Canara Bank Savings Account

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Canara Bank savings account

A savings account is the most common form of an interest-bearing deposit account which is held with a bank or NBFC that provides a nominal interest rate. A savings account is often the first bank account for many people.

Having a savings account has its own advantages and disadvantages. The most common use for a savings account is to save money and earn interest on it over a period of time. Usually, a savings account is used for daily expenses, as an emergency fund or other specific purposes. It is also used to store cash safely.

There are various fees associated with a savings bank account unless you maintain a certain minimum balance each month. The balance required, interest rate and allied fees and charges vary from bank to bank. You can open a Canara Bank savings account even if you do not have the requisite KYC documents as part of the RBI's drive for financial inclusion.

There are some disadvantages to savings accounts as well. Savings accounts are not lucrative in the sense that they are the least profitable type of short-term investments. The interest on a savings account is far less when compared to that of an FD account. Though it is easy to access the money in your account in times of need, they offer low yields comparison to other lucrative forms of savings.

Canara Bank Savings Account

Having a Canara Bank savings account has various advantages. It provides a host of banking benefits including easy accounts management, special banking facilities for senior citizens, payments by issuing cheques, having a record of the income earned, earn interest on savings amongst other things. You can make quick utility bill payments, and enjoy various features in convenience banking with a Canara Bank Savings Account.

Features and Benefit of Canara Savings Account

There are various benefits to having a savings account with Canara Bank. Following is an overview.

  • Safe storage of your cash
  • Different savings account for different needs.
  • Access your account with ease
  • Access to ATMs all over India.
  • Get rewarded for savings
  • Get a free Debit cum ATM card.
  • Earn a return of up to 4% p.a. on your Canara Bank Savings Account, enabling your savings to grow faster.

Types of Canara Bank Savings Accounts

Canara Savings Bank Account

  • Get ATM-cum-Debit Card, Pass book/Pass sheet,
  • Facilities including Nomination, Standing Instructions, Cheque Collection, etc.
  • Instant Credit of Outstation Cheque up to Rs. 15,000/-
  • Avail Internet & Mobile Banking facilities

Canara Basic Savings Bank Deposit Account

  • Avail Basic Banking facilities as part of the financial inclusion objective of RBI.
  • No minimum balance required
  • Facility of ATM Card or ATM-cum-Debit Card is extended
  • Avail Pass book, Internet and Mobile Banking facilities, transfer of account from one branch to another, Standing Instruction, etc.

Canara Small Savings Bank Deposit Account

  • Get ATM-cum-Debit Card, Pass book/Pass sheet,
  • Facilities including Nomination, Standing Instructions, Cheque Collection, etc.
  • Avail Internet & Mobile Banking facilities

Canara Jeevandhara- SB Account for Senior Citizens

  • A savings account for the golden years in your life
  • Senior citizens as defined by Canara Bank are those who are above the age of 60 years.
  • Free Debit Card
  • ATM cash Withdrawal up to Rs. 25,000/ per day
  • Free Unlimited ATM Transactions at Canara Bank ATMs all over India
  • Statement of A/c through Email free every month, in addition to Pass Book facility
  • Free SMS Alerts, Inter Bank Mobile Payment system, Net Banking, NEFT / RTGS
  • Personalized Cheque Books
  • Health Insurance

Canara SB Power Plus

  • Free Platinum Debit Card with photo
  • Canara Savings Account Minimum Balance
  • ATM cash Withdrawal limit of Rs.50, 000 per day at Canara Bank ATM
  • Free Unlimited ATM Transactions in Canara Bank ATMs all over the nation
  • Free Statement of A/c every 15 days through Email
  • Free Inter Bank Mobile Payment system, Net Banking, NEFT / RTGS

Canara NSIGSE Savings Bank Deposit Account

  • Avail Basic Banking facilities like Pass book, transfer of account from one branch to another, standing instruction, etc.
  • Other services include deposit and withdrawal of cash at Bank branches, receipt/credit of money through Electronic payment channels or by means of deposit/ collection of cheques, etc.

Canara Junior Saving Account

  • Minor Students above the age of 10 years can open and operate SB A/c in their own name, independently.
  • Declaration to be obtained from parent / guardian.
  • Personalised Debit Card will be issued in Minor’s own name.
  • Monthly withdrawal by Debit Card is Rs.5000

Canara Savings Account Minimum Balance

The minimum balance required in Canara savings account differs with each kind of account. It is advisable to contact the bank directly for details. Following is an overview:

Type of Savings Account Balance Required
Canara Savings Bank Account Metro, Urban & Semi-urban branches: Average Monthly Balance (AMB) of Rs. 1000/-
Rs. 500/- for Rural branches.
Canara Jeevandhara- SB Account for Senior Citizens Rs. 20,000
Canara SB Power Plus Average Quarterly Balance (AQB) Rs. 1 lakh

Canara Savings Account Interest Rate

Canara Bank savings account comes with interest rates of up to 4%, depending on the daily balance. Do keep in mind that the rates are subject to change at the sole discretion of the bank.

Canara Bank Savings Account Charges

Different Canara Bank savings accounts have a different schedule of charges. It is better to contact Canara Bank directly for the most up to date charges.

How to open a Canara Bank Savings Account

Canara Bank savings account opening is easy and hassle-free. You can walk into your nearest Canara Bank branch with your KYC documents and have a savings account opened in line with your savings need.

Canara Bank Savings Account FAQS

What is the best interest rate on a Canara Bank saving account?

The interest rates can go up to as high as 4%. For the latest interest rates, it is advisable to contact the nearest Canara Bank branch.

What is the interest payout?

Interest is payable quarterly, every February, May, August and November on the daily balance maintained in the account.

What is the eligibility for opening a Canara Bank savings account?

The following are eligible to open a savings account with Canara: Individuals, two or more individuals, minors, HUF, Trusts, Executors and Administrators, Govt. bodies, Semi-Government Departments, Non-Corporate bodies like Clubs, Societies, Associations, Schools etc.

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