Canara Bank offers multiple zero-balance salary account variants under the Canara Premium Payroll Package—Silver, Gold, Diamond, and Platinum. Each variant comes with tailored benefits such as free personal and air accident insurance, overdraft facilities, waived debit card charges, and concessions on locker rent and loan processing fees. Eligibility is based on monthly salary slabs, and accounts can be opened both online and offline. 

This blog provides detailed information on salary account features, interest rates, required documents, maintenance charges, and the application process.

Canara Bank Salary Account Benefits

Depending on the variant of your salary account, you will get the following benefits as a Canara Bank salary account holder:

Canara Bank Salary Account Eligibility

The eligibility criteria for Canara Bank's Premium Payroll Packages are as follows:

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.

Canara Bank Salary Account Opening Charges

Canara Bank salary account does not have an account opening charge. So, you do not need to pay any initial deposit to open this account. 

Canara Bank Salary Account Opening Minimum Balance

Canara Bank salary account opening does not need any minimum opening balance. This is a zero-balance account. Just your salary should be credited to your bank account every month. Otherwise, the bank will impose a fine.

Canara Bank Salary Account Maintenance Charges

There are no account maintenance charges. However, if the salary is not credited to your salary account for three consecutive months, or a total of four months, intermittently within the financial year on a prorated basis, a penalty will be charged according to your account variant. The charges are provided below:

• Canara Premium Payroll Package Silver: Rs. 250 plus applicable GST
• Canara Premium Payroll Package Gold: Rs. 500 plus applicable GST
• Canara Premium Payroll Package Diamond: Rs. 750 plus applicable GST
• Canara Premium Payroll Package Platinum: Rs. 1,000 plus applicable GST

Canara Bank Salary Account Interest Rate

Follow this table to know the interest rates of the Canara Bank salary account:

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:

• Visit the official website of Canara Bank.
• Choose your language and click on ‘Digital Products’ -> Online Account Opening
• Find and click on the open account button-> Select language
• Enter your mobile number and complete the OTP verification
• Also, enter your email ID and complete the verification
• Choose account type ‘Canara Premium Payroll’
• Enter your Aadhaar number, OTP, personal details, and additional information to complete the application process.

After verification, your salary account opening process will be completed, and you will receive the bank details.

How to Open a Canara Bank Salary Account Offline?

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

• Visit the nearest Canara Bank branch and request the salary account application form from the bank official.
• Complete the form and submit it along with the necessary documents, including employment proof, identity proof, and income proof.
• The bank will then verify your application. Once your account is successfully opened, you will be notified via SMS.

How to Close Salary Account in Canara Bank?

To close your Canara Bank account offline, you can follow these steps:

• Gather all your KYC documents, unused chequebooks, passbooks, and debit cards.
• Visit your home branch and request the account closure form from the bank officials.
• Complete the form, attach the required documents, and submit it at your home branch.
• The bank officials may verify your identity by checking your documents.
• After verification, the bank may contact you to authenticate your account closure request.
• Once you confirm your decision over the phone, the bank will 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. 

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