Product Details
Bank Name
Canara Bank
Account Name
Canara Payroll Package Silver Bank Account
Account Type
Salary
Interest Rate
Balance of less than Rs. 50 Lakh-2.90% and a balance of Rs. 50 Lakh to less than Rs 5 Cr-2.90%.
Free Debit Card
Rupay Platinum Debit card
Account Opening Fees
INR 0
Annual Maintenance Fees
INR 0
Minimum Account Balance
Nil.
Debit Card Charges
Nil.
NEFT Charges
Free if done online.
IMPS Charges
Free if done online.
Fees and Charges
Canara Payroll Package Silver Bank Account
Special Features
Free unlimited transactions at Canara Bank ATMs.
1 domestic airport lounge access per quarter and 2 international airport lounge access per annum.
Eligibility Criteria
All employees of a firm / company with minimum 5 enrollments.
Age – 18 to 65 years
Salary Band – Less than INR 50000/-(Monthly)
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
Credit card issuance is free.
Instant overdraft facility.
Unlimited free locker operations.
Free NEFT/RTGS transactions.
Free debit card issuance with accidental insurance coverage for death.
Free IMPS/SMS facility.
Free term life insurance.
Free personal accidental insurance.
Free air accidental insurance.
Cons
Low intreast rate.
Canara Bank has limited branch and ATM network.
Canara Payroll Package Silver Savings Bank Account Review
The account comes with a number of value add features. However, the biggest con of the account is low interest rate which limits its appeal.
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
Product Review
Account Opening and Procedure
How to open an Account?
The account can be opened by employer on behalf of employee.