Canara Bank Savings Account

Established in 1906 at Mangalore, Canara Bank was later nationalized by the government in 1969. The bank has expanded ever since and has overseas offices in  New York, London, Moscow,  Shanghai, Hong Kong, Bahrain, South Africa, Doha, Dubai, and Tanzania. In India, Canara bank has more than 6500 branches. 

Key Benefits of Canara Bank Savings Account

• Debit card
• Passbook
• Mobile banking and Net banking
• Joint account
• Minor account
• Senior citizen account
• Nomination facility 

Types Of Canara Bank Savings Account

1. Basic Savings Deposit Account: This account is designed to help the common man access basic banking facilities. One can open this type of account individually or jointly. Even a guardian can open it for a minor. The account balance cannot exceed Rs. 50,000 and the aggregate of all credit transactions should not exceed Rs. 1 lakh in a year. There is no minimum balance required. A debit card is issued, but restricted to only four free withdrawals in a month, exceeding which each transaction will carry a service charge of Rs.5. However, online transactions are free and without a limit. Internet and mobile banking facilities are available with this account.
2. Small Savings Bank Deposit Account: This account is meant for people who are unable to produce the required KYC documents. One can open this type of account only with their name, passport-size photo along with the signature or thumb impression. The features of this account are the same as the basic savings account. However, there are a few restrictions. Total monthly withdrawals and transfers are limited to Rs 10,000/. The account remains operational for 12 months, after which the account holder must provide the evidence of having applied for any valid official document in order to extend the account by another 12 months.
3. NSIGSE Savings Bank Deposit Account: This account works as per the directives of the Indian Government's MHRD. The account aims to reduce the rate of school dropouts. It also promotes the enrolment of girls belonging to the underprivileged communities in Secondary schools. Girls belonging to the SC or ST communities who have passed the 8th grade and enrolled for grade 9 in a state government school are eligible for opening this account. This account doesn't require any minimum balance, but withdrawals can be made only through withdrawal slips. The scheme excludes married girls and those studying in private institutions. 
4. Junior Savings Account: Minors above the age of 10 are eligible to open this type of account and operate it individually if they can provide a declaration from parents or guardians. This account comes with a personalized debit card which has a withdrawal limit of Rs 5000 in a month. This account also offers attractive education loan schemes for students. 
5. Jeevandhara: These are savings accounts for senior Indian citizens above the age of 60 years. This account doesn't require a minimum balance and limits ATM withdrawals to Rs. 25000 per day. It has facilities like health insurance, accident insurance and other basic banking features like net banking, mobile banking and SMS alerts. 
6. SB Power Plus: This account is an exclusive account, designed for premier customers. It offers a personalized platinum debit card for free for the first year, but requires a minimum average quarterly balance of Rs. 1 lakh. It offers facilities like accident insurance and other basic banking features like net banking, locker facility, mobile banking and SMS alerts. It also gives access to demat operations. 
7. Payroll Package Saving Bank Account: This account is for employers to pay salary to employees quickly through bank transfer, avoiding unnecessary paperwork. It is accessible to firms and  corporate companies that have a standing of minimum 1 year with at least 25 employees. A Platinum debit card with photo, which is free for the first year, is issued to the account holders with a withdrawal limit of Rs. 50,000. Additional facilities available with this account are personal accident insurance, overdraft facility and discuss on loan processing fees. 
8. Super Savings Salary Account: This account is for employers to pay salary to employees quickly through bank transfer, provided the employee strength is above 25. This is a zero balance account with a free passbook, debit card, and facilities such as sms alert, fund transfers, internet and mobile banking, health insurance, etc. 

How to Open Canara Bank Savings Account? 

• Visit the Canara Bank Website.
• Submit the required personal details.
• Select the bank's branch where you would like to operate.
• Upload scanned copies of the documents required.
• Receive a URN (Unique reference number) via SMS.
• Validate your mobile number and email.
• Print the application form.
• Visit the bank's branch with all the original documents.
• Deposit the minimum balance of Rs. 1000.
• Receive a welcome kit as your account is opened. 

Documents Required to Open a Savings Account

• Identity Proof: Passport, driver’s license with validity, Permanent Account Number (PAN) card, Voter ID card, Aadhaar Card, Government-issued photo identity card, NREGA Card, etc.
• Address Proof: Passport, driver’s license, Passbook of another bank, Electricity or phone bills, Ration card, etc. 
• Passport sized photographs 
• Specimen Signature card 
• Other related documents

 FAQs

What is Canara Bank Savings Account's minimum balance requirement?

One must maintain an average monthly balance of Rs 1000  for metro, urban and semi-urban branches and Rs 500 for rural branches. 

What are the other facilities available with Canara Bank Savings Account?

Some other facilities available with Canara Bank Savings Account include a Pass Book, Debit Card, internet and mobile banking, etc. 

Can I take a loan against a deposit on Canara Bank Savings Account?

No, this facility is not allowed by Canara Bank. 

When is the interest paid for Canara Bank Savings Bank Account?

The interest on Canara Bank Savings Account is paid on a half-yearly basis (February and August) on the daily balance that is maintained in the account.