Canara Bank Saving Account

Last Updated 08th Jan 2019

Canara Bank Savings Account Interest Rate India Jan 2019

Canara Bank Savings Bank Account
Interest Rate Upto Rs. 100 Cr : 4.00%
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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 4.00% - 4.00% 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

Savings Bank Account

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

Features of Savings Bank Account

  • 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.

Debit Card Offered : ATM cum Debit Card

Canara Basic Savings Bank Deposit Account

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

Features of Canara Basic Savings Bank Deposit Account

  • Maximum 4 withdrawals per month, including ATM withdrawals
  • Balance not to exceed Rs. 50,000
  • Nomination facility available

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

Canara Jeevandhara

This account is for Indian residents of age of 60 years and above

Features of Canara Jeevandhara

  • Indemnity based coverage is available by paying premium at concessional rate to Canara Bank customers
  • Zero initial balance
  • Pharmacy discount 15 percent
  • Diagnostic discount 20 percent

Debit Card Offered : Platinum Debit Card with photo

Cash Withdrawal Limit : Rs. 25,000 per day

Canara SB Power Plus

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

Features of Canara SB Power Plus

  • 25 percent concession in locker rent irrespective of size in the first year
  • Zero initial balance
  • Auto sweep in and sweep out can be carried out as per customers choice for balance beyond Rs. 1 Lac

Canara Payroll Package Saving Bank Account

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

Features of Canara Payroll Package Saving Bank Account

  • Free up to 200 Cheque Leaves per annum
  • Zero initial balance
  • Personal Accident Insurance Death Only available up to Rs. 2 Lacs to Rs. 8 Lacs for self/spouse
  • Permitted up to 50 percent of previous month net salary

Debit Card Offered : Platinum Debit Card with photo

Balance Non Maintenance Charges : Rs. 100 per annum

Canara Junior Saving Account

This account is specifically for minor students above the age of 10 years. Precisely, the age group of 10 to 18 years

Features of Canara Junior Saving Account

  • Balance in the account not to exceed Rs. 50,000 at any point of time
  • Attractive Educational Loan Scheme for students
  • Total Debit Transaction limit per month is Rs. 10,000

Debit Card Offered : Personalised Debit Card

Cash Withdrawal Limit : Monthly withdrawal limit of Rs. 5,000

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 4.00% to 4.00% 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 SBI deposits products listed in the table above is 4.00% to 4.00%

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 - Jan 2019
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