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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.
About Bank of India 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.
Canara Bank offers personalized end-to-end banking solutions to meet the needs of every user.
The various benefits and features of the accounts are given in the below table
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
Internet banking, Mobile banking at the discretion of the branch
Any Indian citizen individually or jointly
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
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
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
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
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
Internet banking, Mobile banking, SMS Alerts, NEFT/RTGS
Up to 200 Cheque leaves per annum free
Temporary Overdraft facility in case of emergency
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.
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.
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
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.
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.
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