Canara Bank Jeevandhara Savings Account for Senior Citizens

Canara Bank Jeevandhara Savings Account for Senior Citizens
Initial Balance Zero
Interest Rate 2.90% to 3.20%
Eligibility Indian residents over 60 years of age

Canara Bank Jeevandhara Savings Account for Senior Citizens is for citizens over 60 years of age. The account can be opened with zero initial balance. And further, there is no requirement for minimum average balance requirements. The interest rate is at par with other such schemes of the bank. An extra interest rate of 0.50% is offered to senior citizen customers in the majority of banks but no such facility is granted in this scheme. Hence an interest rate applicable to general saving accounts shall apply to accounts opened under this account.

The scheme offers various offers and facilities designed specially as per the needs of the senior citizens. In this post, we will discuss Canara Bank Jeevandhara Senior Citizens Savings Account features, eligibility, facilities, the application process, and frequently asked questions.

Features of Canara Bank Jeevandhara - Savings account for senior citizens

Here are the Canara Bank Senior Citizens Savings Account features:

  1. Eligibility: All Indian Residents above the age of 60 years are eligible for opening an account under the scheme.
  2. Interest Payment: The bank pays interest to the account holders every quarter i.e., four times in a year on 1st of February, 1st of May, 1st of August, and 1st of November, every year.
  3. Locker Facility: A Locker is allocated to pension account holders on a priority basis. A 50% concession in annual rent is offered to those account holders who maintain a balance of more than Rs. 2 lakhs on an annual basis. 25% concession in locker rent is offered to other account holders under the Canara Bank Jeevandhara Savings Account scheme.
  4. Provisions on Debit Card and Account:
    • Cash withdrawal limit of Rs. 25000 per day from ATM
    • Free e-statement of account every month through email
    • Free passbook to every account holder under this scheme
    • 2 free NEFT/ RTGS payments every month
    • Free 60 leaves personalized cheque book per annum with the name of the account holder printed on each cheque
    • The facility of e-donation to specific institutions is available for free through ATM as well as net banking.
  5. Loan Facility: The facility of availing a loan is available in the “Reverse Mortgage Scheme” of the bank for all account holders having accounts under the Canara Bank Jeevandhara Savings account scheme. For pension account holders following 2 additional loan facilities are also available:
    • Loan facility of up to 10 times the monthly pension subject to a maximum of Rs. 2 lakhs under Canara Pension Product
    • TOD (Temporary Overdraft) facility is available to pension account holders under this scheme which may be granted for any amount up to 50% of the monthly pension on the request of a customer. Such a loan can only be granted after a lapse of 15 days from the credit of the last pension in the account.
  6. Personal Accidental Insurance Cover: The bank provides a special accidental insurance cover for account holders under this scheme which is Rs. 2 lakhs subject to fulfillment of any of the 2 conditions mentioned below:
    • The pension account is in Canara Bank. The cover of Rs. 2 lakh is available from the beginning of the month after the opening of such an account with the bank.
    • Having an account under the Canara Bank Jeevandhara Savings account with a minimum average balance of Rs. 20,000 for the previous year. The coverage shall apply from the beginning of the month after completion of 1 year from the date of account opening.

Frequently Asked Questions about Canara Bank Jeevandhara Savings Account

Here are the FAQs for this Canara Bank Savings Account:

Here are the benefits:

  • Free SMS alerts service
  • Free net banking
  • Free IMPS (Interbank Mobile Payment System)
  • Free debit card with the name and photograph of the account holder
  • Free unlimited ATM transactions on monthly basis (ONLY from the ATMs of Canara Bank)

The nomination facility is applicable under this scheme. The account holder can nominate any of his/ her legal heirs or close relatives to be nominated for the amount lying in the account in case of the death of the primary account holder.

Following facilities shall not be allowed under this scheme:

  • Special rates for bulk deposits
  • The special interest rate for senior citizens
  • Loan against deposit

Following documents need to be furnished for opening an account under Canara Bank Jeevandhara Savings account along with the application for the opening of the same:

  • Age proof to certify the senior citizen status
  • Copy of PAN card or form 60/61
  • 2 latest passport size photographs
  • Specimen of signatures
  • KYC Document- address proof and identity proof

The bank assists in the writing and execution of will at a nominal fee with full confidentiality.

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