Product Details
Bank Name
Canara Bank
Account Name
Savings Bank Account
Account Type
Saving
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
Yes Canara Classic

Account Opening Fees
0
Annual Maintenance Fees
0
Minimum Account Balance
Average Monthly Balance of Rs. 2000/- for Urban/Metro branches, Rs. 1000/- for Semi-Urban branches and Rs. 500/- for Rural branches.
Debit Card Charges
Rs 125+ GST
NEFT Charges
Free for online transactions.
IMPS Charges
Free for online transactions.
Fees and Charges
Savings Bank Account
Special Features
Low minimum balance requirements for rural branches.
Eligibility Criteria
All Individuals/ Karta HUF/ Organizations or Agencies (based on eligibility to open SB accounts) such as:
Government departments / bodies / agencies in respect of grants/ subsidies released for implementation of various programmes / Schemes sponsored by Central Government / State Governments subject to production of an authorization from the respective Central / State Government departments to open Savings Bank account.
Development of Women and Children in Rural Areas (DWCRA).
Self-help Groups (SHGs).
Primary Co-operative Credit Society which is being financed by the Bank.
Khadi and Village Industries Boards.
Agriculture Produce Market Committees.
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
This account provides ATM-cum-Debit card.
Nomination facility is available.
Free RTGS/IMPS transactions when done online.
Cons
Very few features.
Low interest rates.
Application Procedure
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Product Review
Account Opening and Procedure
How to open an Account?
1. Visit a Canara Bank Branch:
Locate the nearest Canara Bank branch to your residence.
Visit the branch during business hours.
2. Obtain Account Opening Form:
Request the bank representative for a Savings Bank Account opening form.
3. Fill the Form:
Fill the form accurately with the following details:Your full name
Date of birth
Contact information (phone number, email address)
Nominee details (if applicable)
Account type (single, joint, etc.)
Operating instructions (single or joint operation)
4. Submit Required Documents:
Proof of Identity:
PAN Card (Permanent Account Number) or Form 60/61 (if PAN is not available)Proof of Address:Passport
Driving License
Voter ID Card
Aadhaar Card
Ration Card
Photographs: Two recent passport-sized photographs
5. Deposit Initial Amount:
Deposit the minimum balance required for the account. This amount varies depending on the type of account and branch location.
6. Account Activation:
Once the bank verifies your documents, your account will be activated.
You will receive your account number, debit card (if applicable), and passbook.