Canara Bank Salary Account - Benefits, Interest Rate & How to Open Online

Canara Bank Salary Account Interest Rate

The table below shows the Interest Rate of Canara Bank Salary Account:

Canara Bank Salary Account Opening Charges and Minimum Balance:

Canara Bank salary account does not have an account-opening charge and does not require a minimum opening balance, as it is a true zero-balance account. 

Canara Bank Salary Account Maintenance Charges

There are no account maintenance charges. However, if salary is not credited for 3 consecutive or 4 non-consecutive months in a financial year, a penalty applies based on the account variant.

• Basic Salary Accounts: No minimum balance penalty; debit card AMC is ₹100 + taxes.
• Premium Payroll Variants: Diamond Plus gets 50% AMC waiver; Platinum Plus gets 100% AMC waiver.
• Salary Non-Credit Penalty: If salary is not credited for 3 consecutive or 4 non-consecutive months, the penalty is ₹250 (Silver), ₹500 (Gold), and ₹1,000 (Platinum) + GST.

Canara Bank Salary Account Opening Documents Required

To open any salary account in Canara Bank, you need to provide the following documents:

• Salary mandate from the employer for crediting the salary to the Canara Payroll Package account.
• Proof of photo ID and address according to KYC norms.
• Application in the prescribed form for the bank.
• Recent photographs.
• Specimen signature card.

How to Open a Canara Bank Salary Account Online?

To open a Canara Bank salary account using online mode, you have to follow these steps:

Step 1: Visit the Canara Bank website and go to Digital Products > Online Account Opening.

Step 2: Select your preferred language and enter your mobile number. Verify it using the OTP.

Step 3: Enter the registered email ID and complete the email OTP verification.

Step 4: Select Canara Premium Payroll and choose the eligible tier (Silver, Gold, Diamond, or Platinum).

Step 5: Enter Aadhaar number, complete the e-KYC OTP verification, and fill in your personal and employment details.

Step 6: Complete the Video KYC (if required). Once verified, your salary account details will be generated and sent to your email.

How to Open a Canara Bank Salary Account Offline?

To open a salary account at Canara Bank offline, follow these steps:

Step 1: Visit the nearest Canara Bank branch and collect the Canara Premium Payroll application form.

Step 2: Fill out the form and submit it along with the required documents.

Step 3: The bank will verify your application and process your request.

Step 4: Once approved, you will receive your welcome kit and an account activation via SMS.

How to Close Salary Account in Canara Bank?

The Canara Bank Salary Account does not offer online mode to close the account. To close your Canara Bank account offline, follow these steps:

Step 1: Gather the KYC documents, passbook, unused chequebooks, and debit card.

Step 2: Visit the home branch and collect the account closure form.

Step 3: Fill out the form, attach the required documents, and submit it.

Step 4: Complete the identity verification and confirm the closure request if contacted by the bank.

Step 5: The bank will process and close your account within a few days.

Final Word

The Canara Bank salary account offers a range of benefits tailored to different salary brackets, making it an excellent choice for employees. With zero balance requirements, free insurance, overdraft facilities, and various perks, it provides a hassle-free banking experience. The online and offline account opening processes are straightforward, ensuring accessibility for all.