services:

  • You will get a free Platinum Debit Card with a photo.
  • Also, you will get a personalized cheque book of 200 leaves for free per annum.
  • The statement of account is through email. You will get the same for free every 15 days.
  • Demat account is available with a trading account.
  • You receive services such as net banking, RTGS, NEFT, SMS alerts, interbank mobile payment, ASBA facility
  • Free unlimited ATM transactions in the bank’s ATMs.
  • The limit for cash withdrawal through the ATM of Canara Bank is Rs. 50,000.
  • You can reset the password for IMB (Internet and Mobile Banking) free of cost.

Canara Bank Super Savings Salary Account FAQs

Here are the frequently asked questions:

Personal accident insurance in case of death worth Rs. 2 lakhs to Rs. 8 lakhs for self or spouse. This facility is available with Platinum Credit Card/Debit Card.

The credit limit for the credit card is based on the annual income. It is issued free of charge for the first year.

Two Demand Drafts are free per month. The limit is based on the net salary credited in the last month.

You can temporarily overdraw in a situation of an emergency is permissible up to 50% of last month’s net salary. But the same is subjected to a ceiling of net monthly salary:

  • If your salary per month is up to Rs. 50,000 then you can overdraw Rs. 10,000.
  • You can overdraw Rs. 25,000 for net salary between Rs 50,001 to Rs 1,00,000.
  • You can overdraw Rs. 50,000 if your net salary per month is over Rs. 1 lakh.
  • All of these are valid twice in a calendar year for 15 days only.

Get a 50% discount on processing fees for loans such as vehicle loans, home loans, Canara Budget, and others.