Product Details
Bank Name
Canara Bank
Account Name
Canara Champ Deposit Account
Account Type
Saving
Interest Rate
Balance of less than Rs. 50 Lakh-2.90% and Balance of Rs. 50 Lakh to less than Rs 5 Cr-2.90%.
Free Debit Card
Yes Canara Classic
Account Opening Fees
0
Annual Maintenance Fees
100
Minimum Account Balance
Minimum 2 credits in a half year, aggregating Rs.500 in Rural/ Semi-Urban and Rs.1000 in Urban/Metro excluding interest has to be made.
Debit Card Charges
Rs 125+ GST
NEFT Charges
Free online
IMPS Charges
Free online
Fees and Charges
Canara Champ Deposit Account
Special Features
There is an option under the scheme to convert balances in excess of Rs. 15,000/- into Kamadhenu Deposit upon the request of the account holder which shall remain with the Bank until the child completes +2 Education and is eligible for pursuing higher education.
Eligibility Criteria
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
Nomination facility is available.
Net Banking facility is available.
TDS is not applicable for SB Canara Champ Deposit.
Loan eligibility card for Educational loan as per the then prevailing Educational loan scheme.
Free collection of cheques/DDs gifted to the child upto Rs. 25,000/- per annum.
Attractive savings box to cultivate the habit of savings among children.
Cons
Cheque books are not issued under the scheme.
Joint accounts cannot be opened under the scheme
Application Procedure
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Product Review
Account Opening and Procedure
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.