Canara Bank Junior Savings Account allows minors over 10 years of age (Indian citizens) to build a corpus. A declaration from the applicant's guardian/parents is a must. It allows the account holder to manage the account in his/her name and the ability to operate their own money. This type of account is applicable for paying off the accountholder's education fees. This savings bank (SB) account helps minors to familiarize themselves with financial handlings. It also aids to develop a habit of savings in them.
In this post, we will discuss Canara Bank Junior Savings Account features, interest rates, transaction limit, how to open the SB account, and frequently asked questions.
Here are the features of this Canara Bank Savings Account:
There is no requirement for a minimum balance. The Canara Bank Junior Savings Account Interest Rate is 3.20%. As per the RBI norms, the bank calculated the interest on the average balance in the account. The calculation is on the daily basis. The interest is payable quarterly, annually, or monthly.
The formula to calculate Canara Bank savings accounts interest on daily balance is Interest = Amount (Daily balance)*(No of days)* Interest/Days in the year.
Here are the charges otherwise for other Canara Bank Savings Accounts:
The limit for transactions (transfers and cash) on the account is as follows:
Here is how to open this Canara SB Account:
Here are the Canara Bank Savings Account FAQs:
The account holder receives a customized debit card with his/her full name on it.
It benefits from a wide range of offers and loan facilities (for education as well).
The accountholder's guardian/parents can check the account details and keep track of spending the subscriber undertakes. They will receive an e-Info book to track all the account details.
Canara Junior Savings Account is valid even after the applicant reaches 18 years of age.
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