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Savings Account

Canara Bank offers its rich experience in catering to the daily financial needs of Indians in the form of Canara Bank savings accounts. A savings account from Canara Bank is designed keeping in mind the prospective customer to ensure maximum financial inclusion of every section of the Indian society.

The types of Canara Bank savings accounts are:

  • Canara Champ Deposit Scheme
  • Canara Small Savings Bank Deposit Account
  • Canara Jeevandhara SB Account For Senior Citizens
  • Canara SB Power Plus
  • Canara Payroll Package Saving Bank Account
  • Regular Savings Bank Account
  • Canara Gold Savings Bank Account
  • Canara Basic Savings Bank Deposit Account
  • Canara NSIGSE Savings Bank Deposit Account
  • Canara Junior Saving Account

Details of Canara Bank savings accounts are mentioned below:

Canara Champ Deposit Scheme

Canara Champ Deposit Scheme

  • A type of savings account created for children up to 12 years of age
  • Nominal initial deposit amount which should be a minimum of Rs. 100
  • No penalty in case of non-maintenance of minimum balance
  • No cheque book is issued in this savings account with Canara Bank. Customer may view the account details through C-Net banking facility.
  • Account can solely be in name of the child as no joint account is permissible
  • The account shall be converted to a normal savings account once the child attains the age of 18 years
  • In order to avail an education loan under this account, there should be at least 2 credits in 6 months totalling Rs. 500 in rural and semi-urban branches. For urban and metro branches, a minimum of 2 credits in 6 months should aggregate to Rs. 1,000 excluding interest.
  • Canara Bank offers a unique feature which converts the surplus balance beyond Rs. 15,000 into Kamdhenu Deposit Scheme in order to enjoy a better rate of interest. However, this feature is available only on request.
  • An attractive gift in the form of a savings box to nurture the habit of savings from early age in children
  • An appealing photo folder along with personal details and 16 pouches to keep photographs of the child and record unforgettable moments
  • A complimentary collection of cheques and demand drafts gifted to the child for an amount up to Rs. 25,000 per year

Canara Small Savings Bank Deposit Account

  • A saving account dedicated to the weaker sections of the Indian economy who are unable to furnish the standard KYC documents for account opening
  • Account is available to resident individuals in their names
  • No KYC documents are required to open the account. Only 2 recent passport size colour photographs and account opening form are the mandatory requirements.
  • Cash deposit and withdrawal at Canara Bank branches and any credit of amount via electronic channels such as NEFT, etc. is allowed. However, there is a restriction on the maximum balance in the account. The maximum permissible credit amount is Rs. 1 lakh in a year and the maximum withdrawal amount within a month should not exceed Rs. 10,000.
  • At no point in time, the maximum balance in the account should exceed Rs. 50,000
  • No foreign remittance is permitted into the small saving bank account until and unless customer furnishes any requisite KYC documents
  • Any violation of the permissible transaction shall lead to conversion of account into a regular saving account, wherein the customer has to mandatorily provide the KYC documents
  • The account shall be reviewed post 12 months of account opening and customer has to provide the evidence to have applied for obtaining any officially valid documents

Canara Jeevandhara SB Account For Senior Citizens

  • A saving account crafted to meet the financial needs of senior citizens
  • Canara Bank minimum balance requirements are nil, as is the initial balance requirement in this account
  • Free of cost debit card with Rs. 25,000 per day cash withdrawal limit
  • Unlimited ATM access at Canara Bank network ATM centres
  • Free personalized debit card and cheque book in this savings account with Canara Bank
  • Nil charges for 2 domestic remittances
  • Apart from regular saving account services, a host of health insurance benefits for the senior citizens accounts against minimal premium
  • Discounts of up to 15% on medicines and up to 20% of diagnostics services
  • Loan facilities for pensioners and temporary overdraft facility for non-pensioner account holders
  • Locker facilities are also available at concessional rates
  • Legal assistance in preparation and execution of will at marginal charges
  • Personal accidental insurance cover of Rs. 2 lakh

Canara SB Power Plus

  • A premium saving accounts with many privileges
  • Available to resident individuals in a single or joint mandate (joint savings accounts), a guardian on behalf of a minor, clubs, associations, trusts, institutions, etc.
  • Also available to NRE and NRO customers for savings with Canara Bank
  • No requirement of initial deposit. The average monthly balance requirement is of Rs. 1 lakh.
  • Half yearly interest payout in the account at the rate of 4% per annum
  • Free of cost personalized platinum debit card with Rs. 50,000 cash withdrawal limit
  • State-of-the-art net banking services and SMS alert facility is offered absolutely free
  • Nil charges for demand draft, pay order, RTGS and NEFT in the account
  • Auto sweep facility wherein customer may transfer surplus funds into term deposit of amounts in excess of Rs. 1 lakh by giving a one-time request mentioning the period of the term deposit
  • 300 cheque leaves per year without any charges
  • Waiver on credit card annual charges for the first year
  • Nil charges for a demat account along with trading account

Canara Payroll Package Saving Bank Account

  • A saving account for the employees of reputed firms having minimum 25 employees
  • No initial account opening amount. The minimum average balance requirement is Rs. 1,000. Non-maintenance of the average balance shall lead to a charge of Rs. 100 per month.
  • Half yearly interest payout in the account at the rate of 4% per annum
  • Free of cost personalized platinum debit card with Rs. 50,000 cash withdrawal limit
  • State-of-the-art net banking services and SMS alert facility is offered absolutely free in this savings account with Canara Bank
  • 2 demand drafts free per month, up to the net salary credit received during the previous month
  • 200 cheque leaves per year without any charges
  • Personal accidental death insurance cover of Rs. 2 lakh to Rs. 8 lakh for self/ spouse along with the Platinum Debit Card/ Credit Card
  • Temporary overdraft facility for an emergency requirement of cash, permitted up to 50% of the previous month’s net salary. The maximum number of overdrawing is restricted to 2 times in a calendar year.

Net Monthly Salary

Maximum Eligible Overdrawing

Up to Rs. 50,000 per month

Rs. 10,000

Between Rs. 50,001 to Rs. 1 lakh per month

Rs. 25,000

Above Rs. 1 lakh per month

Rs. 50,000

  • Special discount on loan products such as home loan, vehicle loan etc.
  • Waiver on credit card annual charges for the first year
  • Nil charges for demat account along with trading account
  • Other services include Inter-Bank Mobile Payment System (IMPS), SMS alerts, ASBA facility

Regular Savings Bank Account

  • A regular saving account designed to cater to the daily financial needs of mass customer base
  • Available to resident individuals in a single or joint mandate, a guardian on behalf of a minor, clubs, associations, trusts, institutions, etc.
  • The average monthly balance requirement for metro, urban and semi-urban locations is Rs. 1,000. For rural branches, the minimum average balance requirement is Rs. 500.
  • Half yearly interest payout in the account at the rate of 4% per annum
  • Free of cost personalized ATM-cum-Debit Card
  • State of the art net banking services and SMS alert facility is offered absolutely free
  • Nil charges for first 2 demand draft/ pay order, subject to minimum average balance maintained in the account
  • Other services include free of cost Canara Bank savings account online internet and mobile banking facilities, standing instructions or revocation, cheque collection, etc.

SB Gold Saving Account

  • An elite saving account for those who seek premium services in a savings account
  • Initial deposit of Rs. 50,000 and minimum average balance required is also Rs. 50,000
  • 50% concession demand draft issuance charges and Funds transferred via NEFT and RTGS
  • Nil charges for debit card
  • Canara Bank offers a free of cost credit card to the primary account holder
  • Rebate on charges for demat account
  • Anywhere Banking (AWB) facility without any extra cost
  • Auto sweep facility wherein customer may transfer surplus funds into term deposit of amounts in excess of Rs. 1 lakh by giving a one-time request mentioning the period of the term deposit
  • Personalized cheque book and debit card without any charges
  • Free funds transfer by using internet banking and nil charges for telebanking facility
  • Nil ledger folio charges

Canara Basic Savings Bank Deposit Account

  • A saving account designed to meet the financial requirements of the common man with simple documentation procedure
  • Zero initial balance and monthly balance requirement
  • ATM-cum-Debit Card is available
  • Customer may deposit and withdraw cash at bank branch and ATMs using cheque book and ATM card issued with the account
  • Customer may also receive any credit of money vide the available electronic payment channels or by means of deposit/ collection of cheques drawn by central/ state government agencies and departments
  • The deposit or collection of government cheques is permissible
  • No limit on the number of deposits, however, a maximum of 4 withdrawals are allowed in a month which includes ATM withdrawals. For ATM withdrawals exceeding 4 transactions per month, a charge of Rs. 5 per withdrawal would be levied.
  • Nil charge for inactive or inoperative accounts
  • Other facilities include issue of a pass book, internet and mobile banking facilities, transfer of account from one branch to another, placing or revocation of standing instructions, etc.

Canara NSIGSE Savings Bank Deposit Account

  • A saving account specially designed as per recommendation of the Ministry of Human Resources Development, Government of India to reduce the number of school dropouts and to encourage the enrolment of girl child, particularly those belonging to the SC/ ST communities in secondary schools
  • Canara Bank savings account eligibility states that this account is available to all girls hailing from SC/ ST communities who have passed class VIII and girls who have cleared class VIII examination from Kasturba Gandhi Balika Vidyalayas and have enrolled for class IX in state government or government funded or local body schools for the academic year 2008-09 onwards
  • The account holder shall be able to deposit and withdraw cash at Canara Bank branches, receive money through electronic payment channels or by means of deposit/ collection of cheques, etc.
  • No charge is applicable for non-operation of a Canara NSIGSE Savings Bank Deposit Account
  • Even in case the account hasn’t been operating for more than 2 years, the same shall not be classified as inoperative
  • The account is primarily a zero balance account and there is no requirement of any initial deposit in the account
  • Married girls are debarred from the scheme
  • The account is not available for girl students studying in private unaided schools or schools run by the central government
  • There is no restriction of income criteria for grant of incentive to girls

Canara Junior Saving Account

  • A minor student saving account for those children who can open a savings account and operate it on their own
  • A declaration from the parent or guardian is mandatory
  • Free personalized debit card is offered along with the account
  • The maximum withdrawal can be of Rs. 5,000 per month by using debit card
  • Withdrawals can also be made at Canara Bank branches using withdrawal slips
  • The total withdrawal per month allowed is Rs. 10,000 including maximum monthly withdrawal limit by using debit card of Rs. 5,000
  • At any point in time, the aggregate credits in accounts should not exceed Rs. 1 lakh per year
  • The net available balance in the account should not exceed more Rs. 50,000
  • The account shall be converted to a normal savings account once the child attains majority and hence all the restrictions shall be revoked
  • No charges for fund transfer to colleges or educational institutions through demand draft or NEFT/ RTGS. However, a maximum withdrawal/ transfer of Rs. 10,000 is permitted.

Canara Bank Saving Account Interest Rates

Type

Rate of Interest (%) p.a.

Minimum Average Monthly Balance
(w.e.f. 1.4.2015)

Savings Bank A/C

General Public

Senior Citizen

Rural

Semi-Urban

Urban/ Metro

Domestic (w.e.f. 3.5.2011)

4.00%

4.00%

 

Savings Bank Account (with cheque book facility)

4.00%

4.00%

Rs. 500

Rs. 1,000

Rs. 1,000

Savings Bank Account (without cheque book facility)

4.00%

4.00%

Rs. 500

Rs. 1,000

Rs. 1,000

Canara Basic Savings Bank Deposit Account

4.00%

4.00%

Nil

Nil

Nil

Canara Small Savings Bank Deposit Account

4.00%

4.00%

Nil

Nil

Nil

Canara NSIGSE (National Scheme of Incentive to Girls for Secondary Education) Savings Bank Deposit Account

4.00%

4.00%

Nil

Nil

Nil

 

Canara Bank Savings Account Charges

Charges For Non-Maintenance Of Minimum Average Monthly Balance (AMB):

 Metro/ Urban/ Semi Urban Branches

 Rural Branches

Average Monthly Balance maintained in the account against the stipulated Rs. 1,000

Charges per month for Non-Average balance maintenance

Average Monthly Balance maintained in the account against the stipulated Rs. 500

Charges per month for Non-Average balance maintenance

Rs. 999 to Rs. 700

Rs. 20 + applicable service tax

Rs. 499 to Rs. 350

Rs. 20 + applicable service tax

Rs. 699 to Rs. 400

Rs. 30 + applicable service tax

Rs. 349 to Rs. 200

Rs. 30 + applicable service tax

Rs. 399 and below

Rs. 40 + applicable service tax

Rs. 199 and below

Rs. 40 + applicable service tax

Documentation for Canara Bank Savings Accounts

The requirements for Canara Bank savings account states that a document each is submitted for proof of identity and proof of residence along with the application form.

Abridged list of documents which are accepted as proof of identity:

  • Passport
  • PAN card
  • Aadhar Card
  • Voter identity card
  • Driving licence
  • Job card issued by NREGA, signed by a state government officer (for Small Accounts)
  • Letter issued by UIDAI containing details such as name, address and Aadhaar number
  • Identity card (subject to the satisfaction of Canara Bank)
  • Letter from a recognized public authority or public servant verifying the identity and residence of the customer to the satisfaction of Canara Bank
  • Government/ defence identity card
  • Identity card issued by a reputed public sector company
  • Pension payment order issued to retired employees by central or state government departments, public sector undertakings
  • Photo identity card issued by the post office
  • Student photo identity card issued by a university approved by the University Grants Commission (UGC) and/ or an institute approved by the All India Council for Technical Education (AICTE)
  • Photo identity issued by a public authority, having a proper verifiable record of such issuance
  • Ex-Servicemen card with photograph
  • Bar council/ medical association/ ICAI/ ICWAI/ ICSI card with photograph

Abridged list of documents which are accepted as proof of residence:

  • Ration card
  • Electricity bill
  • Telephone bill
  • Bank account statement
  • Letter from the employer (to the satisfaction of Canara Bank)
  • Letter from a recognized public authority (to the satisfaction of Canara Bank)
  • Credit card statement (not older than 3 months)
  • Income/ wealth tax assessment order
  • Letter from a public sector employer
  • Letter from a recognized public authority, having a proper and verifiable record of issue of such certificate
  • Voter identity card (only considered if it contains the current address of the customer)
  • Pension payment order issued to retired employees by government departments/ public sector undertakings (if it contains the current address of the customer)
  • Copies of registered lease and licence agreement/ sale deed/ lease agreement
  • Latest post-paid telephone bills from any telephone or mobile service provider (not older than 2 months)
  • Consumer gas connection card/ book/ piped gas bill
  • Post office savings pass book

Note: If the passport provided as proof of identity contains the current address of the customer, there is no need of a separate proof of residence/ address