Introduction:

Welcome to Pluto Money, your go-to source for financial insights. Today's feature explores Canara Bank savings accounts, covering different types, interest rates, eligibility, and more. Whether you're experienced at saving or just beginning, this guide will help you make informed banking decisions.

Types of Canara Bank Savings Accounts:

Canara Basic Savings Bank Deposit Account:

• Eligibility: Individuals singly or jointly; guardians for minors.
• Minimum Balance: None.
• Features: Unlimited monthly deposits, free Canara debit card, passbook, net, and mobile banking.

Canara Savings Bank Account:

• Eligibility: Individuals, Karta HUF, organizations, or agencies, jointly or singly.
• Minimum Balance: Rs 2,000 (Urban/Metro), Rs 1,000 (Semi-Urban), Rs 500 (Rural).
• Features: Daily balance interest, passbook, cheque book, online banking.

Canara SB Select Account:

• Eligibility: Individuals 18+ years old.
• Minimum Balance: Varies per location.
• Features: Open online, unrestricted initial deposit, daily interest, free RuPay Debit Card, lounge access, insurance.

Canara Small Savings Bank Deposit Account:

• Eligibility: Individuals without KYC documents.
• Minimum Balance: None.
• Features: Valid 12 months, nomination facility, balance limits, withdrawal restrictions.

Canara NSIGSE Savings Bank Deposit Account:

• Eligibility: Schoolgirls in specified institutions.
• Minimum Balance: Not required.
• Features: Passbook, cheques, transfers, nomination facility, eligibility criteria.

Canara Bank Savings Account Interest Rates, 2024:

Discover the updated Canara Bank savings account interest rates for 2024:

• Below Rs. 50 Lakh: 2.90%
• Rs 50 Lakh - Rs 5 Cr: 2.90%
• Rs 5 Cr - Rs 10 Cr: 2.95%
• Rs 10 Cr - Rs 100 Cr: 3.05%
• Rs 100 Cr - Rs 200 Cr: 3.50%
• Rs 200 Cr - Rs 300 Cr: 3.10%
• Rs 300 Cr - Rs 500 Cr: 3.10%
• Rs 500 Cr - Rs 1000 Cr: 3.40%
• Rs 1,000 Cr - Rs 2,000 Cr: 3.55%
• Rs 2,000 Cr and above: 4.00%

Disclaimer: Rates are subject to change, verify with the bank’s official site for the latest figures.

How to Open a Canara Bank Savings Account – Online & Offline:

Here’s how to open a Canara Bank savings account:

Online Account Opening:

• Visit Canara DiYA: Access the bank's online portal.
• Provide Details: Enter mobile and email for verification.
• Enter OTP: Verify with OTP sent to phone and email.
• Fill Form: Complete the account form with your information.
• Video KYC: Schedule a video call for verification.

Offline Account Opening:

• Visit Branch: Go to your nearest Canara Bank.
• Fill Form: Fill out the bank-provided form.
• Submit Documents: Provide ID proof, residence proof, photos, PAN card.
• Verification: Bank officials will verify your documents.
• Account Activation: Upon verification, your account will be activated.

Documents Required for Opening a Canara Bank Savings Account:

• ID Proof: Valid proof like Passport, PAN, Aadhaar.
• Residence Proof: Documents like Aadhaar, Voter ID, or utility bills.
• Photographs: Passport-sized colored photos.
• PAN Card: Mandatory for all holders.
• Birth Certificate: Required for minors without valid ID.
• Form 60: If PAN is unavailable, use Form 60.

Specifically for online, you'll need:

• PAN Card
• Aadhaar Card
• Signature on White Paper: Needed during video KYC.

Ensure these documents expedite account opening.

Fees & Charges of Canara Bank Savings Account:

Canara Bank’s savings account services may incur fees:

• Cheque Book: Rs 4/leaf after free (Rs 5 for current/overdraft). Free for seniors and staff.
• Passbook, e-Statements: Complimentary.
• Stop Payment (Cheques): Rs 100 to Rs 750, varies by type/location.
• Cash Withdrawals (Savings): Rs 100 per transaction after 5 free.
• Cash Withdrawals (Current/Overdraft): Re 1 per Rs 1,000 beyond Rs 5 lakh/month.

Benefits & Features of Canara Bank Savings Account:

Canara Bank savings accounts offer numerous benefits:

• Online Account Opening: Convenience for specific accounts.
• Junior Savings Account: For minors over 10 with guardian declaration.
• Senior Citizen Accounts: Jeevandhara for 60+ ages.
• Complementary Debit Cards: Available with most accounts.
• Zero Balance Accounts: Available for certain accounts.
• Free Services: Enjoy free passbooks, SMS alerts, e-statements.
• Mobile/Netbanking: User-friendly apps and online management.

This guide provides all the necessary details on Canara Bank savings accounts, including interest rates, account types, opening procedures, required documents, fees, and features. Choose a Canara Bank savings account that matches your requirements.

*[TDS]: Tax Deducted at Source