A current account provides seamless banking services to businesses, professionals and traders. Canara Bank offers its customers various types of current accounts—the Canara Delite Account, the Canara Privilege Current Account, the Canara Prarambh, and the Canara Elite Current Account. 

Each account offers different features to the account holder according to their business needs. Canara Bank current account​ facility also offers POS solutions, net banking facilities, and cash deposit flexibility for easy fund management.

How to Open a Current Account in Canara Bank?

Opening a current account with Canara Bank is hassle-free. You can follow the simple steps below to open a current account:

• Visit the nearest Canara Bank branch. 
• Fill out an account Opening Form (AOF) for a current account. 
• Attach the required KYC and other documents. 
• Submit the form and wait for the verification process to be completed. 
• Your account will be created upon completion of the verification process.

Canara Bank Current Account Types

Canara Bank offers different types of current accounts for different purposes for business people. Here are the different types of current accounts that the bank offers:

Canara Bank Current Account Minimum Balance

A minimum balance needs to be maintained for every type of current account. The table below shows the minimum account balance to be maintained for different types of current accounts in Canara Bank:

Canara Bank Current Account Opening Documents

Canara Bank online current account opening​ will provide you with different features, which require the submission of different opening documents. Here are the documents needed to open different types of current accounts:

Canara Current Account

• Depositor’s Signature
• Depositor’s Photo
• Specimen Signature Card
• Address Proof
• Identity Proof
• Certificate of Commencement of Business
• Memorandum and Articles of Association
• Partnership Deed
• Certificate of Incorporation and Board Resolution
• Registration Certificate
• Proof of Photo ID
• Certificates under the Shop and Establishment Act from Municipal Authorities

Canara Privilege Current Account

• Proof of Photo ID and address as per KYC Norms and other relevant documents related to business/profession.
• Application in the bank’s prescribed form.
• Copy of PAN Card or Form 60/61 (if the customer does not have a PAN Card).
• Specimen Signature Card.

Canara Delite Account

• Proof of Photo ID and address as per KYC Norms.
• Application in the bank’s prescribed form.
• Depositor’s photographs.
• Specimen Signature Card.

Canara Elite Current Account

• Depositor’s photographs (2 copies)
• Copy of PAN Card or Form 60/61 (if the customer does not have PAN Card)
• Specimen Signature Card
• Proof of Photo ID and address as per KYC Norms and other relevant documents related to business/profession
• Application in the bank’s prescribed form

Canara Prarambh

• DPIIT Registration Certificate
• Proof of Photo ID and address as per KYC Norms and other relevant documents related to business/profession
• Application in the bank’s prescribed form
• Copy of PAN Card or Form 60/61 (if the customer does not have PAN Card)
• Specimen Signature Card

Canara Bank Current Account Opening Eligibility

Any resident individual can open a Canara Bank current account. However, there are specific eligibility criteria for different types of current accounts, which are detailed below:

Canara Current Account

The eligibility criteria for this account are given below:

• Charitable and Religious Institutions
• Executors and Administrators
• Limited Liability Partnership
• Public Corporations
• Private and Public Limited Companies
• Government/Semi-Government Bodies (Departments, Taluk/District Boards, Local)
• Trusts/Provident Funds
• Registered or Unregistered Societies or Associations/Clubs
• Hindu Undivided Family
• Sole Proprietary Concerns
• Partnership Firms
• Individuals

Canara Privilege Current Account

Here are the eligibility criteria for this type of current account:

• Premier segment customers
• Maintaining a quarterly average balance of ₹1 lakh and above

Canara Delite Account

The following are the eligibility criteria for a Canara Delite Account:

• Ultra HNI segment of customers
• Maintaining an average quarterly balance of ₹10 lakh and above

Canara Elite Current Account

The eligibility criteria for this account are given below:

• Elite segment customers
• Maintaining a quarterly balance of ₹5 lakhs and above on an average

Canara Prarambh

Here are the eligibility criteria for this type of current account:

• Start-up businesses having a registration certificate from DPIIT

Canara Bank Current Account Interest Rate

Current accounts are primarily used by businesses and professionals who make significant financial transactions for their businesses. It includes receiving payments, paying suppliers, and managing daily operations. 

However, unlike savings accounts, current accounts are not interest-bearing accounts. Hence, there is no applicable interest rate for Canara Bank current accounts. 

Canara Bank Current Account Customer Care

Canara Bank has a toll-free customer care number for raising issues and grievances: 1800 1030. With this number, you can get services like debit card hotlisting, account statement requests, the status of Aadhaar and PAN, credit and debit card green pin generation, balance enquiry, and others. 

How to Close Canara Bank Current Account?

A Canara Bank current account cannot be closed online. Follow the steps below to close a current account in this bank:

• Visit the designated branch and collect the account closure form. 
• Fill out the form and submit all KYC documents. 
• Officials will verify the documents submitted. 
• A call will be made to authenticate your account closing request. 
• Confirm the call regarding your account closing decision, and the process will be completed. 

Canara Bank Current Account Charges

A charge will be deducted if you cannot maintain the minimum balance in your current account. Here are the different Canara Bank current account charges which will be applicable for not maintaining the minimum balance:

Canara Bank Current Account Statement Password

Canara Bank sends e-statements for current accounts to registered email addresses in a password-protected format to ensure account security. This password is required to open and view.

Final Word

Canara Bank current account offers to fulfil different business needs and carry out bulk financial transactions. Each type of account has other features, minimum balance requirements, eligibility criteria, benefits, and charges. All kinds of professionals, business owners, SMEs, or large enterprises can select a suitable current account type based on their requirements. 

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