Canara Bank Savings Account – 8 Things You Must Know!

The bank boasts an extensive network of branches and ATMs both domestically and internationally. Having achieved a premier rank in the banking industry, Canara Bank has maintained a remarkable track record of profitable operations since its establishment. Moreover, Canara Bank is dedicated to offering a diverse range of benefits and services to its valued Saving Account customers.

1. Purpose of Canara Bank Savings Account

• A scheme facilitating to keep a portion of surplus of one’s earnings at reasonably good interest rates to promote the habit of savings and thrift among people.
• Intended for savings for future. No restrictions on number and amount of deposit can be made on any day.
• Savings Bank Deposit is called the “Mother of all Deposits”.

2. Key Features of Canara Bank Savings Account

• Passbook / Canara e-Passbook app
• ATM/Debit card
• Mobile Banking using Canara Ai1 app and Net banking
• Joint / Minor / Senior Citizen account
• 2 DDs free of charge to the amount of the minimum balance maintained for accounts with Rs. 10,000 and above. The maximum amount issued will be Rs. 25,000.

3. Eligibility

An account for Individuals / Karta HUF, non-trading organizations, permitted institutions etc.

Joint accounts: There is no restriction in number of persons.

List of Eligible Institutions permitted by RBI for opening SB accounts and earning Interest thereon (As per Manual of Instructions – SB/ CA) Primary Co-operative Credit Society financed by the Bank Khadi & Village Industries Board:

• Agriculture Produce Marketing Committee.
• Society registered under Societies Act or any other corresponding law in force
• Companies governed by Section 25 of Companies Act.
• Government Departments, bodies, agencies in respect of Grants, Subsidy released for Implementation of various programmes, sponsored by Central Government.
• Development of Women and Children in Rural Areas (DWCRA).
• Self Help Groups –Registered and Unregistered, FarmersClub, Vikas Vahini.
• Non corporate bodies viz clubs, societies, associations, schools etc.
• Trust, Executors and Administrators.

Non-Eligible Organizations/Institutions:

• Government Departments, bodies depending on Budgetary allocation for performance of the functions.
• Municipal Corporations, Committees, Panchayat Samitis
• State Housing Boards
• Water and Sewage Drainage Boards
• State Textbook Publishing Co-operative Societies
• Metropolitan Development Authority
• State, District level Housing Corporations
• Any Political Party
• Any Trading or Business or Professional concern, where such concern is Proprietary or Partnership firm or a Company.

Mode of Operation : Single / Jointly / Either or Survivor/ Former or Survivor, Later or Survivor, etc.

4. How to open Canara Bank Savings Account?

Online 🎉
Instant Canara Bank Savings Account can be opened online in 4 easy Steps without visiting the Branch on Canara DiYA portal.

Related: Canara DiYA (Digitally Your Account) – An Online Account Opening Made Easy in 15 Minutes

Offline
Any resident Indian can fill and submit account opening application form with photocopies of required documents. Deposit the minimum balance amount of Rs. 1000 or 2000 as per location in Rural or Metro.

Your Canara Bank Savings Account will be opened within two days and you will be provided with a welcome kit, Bank Passbook with all the details of the bank and the account usually required. Further, Personalized Debit Card and Cheque Book will be sent to the given communication address of account holder within a week or two.

5. Documents Required

1. Application in the Banks’ prescribed form (NF-1018)
2. Specimen Signature Card (NF-109)
3. Copy of PAN Card / Form 60 or 61 (if customer does not have PAN Card)
4. Photograph of depositor/s (2 copies)
5. Any other related documents applicable to Students, Minor, HUF, Trusts, Association etc.
6. Proof of Identity and Address as per KYC Norms- Only the following documents will be acceptable (for individuals):
   • Passport
   • Driving License
   • PAN Card
   • Voter Identity Card issued by the Election Commission of India
   • Job card issued by NREGA duly signed by an officer of State Government.
   • Letter issued by the Unique Identification Authority of India (UIDAI) containing details of name, address and Aadhaar number.

6. Interest Rate of Canara Bank Savings Account

Rate of Interest on Savings bank is revised w.e.f. 29 June 2022

Balance	RoI (%)
< Rs. 50 Lakh	2.90
< Rs. 100 Cr	2.90
< Rs. 300 Cr	3.10
< Rs. 500 Cr	3.10
< Rs. 1000 Cr	3.40
> Rs. 1000 Cr	3.55

The interest for Canara Bank Savings Account is calculated on daily product basis is credited on quarterly basis on 1st of Feb, 1st of May, 1st of August and 1st of November every year.

7. Average Minimum Balance (AMB)

8. All Service Charges related to Canara Bank Savings Account