Introduction and Canara Bank Savings Account Types

Introduction and Canara Bank Savings Account Types

Introduction:

Welcome to Pluto Money, your ultimate destination for financial insights. In today's article, we delve into the realm of Canara Bank savings accounts, exploring the various types, interest rates, eligibility criteria, and much more. Whether you're a seasoned saver or just starting your financial journey, this guide will equip you with all the necessary information to make informed decisions about your banking needs.

Types of Canara Bank Savings Accounts:

Canara Bank, a leading public sector bank in India, offers a diverse range of savings bank accounts tailored to meet the diverse needs of its customers. Here's a detailed look at some of the prominent options:

  • Canara Basic Savings Bank Deposit Account:

    • Eligibility Criteria: Individuals in single or joint holding capacity; guardians on behalf of minors.

    • Minimum Balance Requirement: Nil.

    • Features: Unlimited monthly deposits, complementary Canara debit card, passbook, net banking, and mobile banking facilities.

  • Canara Savings Bank Account:

    • Eligibility Criteria: Individuals, Karta HUF, organizations, or agencies in single or joint holding capacity.

    • Minimum Balance Requirement: Rs 2,000 (Urban/Metro branches), Rs 1,000 (Semi-Urban), Rs 500 (Rural branches).

    • Features: Interest calculated on daily balance, passbook, cheque book, internet banking, and mobile banking facilities.

  • Canara SB Select Account:

    • Eligibility Criteria: Individuals aged 18 years or more.

    • Minimum Monthly Average Balance: Varies based on location.

    • Features: Can be opened online, no capping on initial deposit, interest calculated on daily balance, complimentary Canara RuPay Debit Card, airport lounge access, personal accident insurance, and more.

  • Canara Small Savings Bank Deposit Account:

    • Eligibility Criteria: For individuals unable to provide KYC documents.

    • Minimum Balance Requirement: Nil.

    • Features: Operative for 12 months, nomination facility provided, maximum balance limit, and withdrawal restrictions.

  • Canara NSIGSE Savings Bank Deposit Account:

    • Eligibility Criteria: For school-going girls enrolled in specified educational institutions.

    • Minimum Balance Requirement: Not applicable.

    • Features: Passbook, cheques, direct fund transfers, nomination facility, with certain eligibility criteria.

Canara Bank Savings Account Interest Rates, 2024:

Now, let's take a closer look at the updated interest rates for Canara Bank savings accounts in 2024:

  • Outstanding Balance | Rate of Interest (p.a.)

    • Less than Rs. 50 Lakh: 2.90%

    • Rs 50 Lakh to less than Rs 5 Cr: 2.90%

    • Rs 5 Cr to less than Rs 10 Cr: 2.95%

    • Rs 10 Cr to less than Rs 100 Cr: 3.05%

    • Rs 100 Cr to less than Rs 200 Cr: 3.50%

    • Rs 200 Cr to less than Rs 300 Cr: 3.10%

    • Rs 300 Cr to less than Rs 500 Cr: 3.10%

    • Rs 500 Cr to less than Rs 1000 Cr: 3.40%

    • Rs 1000 Cr & less than Rs 2000 Cr: 3.55%

    • Rs 2000 Cr & above: 4.00%

Disclaimer: The above-stated Canara Bank savings bank deposit rates may change at any time. Please check the bank’s official website for the most recent data.

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

Now, let's explore the steps to open a Canara Bank savings account, both online and offline:

Online Account Opening:

  • Visit Canara DiYA: Go to Canara DiYA, the online account opening portal by the bank.

  • Provide Details: Enter your registered mobile number and email ID for verification.

  • Enter OTP: Provide the OTP sent to your mobile number and email ID for verification.

  • Fill Form: Fill out the account opening form with your details.

  • Video KYC: Schedule a video call with a bank official for verification and assistance.

Offline Account Opening:

  • Visit Branch: Visit your nearest Canara Bank branch.

  • Fill Form: Fill out the account opening form provided by the bank.

  • Submit Documents: Submit the required documents, including ID proof, residence proof, photographs, and PAN card.

  • Verification: Your documents will be verified by the bank officials.

  • Account Activation: Once verified, your account will be activated, and you will receive your account details.

Documents Required for Opening a Canara Bank Savings Account:

Whether you're opening a Canara Bank savings account online or offline, certain documents are necessary:

  • ID Proof: Provide a valid ID proof such as a Passport, PAN Card, Aadhaar, etc.

  • Residence Proof: Submit residence proof like Aadhaar, Voter’s ID card, or utility bills.

  • Passport-sized Photographs: Carry passport-sized colored photographs for account opening.

  • PAN Card: PAN Card is mandatory for all account holders.

  • Birth Certificate: For minors without a valid government ID mentioning their DOB, a birth certificate is required.

  • Form 60: In case a PAN card is not available, Form 60 can be presented.

When opening a Canara Bank savings account online, you'll specifically need:

  • PAN Card

  • Aadhaar Card

  • Signature on White Paper: You'll be required to provide your signature on white paper during the video KYC process.

Ensure you have these documents ready to expedite the account opening process.

Fees & Charges of Canara Bank Savings Account:

Using Canara Bank's savings account services might incur certain fees and charges:

  • Cheque Book: Rs 4/ leaf after complementary leaves (Rs 5 for current account, overdraft account). No charges for senior citizens and Canara Bank staff.

  • Passbook, e-Statement Issuance: Free of charge.

  • Stop Payment Instructions (Cheques): Range from Rs 100 to Rs 500 (Rural), Rs 150 to Rs 750 (Non-Rural), and Rs 250 to Rs 700 (For non-individual accounts).

  • Cash Withdrawals at Branch (Savings Accounts): Rs 100 per transaction (after 5 free withdrawals).

  • Cash Withdrawals at Branch (Current Accounts or Overdraft Accounts): Re 1 per Rs 1,000 (after Rs 5 lakh in a month).

Benefits & Features of Canara Bank Savings Account:

Like any other savings account, Canara Bank offers basic features along with additional benefits:

  • Online Account Opening: Specific accounts can be opened online for convenience.

  • Junior Savings Account for Minors: Minors above 10 years old can operate their accounts with a parent or guardian's declaration.

  • Special Accounts for Senior Citizens: Jeevandhara account for individuals aged 60 years or above.

  • Complementary Debit Cards: Most accounts come with complimentary Canara Bank debit cards.

  • Zero Balance Savings Accounts: Certain accounts have zero balance requirements.

  • Free Passbook, SMS Alerts, and e-Statements: Enjoy free passbook maintenance, SMS alerts, and e-statements via email.

  • Mobile Banking and Netbanking: Easy-to-use mobile banking app and netbanking facilities for convenient account management.

These features make Canara Bank savings accounts a popular choice among customers.

With this comprehensive guide, you're equipped with all the information you need to know about Canara Bank savings accounts, including interest rates, types of accounts, how to open one, required documents, fees and charges, and the benefits they offer. Make an informed decision and choose the Canara Bank savings account that best fits your needs.

Introduction:

Welcome to Pluto Money, your ultimate destination for financial insights. In today's article, we delve into the realm of Canara Bank savings accounts, exploring the various types, interest rates, eligibility criteria, and much more. Whether you're a seasoned saver or just starting your financial journey, this guide will equip you with all the necessary information to make informed decisions about your banking needs.

Types of Canara Bank Savings Accounts:

Canara Bank, a leading public sector bank in India, offers a diverse range of savings bank accounts tailored to meet the diverse needs of its customers. Here's a detailed look at some of the prominent options:

  • Canara Basic Savings Bank Deposit Account:

    • Eligibility Criteria: Individuals in single or joint holding capacity; guardians on behalf of minors.

    • Minimum Balance Requirement: Nil.

    • Features: Unlimited monthly deposits, complementary Canara debit card, passbook, net banking, and mobile banking facilities.

  • Canara Savings Bank Account:

    • Eligibility Criteria: Individuals, Karta HUF, organizations, or agencies in single or joint holding capacity.

    • Minimum Balance Requirement: Rs 2,000 (Urban/Metro branches), Rs 1,000 (Semi-Urban), Rs 500 (Rural branches).

    • Features: Interest calculated on daily balance, passbook, cheque book, internet banking, and mobile banking facilities.

  • Canara SB Select Account:

    • Eligibility Criteria: Individuals aged 18 years or more.

    • Minimum Monthly Average Balance: Varies based on location.

    • Features: Can be opened online, no capping on initial deposit, interest calculated on daily balance, complimentary Canara RuPay Debit Card, airport lounge access, personal accident insurance, and more.

  • Canara Small Savings Bank Deposit Account:

    • Eligibility Criteria: For individuals unable to provide KYC documents.

    • Minimum Balance Requirement: Nil.

    • Features: Operative for 12 months, nomination facility provided, maximum balance limit, and withdrawal restrictions.

  • Canara NSIGSE Savings Bank Deposit Account:

    • Eligibility Criteria: For school-going girls enrolled in specified educational institutions.

    • Minimum Balance Requirement: Not applicable.

    • Features: Passbook, cheques, direct fund transfers, nomination facility, with certain eligibility criteria.

Canara Bank Savings Account Interest Rates, 2024:

Now, let's take a closer look at the updated interest rates for Canara Bank savings accounts in 2024:

  • Outstanding Balance | Rate of Interest (p.a.)

    • Less than Rs. 50 Lakh: 2.90%

    • Rs 50 Lakh to less than Rs 5 Cr: 2.90%

    • Rs 5 Cr to less than Rs 10 Cr: 2.95%

    • Rs 10 Cr to less than Rs 100 Cr: 3.05%

    • Rs 100 Cr to less than Rs 200 Cr: 3.50%

    • Rs 200 Cr to less than Rs 300 Cr: 3.10%

    • Rs 300 Cr to less than Rs 500 Cr: 3.10%

    • Rs 500 Cr to less than Rs 1000 Cr: 3.40%

    • Rs 1000 Cr & less than Rs 2000 Cr: 3.55%

    • Rs 2000 Cr & above: 4.00%

Disclaimer: The above-stated Canara Bank savings bank deposit rates may change at any time. Please check the bank’s official website for the most recent data.

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

Now, let's explore the steps to open a Canara Bank savings account, both online and offline:

Online Account Opening:

  • Visit Canara DiYA: Go to Canara DiYA, the online account opening portal by the bank.

  • Provide Details: Enter your registered mobile number and email ID for verification.

  • Enter OTP: Provide the OTP sent to your mobile number and email ID for verification.

  • Fill Form: Fill out the account opening form with your details.

  • Video KYC: Schedule a video call with a bank official for verification and assistance.

Offline Account Opening:

  • Visit Branch: Visit your nearest Canara Bank branch.

  • Fill Form: Fill out the account opening form provided by the bank.

  • Submit Documents: Submit the required documents, including ID proof, residence proof, photographs, and PAN card.

  • Verification: Your documents will be verified by the bank officials.

  • Account Activation: Once verified, your account will be activated, and you will receive your account details.

Documents Required for Opening a Canara Bank Savings Account:

Whether you're opening a Canara Bank savings account online or offline, certain documents are necessary:

  • ID Proof: Provide a valid ID proof such as a Passport, PAN Card, Aadhaar, etc.

  • Residence Proof: Submit residence proof like Aadhaar, Voter’s ID card, or utility bills.

  • Passport-sized Photographs: Carry passport-sized colored photographs for account opening.

  • PAN Card: PAN Card is mandatory for all account holders.

  • Birth Certificate: For minors without a valid government ID mentioning their DOB, a birth certificate is required.

  • Form 60: In case a PAN card is not available, Form 60 can be presented.

When opening a Canara Bank savings account online, you'll specifically need:

  • PAN Card

  • Aadhaar Card

  • Signature on White Paper: You'll be required to provide your signature on white paper during the video KYC process.

Ensure you have these documents ready to expedite the account opening process.

Fees & Charges of Canara Bank Savings Account:

Using Canara Bank's savings account services might incur certain fees and charges:

  • Cheque Book: Rs 4/ leaf after complementary leaves (Rs 5 for current account, overdraft account). No charges for senior citizens and Canara Bank staff.

  • Passbook, e-Statement Issuance: Free of charge.

  • Stop Payment Instructions (Cheques): Range from Rs 100 to Rs 500 (Rural), Rs 150 to Rs 750 (Non-Rural), and Rs 250 to Rs 700 (For non-individual accounts).

  • Cash Withdrawals at Branch (Savings Accounts): Rs 100 per transaction (after 5 free withdrawals).

  • Cash Withdrawals at Branch (Current Accounts or Overdraft Accounts): Re 1 per Rs 1,000 (after Rs 5 lakh in a month).

Benefits & Features of Canara Bank Savings Account:

Like any other savings account, Canara Bank offers basic features along with additional benefits:

  • Online Account Opening: Specific accounts can be opened online for convenience.

  • Junior Savings Account for Minors: Minors above 10 years old can operate their accounts with a parent or guardian's declaration.

  • Special Accounts for Senior Citizens: Jeevandhara account for individuals aged 60 years or above.

  • Complementary Debit Cards: Most accounts come with complimentary Canara Bank debit cards.

  • Zero Balance Savings Accounts: Certain accounts have zero balance requirements.

  • Free Passbook, SMS Alerts, and e-Statements: Enjoy free passbook maintenance, SMS alerts, and e-statements via email.

  • Mobile Banking and Netbanking: Easy-to-use mobile banking app and netbanking facilities for convenient account management.

These features make Canara Bank savings accounts a popular choice among customers.

With this comprehensive guide, you're equipped with all the information you need to know about Canara Bank savings accounts, including interest rates, types of accounts, how to open one, required documents, fees and charges, and the benefits they offer. Make an informed decision and choose the Canara Bank savings account that best fits your needs.

Download App

Explore More

Managing assets totalling over 1 crore+