Canara Bank Savings Account: Interest Rate & Minimum Balance 2024

As a top institution in the country, Canara Bank provides a diverse range of savings accounts tailored to meet the needs of various customer segments, including senior citizens, minors, and the salaried class. These accounts offer modern conveniences like net banking, mobile banking, and UPI transfers. Canara Bank ensures its account holders enjoy competitive interest rates, ranging from a minimum of 2.90% to a maximum of 4.00% on their savings.

Keep reading this article to learn more about Canara Bank savings account interest rates and different types of savings account schemes in detail.

Different Types of Canara Bank Savings Account 

Canara Bank offers a diverse array of savings accounts catering to various customer needs. These accounts provide a range of features and benefits, contributing to the bank's reputation as a leader in the financial sector. 

Savings Bank Account

Canara Bank's basic Savings Bank Account serves as a versatile financial hub, allowing customers to deposit and withdraw funds effortlessly. With unlimited withdrawals at Canara Bank branches and ATMs and the convenience of one electronic fund transfer per month through net banking, it caters to the routine banking needs of a wide customer base. 

Small Savings Bank Deposit Account

The Small Savings Bank Deposit Account from Canara Bank is a specially crafted savings solution for individuals who may face challenges in completing full KYC verification. Targeted at those above 18 years of age, this account encourages the habit of saving by offering interest on deposits. 

By simplifying the account opening process, Canara Bank aims to make financial inclusion more achievable, providing an entry point to banking services for a broader range of individuals. However, the balance in this account must not exceed Rs.50,000 and the credits in a financial year are limited to Rs.1 lakh.

Basic Savings Bank Deposit Account

Canara Bank's Basic Savings Bank Deposit Account is designed for simplicity and accessibility. There is no limit on the number and value of deposits that can be made in a month, thus, catering to those seeking a straightforward savings option. This account also offers an ATM card or ATM-cum-Debit card.

Jeevan Dhara SB Account

Tailored for senior citizens, the Jeevandhara SB Account by Canara Bank goes beyond typical savings offerings. With a zero-balance sustenance option, this account provides an attractive avenue for those aged 60 and above to secure their financial future. 

The account not only assures quarterly interest deposits but also offers a suite of benefits, including a free debit card with no maintenance charges, customisable chequebook facilities, and options for loans and lockers based on availability and priority. Additionally, it extends health insurance coverage, exclusive to pension account holders.

NSIGSE Savings Bank Deposit Account

Canara Bank's NSIGSE Savings Bank Deposit Account stands as a testament to the bank's commitment to social responsibility. It is aimed at promoting the education of girls, especially from socially backward communities. 

It catalyses empowering the education of all SC/ST girls who pass class VIII or girls who have passed class VIII from Kasturba Gandhi Balika Vidyalayas (irrespective of any caste) and enroll for class IX in a state/UT government, government-aided or local body school.

Canara SB Power Plus Account

Catering to premier customers, the Canara SB Power Plus Account is an exclusive offering requiring a minimum average quarterly balance of Rs. 1 lakh. This account goes beyond traditional savings, providing a suite of benefits such as a personalised Platinum debit card, a complimentary credit card for the first year, personalised cheque leaves, and various banking facilities. 

It also provides services, including SMS alerts, Net banking, mobile banking, auto sweep, locker facility, and demat operations. With waived DD charges and RTGS/NEFT charges, it stands as a comprehensive solution for high-net-worth individuals.

Junior Savings Account

Canara Bank's Junior Savings Account is an educational and financial grooming tool for children. It encourages parents to initiate their children into the world of banking and financial management. The account can be opened for children above 10 years but below 18 years. 

It offers a customisable debit card designed for the needs of children and parental contact details for notifications. It restricts the maximum debit card withdrawal limit to Rs.5,000, ensuring controlled financial exposure for young savers. The balance in the account should not exceed Rs.50,000. It strikes a balance between financial education and security. 

Payroll Package Savings Account

The Canara Bank Payroll Package Savings Account is an innovative online savings solution tailored for salary account holders. Linked to an active salary account for people aged between 18 to 65 years. 

Complemented by services like a locker facility, bank transfers, and customisable chequebooks, it simplifies financial management for those seeking to earn Canara Bank savings account interest rates on their salary deposits. The account's distinctive feature lies in its connection to the total credited salary amount, influencing additional perks like waived DD charges and free cheque leaves.

Canara Bank Savings Account Interest Rate

To know the interest applicable to your Canara Bank savings account, go through the table provided below:

Canara Bank Savings Account Interest Rate for Senior Citizens

Canara Bank savings account interest rate for senior citizens is the same as for the general public. It varies from 2.90% to 4% p.a., depending on the account balance, as shown in the table above. 

Canara Bank Savings Account Minimum Balance

If you are keen to know the minimum balance you need to maintain for your Canara Bank Savings account, check the table below.

Canara Bank Savings Account Maximum Balance

There is no maximum balance limit that you need to maintain in an Canara Bank savings account. However, investors must remain aware of the deposit limits and ensure all the account activities are aligned with Income Tax regulations.

Penalty for not Maintaining Minimum Balance in Canara Bank Savings Account 

Though you need not maintain a minimum balance in many Canara Bank savings bank accounts, certain accounts have a specific minimum balance that you need to maintain, as already discussed above. In case you are unable to maintain the minimum balance, the penalty that will be levied as given in the following table:

Canara Bank Savings Account Charges 

There are a few account charges that are levied upon you when you open a Canara Bank savings bank account. The charges to look for are as follows:

Canara Bank Savings Account Cash Transaction Limit

In case you want to know the transaction limit for your Canara Bank savings account, check the below table.

How to Open a Savings Account in Canara Bank Online?

Any resident Indian can access the official Canara Bank website to open a savings account and enjoy the Canara Bank savings account interest rate. The easy steps to follow are:

Step 1: Visit the nearest Canara Bank branch. 

Step 2: Obtain the Savings Bank account opening form.

Step 3: Fill out the form and submit it to the bank officials along with the documents required for verification.

Step 4: Deposit the minimum balance amount to complete the account opening process.

Step 5: Your savings account will be successfully opened.

Documents Required for Opening Savings Account in Canara Bank

To open a savings account with Canara Bank, applicants must provide copies of the following documents:

• Proof of Identity:
  • Copy of PAN Card/Form 60 or 61 (Applicable if the customer does not possess a PAN Card)
• Photographs of the customer
• KYC Documents:
  • Passport
  • Driving License
  • PAN card
  • Voter Identity card 
  • NREGA Job card, duly signed by a State Government officer
  • Unique Identification Authority of India (UIDAI) letter, which contains details of name, address, and Aadhaar number

How to Close a Canara Bank Savings Account?

If you have decided to close your Canara Bank account, follow these steps for a smooth closure process:

Step 1: Obtain the Canara Bank Savings or Current Account Closure Form from any Canara Bank Branch.

Step 2: Fill out the form with accurate details, including the Account Holder’s Name, Mobile Number, Account Number, and your preference for receiving the Account Balance (Cash, Cheque/Draft, or Balance Transfer to another bank account).

Step 3: After providing the required information in the form, sign it.

Step 4: Collect all associated account items such as Debit cards, chequebooks, and passbooks.

Step 5: Collect a copy of your Identity Proof and Address Proof Document.

Step 6: Enclose the document copies and attach the bank products to the Account Closure Form. Submit this package at your home branch.

Step 7: Allow the bank some time to process the closure request and finalise the account closure.

Step 8: Receive your Account Balance according to the specified mode mentioned in the Canara Bank Account Closure Form.

Canara Bank Savings Account Features

Each Canara Bank Savings Account has its own unique features. Some of them are:

Canara Bank Savings Account Benefits

Here are some of the most important advantages and benefits of a Canara Bank Savings Account that you must be aware of while opening a savings bank account.

• Enjoy the convenience of an ATM/Debit card for seamless transactions.
• Keep track of your account activity with a Passbook or Pass Sheet.
• Access your account anytime, anywhere, with the flexibility of Mobile Banking and Net Banking services.
• Benefit from the instant crediting of outstation cheques up to Rs. 10,000.
• Facilitates the option of opening a joint account for shared financial management.
• Tailored accounts for both minors and senior citizens to meet their unique banking needs.
• Ensure a smooth transition of your account with the nomination facility in unforeseen circumstances.
• Avail the convenience of two free Demand Drafts for amounts equivalent to or above the minimum balance of Rs. 10,000, with a maximum issuance of Rs. 25,000.

Canara Bank stands out as a reliable financial institution offering a diverse range of savings accounts tailored to meet the unique needs of various customer segments. The bank's commitment to providing modern conveniences such as Internet banking, mobile banking, and UPI transfers reflects its dedication to enhancing customer experience.

One of the key factors that make Canara Bank's savings account interest rate attractive is the competitive interest rates offered, ranging from 2.90% to 4.00%. This ensures that account holders have a secure place for their funds and the opportunity to earn attractive returns on their savings. Additionally, the bank provides a detailed overview of interest rates for different account balances, promoting transparency and informed decision-making.

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6. ICICI Bank Savings Account Interest Rate
7. Union Bank Savings Account Interest Rate
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