Canara Bank Savings Account: Interest Rate & Minimum Balance 2025

Effective June 2025, Canara Bank has simplified banking for its customers by making all savings accounts zero-balance accounts. The Canara Bank savings account minimum balance would no longer be applicable on any savings account. The Canara Bank savings account interest rate ranges from 2.90% to 4.00% per annum, depending on the balance maintained. 

Key Highlights:

• Interest Rate: 2.90% to 4.00% p.a., depending on account balance.
• Senior Citizens: Same interest rates as general public (2.90% – 4.00%).
• Account Options: Small Savings, Jeevan Dhara (Senior Citizens), Junior Savings, SB Power Plus, Payroll Package, and more.
• Charges: Minimal account operation charges with free passbook, debit card issuance, and limited free cheques.

Canara Bank Savings Account Interest Rate

To know the Canara Bank savings account interest rate, 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

As of June 1st 2025, Canara Bank savings account minimum balance requirement no longer applies to all Canara Bank savings accounts. All Canara Bank savings accounts are now zero balance accounts. Previously, customers had to maintain an average monthly balance of ₹2,000 in urban areas, ₹1,000 in semi-urban areas, and ₹500 in rural areas, with penalties for non-compliance.

Penalty for not Maintaining Canara Bank Savings Account Minimum Balance

As of June 1, 2025, Canara Bank has removed the minimum balance requirement across all its savings accounts. This means there is no penalty for non-maintenance of minimum balance.  

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.

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. 

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 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 ₹ 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 ₹ 10,000, with a maximum issuance of ₹ 25,000.

The Canara Bank savings account has become more accessible and customer-friendly in 2025. With the removal of Canara Bank savings account minimum balance requirements and a competitive Canara Bank savings account interest rate ranging from 2.90% to 4.00%, customers can now enjoy secure, flexible, and inclusive banking. 

Other Related Articles:
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2. Bank Account Transfer Application
3. Axis Bank Savings Account Interest Rate
4. Punjab National Bank (PNB) Savings Account
5. Bank of Baroda (BOB) Savings Account
6. ICICI Bank Savings Account Interest Rate
7. Union Bank Savings Account Interest Rate
8. HDFC Bank Savings Account Interest Rate

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