Product Details
Bank Name
Canara Bank
Account Name
Canara Junior Saving Account
Account Type
Saving
Interest Rate
2.9%
Free Debit Card
No.
Account Opening Fees
0
Debit Card Charges
INR 200 + GST
Annual Maintenance Fees
0
NEFT Charges
Upto INR 1,000 - Nil. INR 1,000 to below INR 10,000: INR 3 + GST. INR 10,000 to below INR 25,000: INR 5 + GST. INR 25,000 to below INR 1,00,000: INR 8 + GST.
Minimum Account Balance
INR 0
IMPS Charges
Up to Rs.10,000- Rs. 2.25,Rs.10,001 and up to Rs.1 lakh-Rs. 4.75,Above Rs.1 lakh and up to Rs.2 lakhs-Rs.14.75.
Fees and Charges of
Canara Junior Saving Account
Canara Junior Saving Account
Special Features
Account can be operated by minor on obtaining NOC from parent.
Eligibility Criteria
Minor students above the age of 10 years can open and operate SB A/c in their own name, independently.
Benefits
Features, Eligibility and Benefits of
Canara Junior Saving Account
Pros & Cons of
Pros
Conversion of the account into regular SB account after the child attains majority.
Account can be operated by minor on obtaining NOC from parent.
Cons
Low intreast rate.
Limited value add features.
Canara Junior Saving Account
Canara Junior Saving Account Review
The account comes with low interest rate and minimal value add features.
Abhijeet Saxena
Abhijeet Saxena
Nalsar University of Law
Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi
Ex - Khaitan & Co. Bengaluru,
Ex - National Stock Exchange, Mumbai,
Ex - Argus Partners, Mumbai
Review of
Canara Junior Saving Account
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 the account number, passbook (if applicable), and other relevant details.