Canara Bank Savings Account Interest Rates, Types of Account

Canara Bank Savings Account Interest Rates

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Canara Bank is an Indian public sector bank under the control and ownership of Ministry of Finance, Government of India. Canara Bank was founded by Shri Ammembal Subba Rao Pai, a great visionary and philanthropist, in July 1906. Canara Bank is one of the largest Indian government owned banks.

Canara Bank Savings Account Interest Rates

A savings account is a secure type of account where one can save their money for their future use. Canara Bank provides wide range of savings account for its customers, as per their needs. In this article we are going to discuss in details about the types of savings account offered by Canara Bank, its interest rates, minimum balance required to maintained your account and many more^[1].

Also Read: Union Bank Savings Account Interest Rates

Features and Benefits of Canara Bank Savings Account

• 24 x 7 banking facilities are available
• Free ATM/Debit card
• Mobile Banking and Net Banking facilities are available
• Minor and Senior citizen account are available
• Nomination facility
• One can also open joint account
• Instant credit of outstanding cheque up to Rs 10,000.

Types of Canara Bank Savings Account

1. Canara Bank Basic Savings Deposit Account

This savings account is designed for every individual to access basic banking facilities. It is a zero-balance savings account. To open this account, applicants should not have any other operative accounts with the branch/bank. It offers facilities of Internet and mobile banking. No charge is levied on inoperative accounts or on activation of inoperative accounts.

2. Small Savings Bank Deposit Account

This account is for the individuals who do not have their complete identification and can provide all the documents for KYC. They can open this account and can avail the facilities of this account. Only the name, passport photo and signature or thumb impression is required to open this account.

3. Canara NSIGSE Savings Bank Deposit Account

This savings account is provided under the directives of the Ministry of Human Resources Development, government of India. This account mainly focuses to promote education for girls and dropouts belonging to SC/ST communities in Secondary school. This account is a zero-balance account This account comes with various benefits and facilities such as no minimum balance is required to maintain, there are no any restriction based on income criteria. One disadvantage of this account is that married girls are excluded from the scheme.

4. Junior Savings Account

This savings account is mainly designed for minors above the age of 10. Canara Junior Savings Account gives minors the freedom to handle their finances on their own. They can operate this account individually with a declaration from parents/guardians. Once the individual has attained maturity, the account can be function without any restrictions. In this account the debit transaction in a month should not exceed Rs 10,000. Attractive educational loans schemes are offered for students by the bank.

5. Canara Jeevandhara Account for Senior Citizen

This savings account is specially designed for senior citizens of the country to cater for the needs of senior citizens who have attained the age of 60 years and above. This senor citizen account comes with various benefits such as this is a zero-balance account, no minimum balance is required for maintenance, free debit card, cheque book, ATM transactions are free of cost and umlimited and many more.

6. Canara SB Power Plus

This account is designed for premier customers. For this account minimum Rs 1 lakh average quarterly balance id required to maintained. Unlike other account free credit card facility, Net Banking and Mobile Banking facilities SMS alerts are available in this account.

7. Canara Payroll Package Saving Bank Account

This account is specially designed for organizations. Employees must maintain an average monthly balance of Rs 1,000. A fine of Rs 100 is charged if not maintained.

Canara Bank Savings Account Interest Rates

Minimum Balance Required

How to Open Canara Bank Savings Account

Opening a savings account at Canara Bank is very simple, you can open your savings account through both online and offline method. To open your savings account through offline method you just need to visit the nearest bank branch fill up the application form and submit the form along with your documents.

You can also open your savings bank account through online, you just need to visit the official website of the bank fill up the form enter your personal details and all the required documents you will be required to validate your mobile number and email, visit the branch with your original documents and deposit the amount .

Once your application is approved, the bank will allot you a unique customer number along with the account number, will provide you with a welcome kit which will include ATM card etc.

Documents Required

Certain documents are required to open savings account at Canara Bank

• ID proof
• Address proof
• 2 passport sized photographs
• Driving License (optional)
• Dully filled form
• Specimen Signature Card
• Any other related documents applicable to students, Minor, HUF, Trusts, Associates etc.

FAQs

1. What are the facilities offered by Canara Bank Savings Account?

Ans: ATM facility, Passbook facility, Net Banking and Mobile Banking facilities SMS alerts are offered by Canara Bank savings account.

2. Does Canara Bank offers savings account for Seniors?

Ans: Yes, the bank also offers savings account for senior citizens whose age is 60 or above.

3. Name the mobile banking app launched by Canara Bank?

Ans: Canara ai1 mobile banking app was launched by Canara bank, where customers can avail banking services online.

4. Which Bank has been merged with Canara Bank?

Ans: Syndicate Bank.

Dev Kirtonia

Hi, I’m Dev Kirtonia, Founder & CEO of Dev Library. A website that provides all SCERT, NCERT 3 to 12, and BA, B.com, B.Sc, and Computer Science with Post Graduate Notes & Suggestions, Novel, eBooks, Biography, Quotes, Study Materials, and more.