Canara Junior Savings Account

Canara Bank Junior Savings Account
Eligible Applicants Minors over 10 years of age (resident Indian)
Minimum Balance Not applicable
Interest Rate 3.20% on average balance calculated on a daily basis

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.

Features of Canara Bank Junior Savings Account

Here are the features of this Canara Bank Savings Account:

  • The minor will receive a personalized Debit Card in his/her name.
  • The monthly withdrawal cap on the card is Rs. 5,000.
  • The student can withdraw funds through a withdrawal slip at the bank branch.
  • Or, withdrawal is also possible through the Debit Card at ATMs.
  • The student can avail education loan from the bank to fund higher education.
  • On transactions, the person will receive an SMS alert on the registered mobile number provided by the parent/guardian in the declaration.
  • The individual will get the facility of an e-Info Book in multiple languages.
  • The person can transfer funds for free by DD or RTGS/NEFT to colleges or educational institutions.
  • The fund transfer or withdrawal is subject to a maximum amount of Rs. 10,000.

Canara Bank Junior Savings Account Interest Rates

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:

Minimum Average Monthly Balance
Savings Bank Account Urban/Metro Semi-Urban Rural
With the facility of chequebook Rs.1,000 Rs. 1,000 Rs. 500
Without the facility of a chequebook Rs.1,000 Rs. 1,000 Rs. 500

Canara Bank Junior Savings Account Transaction Limit

The limit for transactions (transfers and cash) on the account is as follows:

  • In a year, total credit in the account should not go over Rs. 1 lakh.
  • The account must always remain in credit.
  • After the minor attains 18 years of age, there are no restrictions apply.
  • Every month, the account holder can make a total debit transaction of up to Rs. 10,000.
  • The monthly debit transaction includes the maximum withdrawal limit per month of Rs. 5,000 on the Debit Card.
  • The total balance in the account at any point in time must not go over Rs. 50,000

How to Open a Canara Bank Junior Savings Account?

Here is how to open this Canara SB Account:

  • Duly fill and sign the account opening form.
  • The minor’s parent/guardian has to submit an authorization letter or declaration.
  • He/she has to provide two recent passport-size photographs.
  • The bank will also ask for a letter from the educational institution where the student studies.
  • Or instead of this, one can even provide a copy of the student's ID Card.
  • Apart from these, regular KYC documents are required for the account opening.

Frequently Asked Questions about Canara Bank Junior Savings Account

Here are the Canara Bank Savings Account FAQs:

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

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.