Interested in financial products
Processing

Canara Bank Savings Account

Canara Bank is one of the oldest public sector banks in India with over 100 years of contribution towards the country’s progress and development. It offers seamless banking solutions to all its customers through a wide network of branches across the country and all over the world.

What is a Savings Account?

Canara Bank Savings Account

A Savings Bank Account is the basic bank account offered to any individual planning to save surplus money. This account allows you to conduct various monetary transactions like cheque issue, DDs, Bill payments, Online shopping, NEFT//RTGS fund transfers, etc. It provides a safe place for your money while offering interest on the balance maintained.

Savings accounts with Canara Bank

Canara Bank offers personalized end-to-end banking solutions to meet the needs of every user.

  • ATM cum Debit card for all account holders
  • Passbook and e-statement facilities
  • Internet and Mobile banking
  • Standing instructions facility

Types of Canara Bank Savings Accounts

  • Canara Bank Basic Savings Deposit Account
  • Canara Bank Small Savings Bank Deposit Account
  • Canara SB Power Plus
  • Canara Jeevandhara - for senior citizens
  • Canara Champ Deposit Scheme
  • Canara Junior Savings Account
  • Canara NSIGSE Savings Bank Deposit Account
  • Canara Payroll Package Saving Bank Account

The various benefits and features of the accounts are given in the below table

Savings Account typeEligibilityMinimum Quarterly Average BalanceValue Added Services
Canara Bank Basic Savings Deposit AccountAny Indian citizen individually or jointlyNIL

ATM cum Debit card

Deposit and withdrawal of cash at branch and ATM at no charges

Passbook, Internet banking, Mobile banking, fund transfers via NEFT/RTGS

Canara Bank Small Savings Bank Deposit AccountAny Indian citizen individually or jointlyNIL

Deposit and withdrawal of cash at branch and ATM at no charges

Passbook facility

Internet banking, Mobile banking at the discretion of the branch

Canara SB Power Plus

Any Indian citizen individually or jointly

NRE/NRO customers

Rs. 1 Lakh Quarterly Average balanceFree Platinum Debit card with daily withdrawal limit of Rs. 50000

Passbook facility

Internet banking, Mobile banking at the discretion of the branch

Auto sweep-in and sweep-out facility

Up to 300 Cheque leaves per annum free

Full waiver of DD issue charges

Credit card with no maintenance charges for the first year

Canara Jeevandhara – Senior Citizens AccountSenior Citizens of age 60 and aboveRs. 1000 per monthFree Debit card with photo

ATM Cash withdrawal limit of Rs.25000 per day

Free Passbook and monthly statements

2 NEFT/RTGS remittances free every month

Concessional rate on Apollo Munich Health Insurance

50% concession on locker rents

Canara Champ Deposit SchemeChildren upto the age of 12 years

Rs. 500 for half yearly in Rural/Semi-Urban branches

Rs.1000 for half yearly in Urban/Metro branches

Loan eligibility Card to avail Educational loan at attractive rates

Attractive Savings Box to cultivate the habit of Savings among children

Attractive photo folder cum personal details with 16 pouches to store photos of the child and record memorable moments

Canara Junior Savings AccountStudents above the age of 10NIL

Personalised Debit Card

Free fund transfer to colleges/educational institutions by way of DD or NEFT/RTGS

Attractive Educational Loan Scheme for students

e-Info Book Facility available

Canara NSIGSE Savings Bank Deposit AccountAll SC/ST girls who pass class VIIINIL

Deposit and withdrawal of cash at all Bank branches

Receipt/credit of money through Electronic payment channels or by means of deposit/ collection of cheques

Free passbook facility

Transfer of account from one branch to another

Canara Payroll Package Saving Bank AccountEmployees of firms/ Corporate with min 25 employeesRs. 1000/- every monthFree Platinum Debit card with daily withdrawal limit of Rs. 50000

Internet banking, Mobile banking, SMS Alerts, NEFT/RTGS

Auto sweep-in and sweep-out facility

Up to 200 Cheque leaves per annum free

Credit card with no maintenance charges for the first year

Temporary Overdraft facility in case of emergency

Canara Bank Savings Account – Minimum Balance Requirement

Savings bank accounts usually require a minimum balance to operate the account and also to avail the various features that come along with it. However, this minimum balance amount varies with different accounts. A few basic savings accounts or your salary account might not need you to maintain a minimum monthly balance, but if you hold a premium account or a privilege account type, you are required to maintain a minimum monthly balance.

At Canara Bank saving account, a depositor must maintain an Average Monthly Balance of Rs.1000/- for Metro, Urban & Semi-urban branches. While a minimum balance of Rs.500/- is required for Rural branches.

The account holder should check with the bank on their latest instructions in this regard.

Canara Bank Savings Account charges and fees

Banks apply various fees and charges to maintain our savings bank accounts. One needs to maintain a minimum balance in their account every month, though this varies from bank to bank. Please check with the bank for the various fees & charges levied.

Interest rates on Savings Bank account

Canara Bank offers an interest of 3.5% for balance below Rs. 50 Lakh and 4% for balance above Rs. 50 lakh. This interest rate changes periodically based on market guidelines and customers should check with the bank before opening an account

Opening a Canara Bank Savings Account

Simply walk into the nearest branch of Canara Bank and talk to a customer service representative. Alternatively you can fill in the necessary details on the website and a bank representative will visit you to collect the documents. Submit the necessary KYC documents and your account is opened within 24hrs.

Canara Bank Savings Account FAQS

1. What is the best interest rate that I can get on my savings account?

The current interest rate offered for balances below Rs.50 lakhs is 3.5% and 4% for above 50 lakh. For the latest interest rates, it is advisable to contact the nearest branch.

2. What is the eligibility for the Senior Citizen savings account?

All resident individuals above the age of 60 years are eligible to open a Senior Citizen account.

3. How frequently is the interest credited for my savings account balance?

Interest earned on your savings account balance is payable half-yearly based on the daily balance maintained in the account.

4. Can I change my account from one branch to another?

Yes, you can transfer your account from one branch to another without any charges.

5. What types of fund transfers are available on Internet banking?

Canara Bank has multiple fund transfer options – Fund transfers within Bank, NEFT, RTGS, IMPS, Tax and Bill Payments.

6. Can I make fund transfers any time?

Fund transfers within Canara Bank can be made 24 hours. However, NEFT mode can be made from 8am-7pmon working days, RTGS transfers can be made from 8am-4.30pm on working days.

×Thank you! Your comment will be reviewed and posted shortly.

Write a review

CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf.