Unlocking Potential: 12 Key Features of Canara Prarambh Current Account for Business Growth

Discover Canara Prarambh Current Account: A gateway for business growth. Explore our CANARA START-UP Scheme, fueling innovation and entrepreneurship in India.

Start Up India is a flagship initiative of the Government of India which was launched in January 2016 to catalyze Start up culture and build a strong and inclusive ecosystem for innovation and entrepreneurship in India. It will drive sustainable economic growth and generate large scale employment opportunities.

Bank has introduced “CANARA START-UP” Scheme for financing MSME units which are recognized as Start-ups by the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, Govt. of India.

The Scheme is primarily made effective through 7 identified branches of the designated Circles as under :

1. MCB Fort Market branch, Mumbai
2. MCB Pune Deccan
3. MCB Seshadripuram, Bangalore
4. MCB South Delhi
5. MCB Ahmedabad
6. MCB Chennai
7. MCB Hyderabad

12 Key Features of Canara Prarambh Current Account 🎉

Eligibility
Start-up recognized by DPIIT and having DPIIT registration

Required Minimum Balance
Quarterly Average Balance ₹ 25,000

Debit Card
Rupay Platinum Card

ATM Cash Withdrawal per day
50,000 per day

Personal Accident Insurance & Air Accident Insurance
Personal accidental insurance cover available, as an in-built facility under Rupay Platinum Debit card (existing coverage ranges from 2 lacs to 8 lacs for self/spouse)

POS Terminal
Free rental for one POS

Related: Canara Bank Current Accounts: 18 Key Differences between General, Privilege, Elite and Delite Accounts

BHIM QR Sound Box
Free rental for one Box

POS-MDR
As applicable

Name Printed Cheques
Free up to 500 leaves per annum

NEFT/RTGS/IMPS
Free

SMS Alert
Free

Folio Charges
Free

Demand Draft Facility
Five DDs free per month

Cash Handling charges
As applicable to Current Account

Cash Withdrawal charges
As applicable to Current Account

Locker Operations
Free

Auto-Sweep FD
As applicable to Current Account

Non Maintenance of Minimum Balance
1500/- plus GST per quarter penalty charge

Account Closed before one year
As applicable to Current Account

Portability
Canara General Current Account Can be ported to Canara Prarambh Current Account once only, if it is recognized as Start-up by DPIIT and having DPIIT registration. (To be opened only at 7 identified Branches at present)

All other conditions are applicable to Canara Prarambh Current Account as per existing Current Account guidelines.