Canara Junior Savings Account

Canara Junior Savings Account scheme introduced by Canara Bank is valid for minors of age 10 years and above (Indian citizen). Declaration from the applicant's guardian/parents is a must. It allows the account holder to manage the account in his/her name and ability to operate their own money. Canara Junior Savings Account scheme was introduced for the purpose of getting the minors familiar with financial handlings and to develop a habit of savings in them.

Required Documents:

  • The applicant has to submit the application form with correct details to the respective bank along with the declaration from the applicant's guardian/parents and two passport size photographs.
  • The address proof of the applicant such as Aadhar card, passport, Student ID etc is required.

Balance and transaction limit:

  • The account balance must not exceed Rs 50,000 at any point.
  • The transaction limit of Rs 10,000 is set for both deposits and withdrawals and the account holder is allowed to withdraw an amount of Rs 5000 per month.
  • The credit limit is set to Rs 1, 00,000 per annum.

Canara Junior Savings Account features and benefits:

  • The account holder is provided with a customized debit card with his/her full name on it.
  • Canara Junior Savings Account will still be valid even after the applicant reaches 18 years of age.
  • It benefits with a wide range of offers and loan facilities (for education as well), which can be taken up the account holder.
  • The applicant will receive notifications regarding the transactions made with the account via SMS also with the likes of E-info book where one can track all the account details.
  • The account holder's guardian/parents are allowed to check on the account details and also they can keep a track on spending made by the subscriber.
  • This type of account is applicable for paying off the account holder's school fees.