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Canara Bank Savings Account

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About Bank of India Savings Account

What is a savings account?
Savings Accounts with Canara Bank
Types of Canara Bank Savings Accounts
Canara Bank Savings Account – Minimum Balance Requirement
Canara Bank Savings Account charges and fees
Interest rates on Savings Bank account
Opening a Canara Bank Savings Account
About Canara Bank Savings Account
Canara Bank Savings Account FAQS

What is a 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 type	Eligibility	Minimum Quarterly Average Balance	Value-Added Services
Canara Bank Basic Savings Deposit Account	Any Indian citizen individually or jointly	NIL	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 Account	Any Indian citizen individually or jointly	NIL	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. 1,00,000 Quarterly Average balance	Free Platinum Debit card with a 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 Account	Senior Citizens of age 60 and above	Rs. 1000 per month	Free 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 Scheme	Children up to 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 of 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 Account	Students above the age of 10	NIL	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 Account	All SC/ST girls who pass class VIII	NIL	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 Account	Employees of firms/ Corporate with min 25 employees	Rs. 1000/- every month	Free Platinum Debit card with a 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 2.90% for balances below Rs. 50,00,000 and up to 3.20% for balance above Rs. 50,00,000. 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.

About 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.

Canara Bank Savings Account FAQ

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

The current interest rate offered for balances below Rs.50,00,000 is 2.90% and up to 3.20% for balance above Rs.50,00,000. 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.