MyLoanCare is a FREE of cost service for borrowers

Get Cashback of Upto ₹ 1,000* on Loans Apply Online

MyLoanCare Customer Ratings - 4.5/5.0

Canara Bank Savings Account Interest Rates

Canara Bank Savings Account Interest 2020-21

Last Updated 29th Dec 2020

Saving Account Interest Rate
Savings Bank Account 3.25% - 3.75%
Canara Basic Savings Bank Deposit Account 4.00% - 4.00%
Canara Small Savings Bank Deposit Account 4.00% - 4.00%
Canara NSIGSE Savings Bank Deposit Account 4.00% - 4.00%
Canara Jeevandhara 4.00% - 4.00%
Canara SB Power Plus 4.00% - 4.00%
Canara Payroll Package Saving Bank Account 4.00% - 4.00%
Canara Junior Saving Account 4.00% - 4.00%
Apply for Savings Account

Canara Bank Bank Savings Accounts Interest Rate

Canara Bank offers an interest rate ranging between 3.25% to 3.75% on the minimum average balance maintained in the savings account. It calculates the interest rate on savings bank accounts on a daily basis. However, the interest is paid to the account holders every quarter. With Canara Bank Savings Account youth and minors can get additional benefits on their Savings Account.

Features

Canara Bank Savings Account helps you to save money by providing interest on your idle money deposited in the savings accounts. The rate of interest on Canara Bank Savings Account varies as per the Savings Account product. Some of the key features and benefits of Canara Bank savings account are:

  • It offers interest rates from 3.25% to 3.75% p.a. You can easily access Canara Bank Savings Account anywhere through a large network of branches and ATMs.
  • If you want to transfer funds from Canara Bank Savings account to any other bank account, you can do it through modes such as RTGS, IMPS, NEFT and UPI facilities.
  • To maintain Canara Bank Savings account, you require a minimum balance of Rs. 1,000 for Metro, Urban and Semi Urban branches and Rs. 500 for Rural branches.
  • Canara Bank personalized account number and cheque book enhances security and ensures your money is safe.
  • You can get SMS Alerts and e-statement facilities with Canara Bank Savings Account.
  • With Auto Sweep Facility of Canara Bank, your account can be linked to Multi Option Deposit MOD account.

Canara Bank Savings Account Rates

Saving Account Interest Rate Minimum Balance
Savings Bank Account 3.25% - 3.75% Rs. 1,000 for Metro, Urban and Semi Urban branches and Rs. 500 for Rural branches
Canara Basic Savings Bank Deposit Account 4.00% - 4.00% NIL
Canara Small Savings Bank Deposit Account 4.00% - 4.00% N.A
Canara NSIGSE Savings Bank Deposit Account 4.00% - 4.00% N.A
Canara Jeevandhara 4.00% - 4.00% N.A
Canara SB Power Plus 4.00% - 4.00% Rs. 1,00,000 QAB
Canara Payroll Package Saving Bank Account 4.00% - 4.00% Rs. 1,000
Canara Junior Saving Account 4.00% - 4.00% N.A

Banks Offering NetBanking Services

Canara Bank Savings Account Products

  • Savings Bank Account: Canara Bank offers interest rates ranging between 3.25% to 3.75% on Savings Bank Account.You can open a Savings Bank Account in Canara Bank by depositing Rs. 1,000 for Metro, Urban and Semi Urban branches and Rs. 500 for Rural branches amount as minimum balance.
  • Canara Basic Savings Bank Deposit Account: If you have deposited your excess funds in a Canara Basic Savings Bank Deposit Account, you can get interest at 4.00% to 4.00% on your account. This account can be opened by anyone with a minimum age of 18 years.
  • Canara Small Savings Bank Deposit Account: Canara Bank provides interest rates ranging between 4.00% to 4.00% on Canara Small Savings Bank Deposit Account. The minimum balance requirement to open this account is .
  • Canara NSIGSE Savings Bank Deposit Account: You can get interest at 4.00% and 4.00% respectively on Canara NSIGSE Savings Bank Deposit Account in Canara Bank. The account can be opened in Canara Bank by depositing amount.
  • Canara Jeevandhara: If you have deposited your excess funds in a Canara Jeevandhara, you can get interest at 4.00% to 4.00% on your account.
  • Canara SB Power Plus: You can get interest at 4.00% to 4.00% in Canara SB Power Plus. This account can be opened in Canara Bank by depositing a minimum amount of Rs. 1,00,000 QAB after an age of 18 years.
  • Canara Payroll Package Saving Bank Account: The interest that you can earn on Canara Payroll Package Saving Bank Account is in the range of 4.00% to 4.00% respectively.The debit card available for this product isPlatinum Debit Card with photo
  • Canara Junior Saving Account: Canara Bank provides interest rate at 4.00% to 4.00% on Canara Junior Saving Account. Further, to open this Saving Account, the minimum balance requirement is . You can open this account at a minimum age of 10 years.

Check Balance Enquiry Toll Free Number of Top Banks

Know More About Savings Account

Top Applications Offering UPI Facility

Top Banks Providing IMPS Facility

FAQs

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?

Eligibility criteria for Canara Bank savings account -

  • This account is for resident Indians.
  • Apart from individuals, joint account, blind people, illiterate people can also open a savings bank account.
  • In addition, Trusts, Government bodies, HUF, Non-Government bodies, Semi-Government bodies can also get a savings bank account.

Notification ×
  • Home Loan

    Home Loan starting at 8.05%. Cashback of up to ₹ 1,000 plus Free COVID Insurance of ₹ 1 lakh.

    Apply Now
  • Personal Loan

    Instant Personal Loan with Cashback of up to ₹ 1,000 or Free Corona Insurance Cover of up to ₹ 5 Lakhs.

    Check Offers
  • Fixed Deposit

    AAA rated FDs with returns as high as 6.95%.

    Invest Now
  • Demat Account

    Open Instant Demat Account and Get Cashback of ₹ 500*. *T&C Apply

    Apply Now
  • DBS Savings Account

    Open Account Online and Cashback of up to ₹ 4,800.

    Open Account
  • Gold Loan

    Instant Gold Loan starting at 7.65% with Cashback of up to ₹ 500 or Free Corona Health Cover of upto ₹ 1 Lakh.

    Apply Now
  • Loan Against Property

    Best Loan Against Property Offers starting @ 11.70%. Cashback of up to ₹ 1,000*.

    Apply Now
  • Credit Card

    Get amazing offers, discounts and welcome gift vouchers on SBI Credit Cards.

    Apply Now
Canara Bank News - Jan 2021
  • 2019-10-18 : Canara Bank cuts down interest rates on savings accounts
    With effect from October 15, 2019, Canara bank revised interest rates on savings accounts by 25 basis points. The revised rate on savings for an outstanding balance of less than Rs 50 lakhs is 3.25%, and for an outstanding balance of Rs 50 lakhs and above, the interest revised is 3.75%.
  • 2019-01-29 : Canara Bank Q3 profit surges by 152% to Rs. 318 crore
    Canara Bank has reported a 152% increase in net profit for the quarter ended December 31, 2018 at Rs. 318 crore. The bank’s Net Interest Income is also expected to increase by 2.65% this year. In addition to this, the bank has also received a boost across its retail loans segment as well as CASA (Current Account Savings Account) deposits.
  • 2017-09-04 : Canara Bank cuts interest rate on savings bank account
    Public sector lender, Canara Bank has reduced interest rate on its savings bank account by 50 basis points to 3.5 per cent on deposits of up to Rs 50 lakh. However, the bank will continue to pay 4 per cent interest on deposits of above Rs. 50 lakh. The new rates are effective from 1st September, 2017.
*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
Loader
Please wait while your information is being processed...