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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

Savings Bank Account
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

76.5
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.

Application Procedure
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