Canara Bank Savings Account Opening, Interest Rate, Minimum Balance, Limits, Charges

Want to Open a savings account in the Canara Bank? Canara Bank also offers A zero-balance savings account, net banking, mobile banking, and UPI transfers. Check out the Canara Bank Savings Account Opening process, Interest Rate, Minimum Balance, Account Types, features, benefits, Limits, charges, Debit Cards, and More.

Canara Bank Savings Account

Ammembal Subba Rao Pai Founded Canara Bank is an Indian Multinational public-sector bank that operates in the Finance services, investment banking, loans, insurance, and Asset & wealth management sectors. Canara Bank has a wide range of 9,518 Branches and 13,423+ ATMs. By market capitalization, Canara Bank is India’s fourth-largest public sector bank and provides premium banking services.

Canara Bank has become a well-known name in the public banking sector. Canara Bank Provides Services like Retail, Corporate & Investment banking, Wealth & Asset Management, Private banking, Mortgage loans, Home Loans, Business loans, Fixed and Recurring Deposits, Mutual funds, Index funds, Credit cards, and Insurance.

Canara Bank offers 6 to 8 types of savings accounts to its customers. These accounts offer services like net banking, mobile banking, and UPI transfers. Also, Canara Bank’s savings account interest rate starts from 2.90% and goes up to 4.00%. This interest rate is slightly higher than the State Bank of India. SBI provides a 2.70% to 3.00% interest rate.

Canara Bank also provides zero-balance savings accounts like Small Savings Bank Deposit Account, Basic Savings Bank Deposit Account, and Jeevan Dhara SB Account, in that you don’t need to maintain a minimum monthly average balance. A monthly average balance between Rs. 500 to Rs. 1,00,000 in some accounts.

Also, the Canara Bank runs multiple subsidiaries like Canfin Homes Limited (CFHL), Canbank Factors Limited, Canbank Venture Capital Fund Limited, Canbank Computer Services Limited, Canara Bank Securities Limited, Canara Robeco Asset Management Company Limited, Canbank Financial Services Limited, and Canara HSBC Life Insurance Company Limited. As of February 2024, Canara Bank’s total market capitalization is $12.95 Billion, and the fourth-largest public sector bank.

So let us know Canara Bank’s Savings account opening process, zero balance Digital account opening, Savings Account Types, Interest Rate, Minimum Balance, features, charges, benefits, limits, and account closure process.

Canara Bank Savings Account minimum balance

Canara Bank has many types of Savings Accounts and they all have different Minimum Monthly Average balances. But generally, The minimum balance amount ranges from as low as Rs.500 to Rs.1,00,000 depending on account type. But there are zero-balance accounts Small Savings Bank Deposit Accounts, Basic Savings Bank Deposit Accounts, and Jeevan Dhara SB Accounts in which you don’t need to maintain a Monthly average balance.

Canara Bank Savings Account interest rate

Let us know what interest rate the Canara Bank gives you for a Savings Account. Canara Bank gives you interest ranging from 2.90% to 4.00% annually, this interest rate is based on the amount you deposited and provides interest quarterly. For more details, you can refer to the table given below.

Balance	Rate of Interest (2024)
Deposits Less Than Rs.50lakh	2.90% p.a
Deposits between Rs.50 lakh to Rs. 100 crore	2.90% p.a
Deposits between Rs. 100 crore to Rs. 500 crore	3.10% p.a
Deposits between Rs. 500 crore to Rs. 1000 crore	3.40% p.a
Deposits between Rs. 1000 crore to Rs. 2000 crore	3.55% p.a
Deposits Rs.2000 crore and above	4.00% p.a

* These charges may differ with time.

Read More: Bank of Baroda (BOB) Savings Account Opening, Interest Rate, Minimum Balance, Charges

Canara Bank Savings Account zero balance

Small Savings Bank Deposit Account, Basic Savings Bank Deposit Account, and Jeevan Dhara SB Account are zero-balance accounts and you don’t need to maintain a Monthly Average Balance. Get a 2.90% to 4.00% Interest Rate Per Annum with quarterly pay, Internet Banking, email statements, and more. For more details check out account types.

Canara Bank Savings Account types

Canara Bank Savings Account is very beneficial for business people, professionals, salaried class, business executives, self-employed people, housewives, senior citizens, Kids, students, and minors over the age of 10.

Canara Bank offers 6 to 8 types of savings accounts like Savings Bank Account, Canara Basic Savings Bank Deposit Account, Canara Small Savings Bank Deposit Account, Canara SB Power Plus, Canara NSIGSE Savings Bank Deposit Account, Canara Junior Savings Account, Canara Jeevandhara-SB Account for Senior Citizens, and Canara Payroll Package Saving Bank Account for customers.

Let’s get details on Canara Bank’s savings accounts Features, Minimum Balance, Interest Rate, Eligibility Criteria, Monthly Average Balance, and other requirements.

1. Canara Savings Bank Account

Canara Savings Bank Account provides A simple, convenient, and hassle-free option to save, manage, deposit, and withdraw funds effortlessly. This savings account comes with an extensive range of features and benefits including a debit card, mobile & net banking, Attractive Interest Rates, convenience fund transfer, and many more benefits.

Features: Internet Banking, Mobile Banking, Multiple withdrawal options, ATM-cum-Debit Card, Passbook, Standing Instructions, Cheque Collection, etc.

Eligibility: Citizen of India, The applicant should be 18 years or older, Hindu undivided family (HUF), KYC documents Like an Aadhaar Card, PAN Card, Passport, Voter ID Card, Driving Licence, and address proofs.

Initial Account Opening Funding: Nil.

Monthly Average Balance: Urban / Metro – Rs. 2000, Semi-urban – Rs. 1000, Rural – Rs. 500.

Debit Card: ATM-cum-Debit card

Interest Rate: 2.90% to 4.00% Per Annum.

Limits: You cannot take a loan against the available balance in the account.

2. Canara Basic Savings Bank Deposit Account

Canara Bank’s Basic Savings Bank Deposit Account is a zero balance No minimum balance required account and is designed for simplicity and accessibility. This power-packed savings account comes with Internet Banking, an online funds transfer, limitless deposits in a month, and Debit Card facilities.

Features: Internet Banking, Mobile Banking, Free UPI, NEFT & RTGS transactions, Passbook, ATM-cum-Debit Card, limitless deposits in a month, No minimum balance required, and online funds transfer will be free.

Eligibility: Citizen of India, The applicant should be 18 years or above, KYC documents Like an Aadhaar Card, PAN Card, Passport, Voter ID Card, Driving Licence, and address proofs.

Initial Account Opening Funding: Nil.

Monthly Average Balance: Nil.

Debit Card: ATM-cum-Debit Card.

Interest Rate: 2.90% to 4.00% Per Annum.

Limits: Maximum of 4 withdrawals ATM/Debit Card per month, after which a service charge of Rs. 5 is applicable.

3. Canara SB Power Plus Savings Account

Welcome to most premier customers. Canara Bank SB Power Plus Savings Account comes with more exclusive benefits but you need to maintain a minimum average quarterly balance of Rs. 1 lakh. This account provides a personalized Platinum debit card, complimentary credit card, SMS alerts, Net banking, mobile banking, auto sweep, cheque leaves, and premium banking facilities.

Features: Auto & Reverse Sweep, Internet Banking, Mobile Banking, Free Platinum Debit Card, Credit Card – First year free, Free up to 300 Cheque Leaves per annum, E-mail Statement, Free RTGS/NEFT, SMS Alerts, Free Standing Instruction.

Eligibility: Citizen of India, The applicant should be 18 years or above, Hindu Undivided Families (HUFs), Foreign Nationals Residing in India, and KYC documents Like an Aadhaar Card, PAN Card, Passport, Voter ID Card, Driving Licence, and address proofs.

Initial Account Opening Funding: Nil.

Quarterly Average Balance: Rs. 1,00,000.

Debit Card: Platinum debit card (Issuance Fee: ₹0)

Interest Rate: 2.90% to 4.00% Per Annum.

Limits: If the Account closed before One year, you need to pay a Rs.1000 penalty.

Read More: HDFC Savings Account Charges, Interest Rate, Minimum Balance, types

4. Canara Small Savings Bank Deposit Account

With Canara Bank’s Small Savings Bank Deposit Account, you can open your zero balance savings Account, But you Should not have any other operative accounts with the Bank and complete full KYC verification. This account comes with features like Free NEFT transactions from your phone, an Internet and Mobile Banking facility, a Passbook, and a Debit card.

Features: Free UPI, RTGS, NEFT Transaction, Internet and Mobile Banking facility, Passbook,  Debit card, Standing instruction, and Nomination facility available.

Eligibility: Citizen of India, Hindu Undivided Families (HUFs), The applicant should be 18 years or above, KYC documents Like an Aadhaar Card, PAN Card, Passport, Voter ID Card, Driving Licence, and address proofs.

Initial Account Opening Funding: Nil.

Monthly Average Balance: Nil.

Debit Card: Canara Bank Debit Card.

Interest Rate: 2.90% to 4.00% Per Annum.

Limits: All withdrawals and transfers in a month do not exceed Rs.10,000/-, the account balance must not exceed Rs.50,000, and the credits in a financial year are limited to Rs.1 lakh.

5. Canara NSIGSE Savings Bank Deposit Account

Canara Bank’s Canara NSIGSE Savings Bank Deposit Account is a zero balance Easy to Open account and No minimum balance is required. This account is very beneficial for the SC/ST socially backward communities and empowering the education of girls. This account proves the commitment to social responsibility.

NSIGSE Savings Bank Deposit Account has Customer-friendly features and No charge will be levied for non-operation. Also Features like Digital Banking Services, Deposit and withdrawal of cash, Electronic payment channels, Security of Funds, and Debit Card facility.

Features: Internet Banking, Free UPI, RTGS, NEFT Transaction, Cash deposits & Cash withdrawals are free of cost, Security of Funds, A Free passbook, and a debit card.

Eligibility: Citizen of India, The applicant should be an SC/ST girl, a Hindu Undivided Families (HUF).

Initial Account Opening Funding: Nil.

Daily Minimum Balance: Nil.

Debit Card: Canara Bank debit card.

Interest Rate: 2.90% to 4.00% Per Annum.

Limits: Married girls are not eligible.

6. Canara Junior Savings Account

Canara Bank Junior Savings Account is specially designed for above 10 years but below 18 years children. This account encourages children to save money at an early age. This Savings Account also provides a customizable debit card, higher interest rates, cash withdrawals, and many such benefits.

Features: Free Banking Services, Higher interest rates, Free Debit Cards, Free fund transfers up to Rs.10000/, an Attractive Education Loan Scheme for Students, Withdrawals are allowed through withdrawal slip.

Eligibility: Citizen of India, Kids only, The applicant should be above 10 years but below 18 years, Hindu undivided family (HUF).

Initial Account Opening Funding: Nil.

Monthly Average Balance: Rs.2,000 for Urban/ Metro, Rs.1,000 for Semi-Urban, Rs.500 for Rural Branches.

Debit Card: Free Customized Debit Card.

Interest Rate: 2.90% to 4.00% Per Annum.

Limits: Debit card withdrawal limit to Rs.5,000 per month, The total Debit Transaction limit per month is Rs.10,000/, The balance in the account should not exceed Rs.1,00,000.

7. Canara Jeevandhara SB Account

As an aged 60 years or older senior citizen, Manage your financial needs anytime with the Canara Bank Jeevandhara SB Account with a higher Interest Rate. This Savings Account is a zero-balance account with lots of offers. This account has features like Free UPI, NEFT & RTGS transactions, a free debit card with no maintenance charges, cheque book facilities, loans, locker facilities, and health insurance coverage.

Features: Internet Banking, a sweep-in and Sweep-out facility, Free UPI, NEFT & RTGS transactions, Free 60 Cheque leaves per annum, Free Rupay Platinum Debit Card, Free Unlimited ATM transactions, Free Credit Card issuance, Airport Lounge Facility, and health insurance.

Eligibility: Citizens of India, aged 60 years or older senior citizen, Hindu undivided family (HUF), KYC documents Like an Aadhaar Card, PAN Card, and address proofs.

Initial Account Opening Funding: Nil.

Monthly Average Balance: Nil.

Debit Card: Rupay Platinum Debit Card (Issuance Fee: ₹0, Annual Fee: ₹0)

Interest Rate: 2.90% to 4.00% Per Annum.

8. Canara Payroll Package Saving Bank Account

Canara Bank Payroll Package Saving Bank Account is specially designed for businesses with 25 or more employees. This account has many features like a Credit card, locker facility, bank transfers, Free NEFT/RTGS, Free Term Life Insurance, Personal Accidental Insurance, Air Accidental Insurance, and customizable cheque books.

Features: Internet Banking, free Platinum debit card, Free Term Life, Personal Accidental and Air Accidental Insurance, Instant Overdraft Facility, Unlimited Free Locker Operations, Free NEFT/RTGS/IMPS, Free SMS facility, Free Credit card issuance.

Eligibility: Citizen of India, The applicant should be 18 to 65 years old, KYC documents Like an Aadhaar Card, PAN Card, and address proofs.

Initial Account Opening Funding: Nil.

Monthly Average Balance: Nil.

Debit Card: Platinum Debit Card (Issuance Fee: ₹0)

Interest Rate: 2.90% to 4.00% Per Annum.

Limits: Withdrawal limit – Rs.1,00,000 per day, POS limit – Rs.5,00,000 per day, ATM withdrawal limit – Free at Canara bank ATM, At other bank ATMs 3 in metro cities and 5 in non-metro cities per month.

Read More: Kotak Mahindra Bank Savings Account Minimum Balance, Interest Rate, Charges, zero-balance

Canara Bank Savings Account Opening Process

You can open a savings account in the Canara Bank offline or online. You can go to the nearest Canara Bank branch or just request to open a Savings Account or go to a web portal or App to open your savings account.

Open a Canara Bank savings account online:

1. You can go on the Canara Bank web portal.
2. Go to “Savings Accounts” and choose “Online Open Account”.
3. Enter your email and phone number, and verify through OTP.
4. Enter your PAN and Aadhaar Card number details and also verify.
5. Enter all basic details like name, birth date, address, and more.
6. Complete your Video KYC and your bank account will activate.

Canara Bank Savings Account Opening Offline:

1. Just Visit the nearest branch of the Canara Bank.
2. Request for a Savings Bank account opening form.
3. Fill out the form and submit it along with your documents Aadhaar card, PAN card, and address documents.
4. Deposit the minimum amount, if required.
5. Verify your documents, and your account will be activated.

Read More: ICICI Bank Savings Account Opening, Interest Rate, Minimum Balance, types, Charges

Document Required for Open Saving Account in Canara Bank

If you are a citizen of India, 18 years or above, Men, Women, senior citizens, children, and Minors above 10 years are also eligible, Hindu undivided family (HUF), then you can open a savings account in Canara Bank. But for this, you need KYC documents and address proof for account opening.

But if you want to Open a Digital Account then you only need to PAN Card and an Aadhaar card with a registered mobile number, That’s it.

Required Document for Open Saving Account:

• 2 Latest passport-size photographs
• Identity Proof – Aadhaar Card, Driving License, Passport, Voter’s ID.
• Address Proof – Passport, Driving License, Voter’s ID, Utility Bill, Bank Statement, Bank Account Passbook.
• Job card issued by NREGA duly signed by an officer of the State Government.
• Letter issued by the National Population Register containing details of Name and Address.
• Signature Proof

Canara Bank Savings Account features

Canara Bank has some unique & premium features for Savings Accounts that can increase seamless banking experience.

• Canara Bank provides A complete secure banking solution.
• Free Net Banking and Mobile Banking.
• Free UPI, NEFT & RTGS transactions.
• Widest ATM networks across the country.
• free cheque book service.
• Free-standing instructions.
• Men, Women, senior citizens, and children can own accounts.
• Enjoy seamless banking transactions anywhere.
• Discounts and Rewards on online shopping, cinema tickets, food, and travel.

Canara Bank Savings Account charges

Canara Bank is operating in the public sector. For any bank To maintain their services they need to cut healthy charges from customers. Please read the Pricing & Charge documents carefully before opening an account in a bank.

Charges	Prices
Chequebook issuance charges	The first 25 leaves free in a financial year.Afterward, Rs.4 per cheque leaf.
Duplicate passbook	₹100
Card Replacement Fee	Rs. 300
Account Closure charges	Rs.200 (if closed after 14 days to 1 year of A/C opening), Beyond a year – Rs.100

* These charges may be different with time.

Canara Bank Savings Account statement

Canara Bank’s new and existing users can easily download e-statements online. It is time to move on to E-Statement.

Bank’s Web Portal:

1. Just log in to Canara Bank’s net banking portal.
2. Navigate to the ‘Accounts’ Tab and Click on the ‘Account Statement’ option.
3. Choose a date range for the Statement.
4. Choose the .pdf file format and ‘Download’.

On Mobile App:

1. Log in to the Canara AI1 Mobile Banking app.
2. click on the “e-Passbook” option under the “Pay & Transfer” section.
3. Choose a date range for the Statement,  Click the “Submit” button.
4. Your mini statement will be downloaded.
5. You will get a mini statement to your registered email address.

Also, You can Get a Canara Bank Mini Statement by Missed Call.

Canara Bank Savings Account closure form

Yes, you can close a Canara Bank account offline and Savings Account closing online is not available.

For account closure: You must fill out the physical Account Closure form and Submit it via request at your nearest branch along with the KYC documents, Debit Card, Passbook, and any remaining cheques to finalize the process.

If you close your Canara Bank Account between 14 days to 1 year or beyond 1 year then you should pay the Charges of Account closure. But, if an account is closed within 14 days of account opening, then you don’t need to pay any charges.

Here are the Savings Account Closure Charges:

1. Within 14 days – No Charge
2. 14 days to 1 year – ₹ 200/-
3. Beyond 1 year – ₹ 100/-

Read More: IndusInd Bank Savings Account Interest Rate, Minimum Balance, Types, Charges

Services Provide By Canara Bank

Services like Corporate banking, Retail banking, Investment banking, Private banking, Mortgage loans, Home Loans, Business loans, Gold Loans, Fixed and Recurring Deposits, Wealth, Investment & Asset Management, Mutual funds, Index funds, Insurance, and Credit card Provided by Canara Bank.

For More Info: Canara Bank

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