8 Value Added Features of Canara SB Select Saving Account for Tech Savvy Individuals

Canara Bank introduced a new Savings Bank Account – “CANARA SB SELECT” to provide additional benefits to its quality Savings Account Customers & Tech Savvy Individuals.

The Distinct Features of Canara SB Select Account

Eligibility
Individuals

Initial Deposit and Minimum Monthly Average Balance (MAB)

From 06/03/2024, Bank has introduced the initial balance for account opening in tune with Monthly Average Balance for account opening/ portability under SB Select i.e.

Branch Type	Initial Deposit	Minimum MAB (Rs.)
Rural	10,000/-	10,000/-
Semi-Urban	15,000/-	15,000/-
Urban	20,000/-	20,000/-
Metro	25,000/-	25,000/-

*There will be a provision for the customer to deposit the initial account opening balance within 3 working days of account opening.

However, if it is found that even after 3 working days (Excluding Account Open Date), customer has not deposited the minimum initial deposit, the account shall be converted to General SB Account, on fourth day and applicable charges will be applied for issuance of debit card/Cheque book etc.

Non-Maintenance of Minimum Monthly Average Balance

RURAL	SEMI- URBAN	URBAN	METRO	CHARGES Per Month
< 10000	< 15000	< 20,000	< 25000	50
< 7000	< 11000	< 14000	< 19000	55
< 4000	< 7000	< 9000	< 12000	60
< 2000	< 3000	< 4000	≤ 5000	65

Nature of Account
Savings

Related: Canara Bank Savings Account – 8 Things You Must Know!

Rate of Interest

Related: Canara Bank FD Rates

Periodicity Of Interest
Interest is calculated on the daily balance maintained in the account and credited to Canara SB Select accounts on 1st February, 1st May, 1st August and 1st November every year.

Nomination Facility
Available

Tax Savings Deposit, Mutual Funds and Insurance Schemes
Available

Account Opening Mode
CPHs / Adhaar / Tab Banking / Diya

Debit Card 💳
Only Rupay Platinum Debit Card to be issued as Primary Card. Other/Additional Card will be available on chargeable basis.

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8 Value Added Features of Canara SB Select Account

1. Rupay Platinum Debit Card 💳

• NIL Issuance Fee & AMC* 🎉 (Annual Maintenance Charges) * (AMC Charges on issued Platinum Debit Card will apply as per Card Policy, if required minimum Monthly Average Balance is not maintained for three consecutive months or four months in a year)
• Airport Lounge Access – 2 Free per Calendar quarter
• Other Card Based Offers as applicable.
• Personal Accident Insurance (PAI) Cover for Death under CANCARE Policy – for Rupay Platinum Debit Card Holders:
  • Air Accident -Rs 8.00 lakhs for self, Rs 4.00 lakhs for spouse
  • Other than Air Accident -Rs 4.00 lakhs for self, Rs 2.00 lakhs for spouse
• Baggage Insurance cover – Rs. 25000/- (per card) under CANCARE policy
• Purchase Protection cover – Rs. 25000/- (per card) under CANCARE policy
• Personal Accident & Permanent Total disability Insurance’ cover by NPCI – 2 Lakhs; with 30 days financial transaction from the date of accident as compulsory condition.

2. ATM Cash Withdrawal 🏧
Rs.1,00,000/- in our Bank ATM. In other Bank ATMs limit as permissible for other Banks’ Card Holders (As per Card Policy)

3. NEFT / RTGS / IMPS / SMS 📄
Free 🎉

4. Cheque Book
25 Cheque leaves free in a Calendar Year

5. Internet Banking Facility 💻
Available at netbanking.canarabank.in or click below link:

6. Mobile Banking Facility 📱
Available on Canara Ai1 App, Canara e-Passbook App.

7. Locker Facility 🔐
Unlimited Free Locker Operations

8. Product Convertibility 🔥
Existing SB Account customers of Bank may convert their account to Canara SB Select product without changing their account number, for availing the attractive freebies. (Required customer consent and documents to be obtained and updated. In such cases, if the existing card is not Rupay Platinum Debit Card, shall be replaced with new Rupay Platinum Debit Card immediately after account conversion.)

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Summary

The accounts opened under this product are already provided with benefits of Free SMS Alerts and Free Rupay Platinum Debit Card with a) NIL Issuance Fee & b) Free Annual Maintenance Charges (AMC) subject to maintenance of minimum balance as stipulated for the product.

In addition to the distinct features of the product, the following freebies have been extended to the Saving Accounts opened under Canara SB Select:

1. Waiver of Service Charges for NEFT / RTGS / IMPS
2. Unlimited Free Locker Operations

Frequently Asked Questions (FAQs)

Q. What is minimum Monthly Average Balance (MAB) for Canara SB Select account in urban area?
Minimum Monthly Average Balance in urban area is 20,000/- for Canara SB Select account.

Q. What is Cash withdrawal limit from ATM for Canara SB Select account?
Cash withdrawal limit from ATM is 1,00,000/- for Canara SB Select account.