Product Details
Bank Name
Canara Bank
Account Name
Canara SB Select
Account Type
Saving Account
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
0
Annual Maintenance Fees
0
Minimum Account Balance
Monthly Average Balance of 10,000 for Rural, 15,000 for Semi-Urban, 20,000 for Urban, 25,000 for Metro
Debit Card Charges
Free
NEFT Charges
Free online
IMPS Charges
Free online
Fees and Charges
Canara SB Select
Special Features
1 domestic airport lounge access per quarter and 2 international airport lounge access per annum.
Free air accidental insurance.
Unlimited free locker operations.
Free NEFT/RTGS/IMPS.
Free SMS alerts.
Eligibility Criteria
All individuals above 18 years.
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
1 domestic airport lounge access per quarter and 2 international airport lounge access per annum.
Free air accidental insurance.
Unlimited free locker operations.
Free NEFT/RTGS/IMPS.
Free SMS alerts.
Cons
Low interest rates.
High monthly average balance requirements.
Canara SB Select
The account comes with an extremely low interest rate. The account comes with value add benefits such as free air accident insurance, free 1 domestic lounge visit per quarter. Overall the account has no features which distinguishes it from its competitors.
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?
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.