Product Details
Bank Name
Canara Bank
Account Name
Account Type
Savings Account
Interest Rate
Balance of less than Rs. 50 Lakh-2.90%
Free Debit Card
Rupay Select Debit card
Account Opening Fees
0
Debit Card Charges
Free
Annual Maintenance Fees
0
NEFT Charges
Free for online transactions.
Minimum Account Balance
0
IMPS Charges
Free for online transactions.
Fees and Charges of
Special Features
2 domestic airport lounge access per quarter and 2 international airport lounge access per annum.
Offers health insurance through associate partners.
Eligibility Criteria
Pensioner/Prospective pensioner including all the employees retired on voluntary basis or normal retirement, who has given mandate for credit of their pension in the account including Defence personnel. Account will be opened preferably jointly with spouse only, with operational instructions of Former/Survivor. However, the benefits will be with the first holder as Pensioner. The account may be opened with single name of pensioner also.
Monthly Pension credit: Monthly pension above Rs.50000.
Benefits
Features, Eligibility and Benefits of
Pros & Cons of
Pros
2 domestic airport lounge access per quarter and 2 international airport lounge access per annum.
Offers health insurance through associate partners.
Free personal accident insurance & air accident insurance cover.
No minimum balance requirement.
50 % concession in rent of locker rent.
No processing charge for pension loans.
50 % waiver of processing fees may be provided for home loans.
Free credit card Issuance
Free NEFT/ RTGS/ NET Banking/ SMS Alerts/IMPS/DD transactions.
Concession in locker rent.
Instant overdraft facility.
TD Sweep in/Sweep Out facility is available.
Concession on medicine purchase.
Pension Seva portal with various service offer.
Pension Grievance Redressal System (GRS).
Cons
Low interest rates.
Canara Bank has a limited branch and ATM network.
Application Procedure
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Review of
Account Opening and Procedure of
How to open an Account?
Steps:
Visit a Canara Bank Branch: Go to the nearest Canara Bank branch with all the required documents.
Submit the Application: Fill out the application form accurately and submit it along with the necessary documents to the bank official.
Account Opening: The bank official will verify your documents and initiate the account opening process.
Receive Account Details: Once the account is opened, you will receive your account number, passbook (if applicable), and other relevant details.