Canara Bank Account Opening Form, Minimum Balance, Docs & Charges

Customers who open a savings account with Canara Bank can save on a regular basis and earn interest of 3.5 percent to 4% per year on the money they deposit. If customers keep a minimum balance of Rs. 10,000 to Rs. 25,000, the bank waives expenses for the purchase of two DDs worth up to Rs. 25,000 per month. This account offers a slew of perks and requires a minimum balance of Rs.1,000 to open. The article will tell you more about the Canara Bank Account Opening Process and many more.

Central Bank of India Account Opening
  • 4% is the interest rate (payable on a half-yearly basis)
  • Facility for nominations
  • Mobile banking and internet banking are both available.
  • Minor/senior citizen account available

Customers who open a savings account with Canara Bank can save on a regular basis and earn 2.90 percent p.a. on the money they deposit. The bank has a nationwide and international network of branches and ATMs. Canara Bank has been a leader in the banking business from its beginnings, with an unblemished track record of profitability.

Customers who have a Savings Account with Canara Bank can take advantage of a variety of perks and services.

Canara Bank Account Opening Advantages

  • ATM/Debit card
  • Passbook/Pass sheet
  • Mobile Bankingand Net banking
  • Instant credit of outstation cheque up to Rs. 10,000.
  • Joint account
  • Minor/Senior citizen account
  • Facilityfor Nomination

For accounts with a balance of Rs. 10,000 or more, you will receive two free DDs in the amount of the minimum balance maintained. The highest amount that can be issued is Rs. 25,000.

Canara Bank Balance Check 

Canara Bank Minimum Savings Account Balance

FacilityAreaMinimum Amount
With chequebookRuralRs.500
Semi UrbanRs.1,000
Urban/MetroRs.1,000
Without chequebookRuralRs.500
Semi UrbanRs.1,000
Urban/MetroRs.1,000
Canara Basic Savings Bank Deposit AccountRuralNIL
Semi UrbanNIL
Urban/MetroNIL
Canara Basic Savings Bank Deposit AccountRuralNIL
Semi UrbanNIL
Urban/MetroNIL
Canara NSIGSE Savings Bank Deposit AccountRuralNIL
Semi UrbanNIL
Urban/MetroNIL

Interest Rates on Canara Bank Account Opening

BalanceRate of Interest
Less than Rs.50 lakh2.90% p.a.
More than Rs.50 lakh to less than Rs.100 crore2.90% p.a.
More than Rs.100 crore to less than Rs.300 crore3.00% p.a.
More than Rs.300 crore to less than Rs.500 crore3.05% p.a.
More than Rs.500 crore3.20% p.a.

NOTE: The above rates are applicable as of September 28, 2020.

Bank of Baroda Account Opening 

What is Canara Bank Account Opening Process

The official Canara Bank website is accessible to any Indian resident.

  • To start a new savings account, fill out your personal information and choose a branch to work with.
  • There is an option to upload scanned copies of the relevant documents.
  • An SMS with a URN (unique reference number) will be sent.
  • You’ll be asked to verify your phone number and email address.
  • You can either print the application form yourself or have the bank employees do it for you.
  • Bring the original documents to the branch.
  • Make a minimum balance deposit of Rs. 1000.
  • Your account will be opened, and you will be given a welcome kit containing all of the necessary bank and account information.

Documents Required for Canara Bank Account Opening

  • ID and address proof (Passport, Voter’s ID, Driving Licence, Aadhar card, NREGA card, PAN card)
  • 2 passport-size photographs
  • Specimen Signature Card
  • Copy of PAN Card/Form 60 or 61 (if customer does not have PAN Card)
  • Any other related documents applicable to Students, Minor, HUF, Trusts, Association etc.

Update Bank Details in EPFO/EPF

Charges for Canara Bank Savings Account Opening

  • Failure to maintain a minimum balance results in a monthly fee of Rs.30 (to be collected once in a month on last working day)
  • There is no charge for inactive accounts with a minimum balance.
  • Inactive accounts with less than a minimum amount are charged Rs. 150 per quarter, or the available balance, whichever is lower. The foregoing fees are waived for senior people, basic, small, and NSIGSE savings accounts.
  • The cost of replacing a debit card is Rs. 50.
  • A fee of Rs. 200 is charged per account if it is closed before one year. If the account is closed within 14 days of opening, there are no fees.

Types Of Canara Bank Savings Account

Canara Bank Basic Savings Deposit Account

  • This product is aimed to give the average person access to basic banking services.
  • A person who opens a basic savings account with the branch/bank cannot have any other accounts with the branch/bank.
  • In the case of a minor, the account can be opened in the individual’s name, jointly, or by a guardian.
  • The total balance should not be more than Rs. 50,000. A year’s worth of credit transactions should not exceed Rs. 1 lakh.

Inactive accounts and the activation of inactive accounts are free of charge.

Small Savings Bank Deposit Account at Canara Bank

  • A tiny savings bank deposit account is for persons who are unable to provide the necessary KYC (Know Your Customer) papers. The only information necessary is your name, passport photo, and signature or thumb impression. Except for a few restrictions, the features are the same as a normal savings account.
  • A month’s total withdrawals and transfers should not exceed Rs 10,000.
  • Only official valid documents that fully confirm the customer’s identification can be used to credit foreign remittances.
  • The account will only be active for 12 months. The account can be extended for another 12 months if the account user presents proof of application for any official valid document.

Canara NSIGSE Savings Bank Account

  • The Ministry of Human Resources Development, Government of India, has directed that this product be made available. Its goal is to lower school dropout rates and increase the enrollment of girls from SC/ST communities in secondary schools.
  • SC/ST girls who have completed class 8, or any girl who has completed class 8 at a Kasturba Gandhi Balika Vidyalaya and is enrolled in a State/Union Territory Government, Government-aided, or local body school, are eligible.
  • Only withdrawal slips can be used to make withdrawals.
  • There is no requirement for a minimum balance.
  • This grant does not have any income restrictions.
  • This scheme does not apply to married girls, girls in private unaided institutions, or girls attending government-run schools.

Canara Junior Savings Account

Minors over the age of ten can open and operate this account on their own with parental or guardian permission.

  • Personalised debit card with a monthly withdrawal limit of Rs. 5,000.
  • Total debit transactions are limited to Rs. 10,000 per month.
  • Per annually, total credit should not exceed Rs. 1 lakh. The account should always be in a credit.
  • An SMS alert was sent to the specified cellphone number.
  • After reaching majority, the account will be unrestricted.
  • Students can take advantage of attractive educational finance packages.

Canara Jeevandhara

Canara Jeevandhara is a senior citizens’ savings account.

  • This account is for senior persons aged 60 and up, and it is exclusively available to Indians who live in the India.
  • There is no requirement for a minimum balance.
  • The daily ATM withdrawal limit is Rs.25,000.
  • SMS alerts, online banking, and mobile banking are all available.
  • Policies for health insurance and accident insurance are available.
  • Availability of a loan
  • Assistance with writing a will and executor services are provided in complete confidence for a little cost.
  • Assistance with writing a will and executor services are provided in complete confidence for a little cost.

SB Power Plus by Canara

  • This account is for premium customers only.
  • A minimum average quarterly balance of Rs. 1 lakh is required.
  • Platinum debit card with your name on it.
  • For the first year, you’ll get a free credit card.
  • Personal accident insurance 
  • SMS alerts, online banking, and mobile banking 
  • Auto-sweeping and a locker facility are available.
  • Demat operations.
  • Charges for DDs are completely abolished, and you can get up to 300 free cheque leaves per year.

Canara Payroll Package Saving Bank Account

  • Employers can pay employees swiftly and easily using this account, which eliminates the need for additional paperwork.
  • Employers must maintain a monthly average amount of Rs. 1,000 starting the month after the account is opened. If the rules are not followed, a fine of Rs. 100 will be imposed.
  • Firms/corporations must have been in operation for at least one year and have at least 25 employees.

Canara Super Savings Salary Account

  • Semi-urban, Urban, and Metro branches have an average monthly balance of Rs.1,000.
  • Rural branches have an average monthly balance of Rs.500.
  • Schools, associations, societies, clubs, capital gain accounts, registered PF accounts, government bodies, semi-government agencies, trusts, HUFs, illiterates, minors, and individuals can all open an account.
  • It is possible to open a joint account.
  • To open the account, you must send a passport-sized image, proof of address, proof of identity, and the application form.
  • Running account
  • Senior citizens do not receive a higher interest rate.
  • You can’t take out a loan against the account’s available balance.
  • Nominees can be added to the account.
  • A debit card and a passbook will be given to you.
  • There is internet and mobile banking available.
  • It is possible to set up standing instructions.

Withdraw Money From ATM Without Card

FAQ’s

Is there a minimum balance requirement for the Canara Bank Savings Account?

Yes, a monthly average balance of Rs 1000 (applicable for metro, urban, and semi-urban branches) / Rs 500 is required (for rural branches).

Is there a special interest rate for older persons on Canara Bank Savings Accounts?

With this Savings Account, there is no preferential rate for senior persons.

What other services does this Canara Bank Savings Account come with?

A Pass Book, ATM-cum-Debit Card, rapid credit of outstation checks up to Rs 15,000, internet and mobile banking, and other services are available with this Savings Account.

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