Canara Bank Saving Account

Last Updated 26th Mar 2020

Canara Bank Savings Account Interest Rate India Apr 2020

Canara Bank Savings Bank Account
Interest Rate Upto Rs. 50 Lakh : 3.25%
Above Rs. 50 Lakh : 3.75%
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Minimum Account Balance Rs. 1,000 for Metro, Urban and Semi urban branches and Rs. 500 for Rural branches
Debit Card ATM cum Debit Card
  • Nature of the account is Running Operative account
  • Interest is payable quarterly
  • Nomination, Standing Instructions, Cheque Collection, Instant Credit of Outstation Cheque upto Rs. 15,000, Internet and Mobile Banking etc.

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Saving Account in Canara Bank – Benefits

You get the following benefits while opening Savings Account with Canara Bank

Nomination facility Yes
Passbook facility Yes
Chequebook facility Yes
Issuance of Debit Card Yes
Internet Banking Yes
Mobile Banking Yes
Fund Transfer Yes
DD Pay Orders Yes

Canara Bank Savings Account

Canara Bank offers an interest rate of 3.25% - 3.75% p.a. Canara Bank also offer accounts to meet the specific requirements of salaried, women, kids and senior citizens.

Product Name Minimum Age Minimum Balance Required
Savings Bank Account 18 years Rs. 1,000 for Metro, Urban and Semi urban branches and Rs. 500 for Rural branches
Canara Basic Savings Bank Deposit Account 18 years Nil
Canara Small Savings Bank Deposit Account 18 years N.A
Canara NSIGSE Savings Bank Deposit Account N.A
Canara Jeevandhara 60 years N.A
Canara SB Power Plus 18 years Rs. 1,00,000 QAB
Canara Payroll Package Saving Bank Account 18 years Rs. 1,000
Canara Junior Saving Account 10 years N.A

Canara Bank Savings Account Products

Canara Small Savings Bank Deposit Account

This account can be opened by submitting a self attested photograph and affixation of signature or thumb impression as the case may be, on the form for opening the account.

This account is for resident Indians of 18 years of age and above

Features of Canara Small Savings Bank Deposit Account

  • Account can be opened by submitting a self attested photograph and affixation of signature or thumb impression as the case may be, on the form for opening the account

Canara NSIGSE Savings Bank Deposit Account

This account is designed to reduce school dropouts and to promote the enrolment of girl child belonging to SC/ST communities in Secondary Schools.

All SC/ST girls who pass class VIII and Girls who pass class VIII Examination from Kasturba Gandhi Balika Vidyalayas are eligible to open this account

Features of Canara NSIGSE Savings Bank Deposit Account

  • No charge will be levied for non operation/ activation of inoperative Bank Deposit account
  • The services available in the account will 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.
  • Balance in the account not to exceed Rs. 50,000
  • No charge will be levied for non operation of NSIGSE Savings Bank Deposit account
  • The services available in the account will 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.
  • No cheque book is to be issued till the student attains majority

Documents Required

Canara Bank requires the following documents to open a Savings Account

  • Signed application form
  • Income Tax PAN Copy
  • Identity Proof: Driving License, PAN, Passport VoterID
  • Address Proof: Utility Bill, Property Tax Bill. Any other ID and address proof issued through a competent authority are also valid
  • In case of account for minors, the following additional documents are required
  • Id and address proof of guardian, Photograph of guardian, Birth proof of minor, Declaration from guardian

Frequently Asked Questions on Canara Bank Savings Account

How much interest is charged by Canara Bank on Savings Account?

Canara Bank offers an interest rate of 3.25% to 3.75% on Savings Account.

What is the minimum amount required for opening Savings Account in Canara Bank ?

The minimum amount required for opening Savings Account in Canara Bank is Rs. 1,000 for Metro, Urban and Semi urban branches and Rs. 500 for Rural branches.

How does Canara Bank calculate interest charged on Savings Account?

Interest on Savings Account is calculated on Quarterly basis. The following formula is used by Canara Bank to calculate interest on Savings Account.

Monthly interest=Amount (Daily balance)*(No of days)* Interest/Days in the year

Does Canara Bank offer Debit card to the account holder?

Yes, various debit cards are offered, differing according to the product. Some of the popular savings account products of Canara Bank with the type of debit card offered are listed in the table below.

Savings Bank AccountATM cum Debit Card
Canara JeevandharaPlatinum Debit Card with photo
Canara Payroll Package Saving Bank AccountPlatinum Debit Card with photo
Canara Junior Saving AccountPersonalised Debit Card

Interest rate on all Canara Bank deposits products listed in the table above is 3.25% to 3.75%

What is the eligibility criteria to open a savings account in Canara Bank
  • This account is for resident Indians of 18 years of age and above
Canara Bank News - Apr 2020
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More