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Introduction

Canara Bank is one of the oldest public sector banks in India and is ranked among the top 10 banks in the country. Having its headquarters in Bangalore, Karnataka it has a huge network of more than 6300 branches across the country and a huge international presence with offices in major cities like London, Hong Kong, Moscow, Shanghai, Dubai, Tanzania and New York that provide banking solutions to its national and international customers. Canara Bank boasts of a huge range of products and services for its customers like loans, investment, insurance, depository services, mutual funds, NRI banking, corporate banking, internet and mobile banking, MSME banking and much more.

Digital Banking among such services is one of the most crucial aspects of banking today and Canara Bank has many types of digital banking mediums like

UPI is the latest technology in the banking sector and has taken the notion of real time banking to new heights. It enables the customers to carry out a host of banking transactions along with funds transfer that can be done from any Smartphone device and from anywhere as long as the customer has a valid VPA or a UPI ID. Given below are the details of the UPI banking facility of the bank

Overview of Canara Bank UPI

Canara Bank Upi

UPI refers to the Unified Payments Interface. It is a payments portal that is unique to the Indian banking system which allows the customers to transfer funds within India or abroad to any account that has a valid UPI ID or a Virtual Payments Address (VPA) or directly to any bank account. Such UPI Id can be linked to multiple bank accounts which help the customers to access them under a single VPA.

The registration process for Canara Bank UPI Application is quite simplistic and once duly registered; customers can not only transfer funds or receive payments but also perform a host of other functions like checking the account balance, setting payment reminders, using it for online shopping and more. Canara Bank UPI application can be accessed by the customers throughout the day from anywhere and at any time.

UPI was initiated with the direction to achieve a cashless economy for the country and to make digital payments the norm for any small or major transactions. It is the initiative of National Payments Corporation of India (NPCI) and is regulated by the Reserve Bank of India (RBI).

UPI is based on the IMPS technology for funds transfer in real time at minimal charges. It does not mandatorily require the customers to provide any bank account details to start a UPI account.

This application is available in multiple languages for the benefit of customers to ensure that it reaches the remotest parts of the country and is easily understood and accessible to every Indian.

Registration Process of Canara Bank UPI

Customers need to meet many pre-requisites to be eligible to register for the Canara Bank UPI. These prerequisites are,

  • Registered mobile number
  • Valid and active bank account
  • Active Debit card or ATM card
  • Smart phone to download the application

After meeting the above requirement, customers can proceed with the registration of the UPI account of Canara Bank.  UPI can be easily accessed by all the customers by downloading the same through the Google Playstore and Apple Store. The registration process for Canara Bank UPI application is detailed hereunder.

  • Customers have to first download the UPI application from the application store as mentioned above.
  • Next step is to select the preferred language and then enter the registered mobile number that is linked to the bank account that has to be liked with the UPI application.
  • The user will then require providing a unique username for such UPI account that will be used to identify such account and use it to transfer funds.
  • After selecting a username, customers have to enter a password or a PIN which is a 4-6 digit number that will have to be used to authenticate any funds to be sent or received by the customer.
  • It will have to be re-entered once more to confirm it before being accepted or set up.
  • Next step is to enter the last 6 digits of the debit card of the customer and it expiry date to link the bank account to the UPI account.
  • After being duly set up, customers will receive a notification for the same confirming the VPA of the customer.
  • The username of Canara Bank is in the format ‘xxxxxx@cnrb’.

Features of Canara Bank UPI

Canara Bank UPI has many features which ensure the ease of banking and are for the benefit of the customers. This makes it a convenient option for anywhere anytime banking. Following are the various features of Canara Bank UPI application.

  • UPI is the payments portal exclusive for the Indian market and latest banking technology which lets the customers to access any of the registered bank accounts across the country under a single VPA.
  • It does not compulsorily require the customers to provide any unnecessary banking details like their account number or IFSC code for registration which reduces the risk of theft or misuse or account information.
  • UPI application functions on a real time basis and is beneficial for instant transfer of funds as compared to other traditional funds transfer modes.
  • UPI services of Canara Bank are available 254x7 so customers can access the facilities anytime and from anywhere.
  • It is a very secure application as it requires authentication through the UPI PIN set at the time of registration for every transaction like receiving payments or sending them.
  • Canara Bank UPI PIN can be changed multiple times as a safety precaution or even in case a customer has forgotten the PIN.
  • It does not require the customers to register the beneficiary or payee or require a cooling period prior to transfer of funds or making payment to merchants or persons as is the case with traditional modes of funds transfer like NEFT/RTGS/IMPS.
  • There are many modes of funds transfer through the UPI application to transfer funds to any bank account or UPI address. These modes are given below
    • VPA (Virtual Payment Address)
    • Providing the Bank Account Number along with IFSC Code
    • Providing the Registered Mobile Number
    • Scanning the QR code of the merchant or the person (payee).

Benefits of Canara Bank UPI Account

The primary benefit of Canara Bank UPI account is the real time banking. Along with funds transfer customers get many additional benefits which are highlighted below.

  • Customers can carry out or execute transactions on the UPI account of the bank at zero cost.
  • Every funds transfer request is authenticated by the UPI PIN which makes it a very secure application.
  • Customers can access multiple bank accounts by registering them under a single VPA and carrying out their banking transactions easily.
  • Canara Bank UPI can be used for many purposes other than simple receipt or payment of funds like,
    • Checking the balance of a registered bank account
    • Getting a detailed history of transactions
    • Online shopping
    • Payments to merchants for point of sale transactions
    • Payment of utility bills
    • Funds transfer through scanning the QR code 
    • Subscribing for an IPO.
    • Deleting the application
    • Managing a bank account
    • Managing payee or beneficiaries
    • Setting payment reminders
    • Recharging the DTH account or mobile recharges
    • Donations
    • Starting a new fixed deposit
    • Paying insurance premiums
  • UPI has been a huge contributor to the cashless economy vision of the Government and to promote digital banking in every corner of the country.
  • UPI provides added security of single-click 2 factor authentication ensuring security of the identity as well as funds of the customer.
  • Canara Bank does not have a minimum transaction limit but has a maximum transaction limit of Rs. 1,00,000 per day and per transaction which ensures that customers can transfer funds easily within such limits.

FAQs – Canara Bank UPI

1. Can I delete the UPI application of Canara Bank anytime?

Yes. Customers can easily delete the UPI application of the bank by selecting the option for the same from the menu or the setting of the application and providing the UPI Pin to authenticate such request. After deleting the UPI Id, the user name of the customer will no longer be active and all the bank accounts linked to such UPI Id will be de-linked. Customers cannot activate such UPI Id within a period of 2 years from deleting the application. Customers can however, generate a new username or a UPI id after deleting the original one to be used in the cooling period.

2. What are the transaction limits for Canara Bank UPI ID?

Customers can send or make payments up to Rs. 1,00,000 per day or per transaction through the UPI application of Canara Bank.

3. What is the process to receive payments or funds through the Canara Bank UPI?

The process to receive funds through Canara Bank UPI application is very simple and requires the UPI PIN to be entered for authenticating transactions. The detailed process of the same is mentioned below.

  • The first step is to login to the UPI application of Canara Bank.
  • After logging in, customers can then select the option to ‘Receive Money’
  • Next step is to enter the virtual id of the remitter/payer’s of funds and confirm the same.
  • After confirming the id of the remitter, the customer will have to click on the notification received and open the UPI application for the review of payment request.
  • Customers can accept or decline the request and if the request is accepted, the transaction will have to be authorized by entering the UPI PIN.
  • After the successful receipt of funds in the UPI account of the customer, they will get a notification for the same as well as an SMS from the bank informing the credit of funds to the account.

4. Does Canara Bank UPI require any cooling period as in the case of NEFT/RTGS transactions?

No. UPI transactions can be executed on an immediate basis. There is no comet of cooling period for adding the beneficiaries or with respect to limits on maximum amount that can be transferred during the initial cooling period as in the case of NEFT/RTGS transactions.

5. Can I change my UPI PIN multiple times?

Yes. Customers can change the UPI PIN of Canara Bank UPI account multiple times through a simple process even in case the customer does not remember the UPI PIN.

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