Canara Bank Zero Balance Account Online

Banks and financial institutions often feature a minimum balance for customers to keep their accounts active. While maintaining a minimum amount in accounts is a good habit, some people may find it difficult for various reasons. Nevertheless, you can conveniently avoid such tedious situations with a zero balance account at Canara Bank.

Through these, you can keep your accounts active without depositing any minimum amount or being penalised for keeping low balances. So, if you plan to open a Canara Bank zero balance account, read this blog till the end to find out the essential details.

What Is a Zero Balance Account In Canara Bank?

Financial institutions or banks usually mandate several terms and conditions for opening a savings account with them. One condition is that you need to maintain a minimum balance to keep your account active. Although this minimum balance can vary from bank to bank, it usually ranges from Rs. 5,000 to Rs. 10,000, which, in some cases, such conditions can create a financial burden for customers. 

Therefore, Canara Bank has developed its zero balance account scheme, through which you can open your savings account with zero balance.

In a zero balance account at Canara Bank, customers are not required to maintain any specific amount to keep it active. Thus, Canara Bank zero balance account openings are ideal for individuals who find it challenging to maintain their savings account by depositing specific amounts every time.

How To Open Zero Balance Account In Canara Bank?

The application process for a zero balance account at Canara Bank involves no technological complications. Refer to the following steps to opt for a Canara Bank zero balance account opening online:

• Visit the official website of Canara Bank.
• Navigate to the zero balance account opening section and select the type of zero balance account you wish to opt for.
• You will be redirected to another page where you need to fill in the details of your zero balance account application.
• Fill in the relevant details and attach the scanned copies of the required documents for KYC verification.
• Review the details you entered and submit.

Once your application is verified successfully, you will be informed of your account number on your registered mobile number and email ID. You will also receive your debit card at your permanent address, as mentioned in the application.

However, if you wish to apply for a Canara Bank zero balance account through offline mode, you can refer to the following steps:

• Visit the nearest branch of Canara Bank in your area.
• Navigate to the necessary bank authority member and request an application form to open a zero-balance account.
• Fill out the application form by filling out the required details.
• Attach copies of the required documents and submit them to the bank.

You will receive a temporary cheque book for immediate use; however, you will receive the regular cheque book within 5 days of submitting the zero balance account application.

Also, when the bank processes your application and the verification is completed, you will receive your account number and debit card on your registered mobile number and address, respectively.

Canara Zero Balance Account Rules

There are a few rules associated with Canara Bank's zero balance accounts. In case you are planning to opt for the same, you need to be aware of the following:

• Zero balance accounts at Canara Bank allow customers to keep their savings accounts active without making any deposits. Thus, you can maintain your accounts even with zero balance with no maintenance charges.
• All applicants must adhere to the eligibility criteria and provide their KYC details to verify the authentication of their applications.
• There are no requirements for making any initial deposits.
• Canara Bank allows customers to make up to four free withdrawals from other banks’ ATMs. If they exceed this limit, they will be charged Rs. 5 as a service charge on every transaction.
• Your account's total balance should not exceed Rs. 50,000 in a year, and the credit should not be more than Rs. 1 Lakh. Otherwise, the bank will request that you submit your KYC documents, failing which your account can be closed.
• Customers can transfer funds, make transactions, and shop online through the bank's online banking facility without any charges.

Canara Bank Zero Balance Account Eligibility Criteria

All applicants of the Canara Bank zero balance account must learn about the eligibility parameters of the bank before opting for the Canara Bank online account opening zero balance. These include the following:

• All applicants must be citizens of India and hold valid Indian citizenship and passports.
• All individuals applying for zero balance accounts at Canara Bank must be at least 18 years old or older to be eligible. Minor applicants aged 10 years and above can also apply, however, jointly with their legal guardians.
• All applicants must submit their KYC details like identity proofs, permanent address, etc.
• Only applicants with a valid email ID and mobile number are allowed to register for Canara Bank accounts.
• Applicants who wish to apply for a Canara Bank zero balance account through offline mode must have all the hard copies of the required list of documents.
• Employed applicants must have supporting documents to showcase the details of their employment.
• Self-employed and pensioner applicants must submit the details of their source of income.

Canara Bank Zero Balance Account Required Documents

Apart from the application form, applicants must also submit a set of required documents. It is essential to be aware of such requirements to accumulate them well in advance. These include the following:

• Proof of identity (Aadhar Card, Ration Card, Voter ID Card, passport, driving license, NREGA job card)
• Proof of permanent address (Aadhar Card, Ration Card, Voter ID Card, passport, driving license, NREGA job card)
• PAN Card or Form 60 (for those applicants who do not have a PAN Card)
• Birth Certificate or 10th standard Passing Certificate
• Income proof for employed applicants, including Form 16 or the latest salary slips
• Two copies of recent passport-size photographs

Please note that applicants may be required to submit additional documents, which usually depend on the type of zero balance account they apply for. Therefore, it is better to inquire about the same before initiating the application process.

Canara Bank Zero Balance Account Withdrawal Limit Per Day

Canara Bank offers a range of zero balance savings accounts designed to meet the diverse needs of its customers, each with specific withdrawal limits. Basic savings accounts and  minors savings accounts have a monthly withdrawal limit of  Rs 10,000 per month, whereas senior citizen savings accounts have a daily withdrawal limit of Rs 25,000. 

On the other hand, regular savings accounts provide flexibility by allowing for no withdrawal limits. However, it is essential to note that daily withdrawal limits may also apply. Customers are advised to check with the bank for detailed information before proceeding with the zero balance account application process.

Canara Bank Zero Balance Account Maximum Limit

For opening a zero balance account at Canara Bank, the maximum allowed balance depends upon the type of account chosen by the customer. Basic savings account has a higher limit of up to ₹1,00,000 and enables controlled savings opportunities. On the contrary, regular saving accounts have no balance limit provided to the clients for more convenient financial management. 

Minor savings accounts and senior citizen savings accounts are just like regular savings accounts, and they do not have a maximum balance limit. They provide various options to suit the needs of different customers, thus having an account type suitable for everyone.

Canara Bank Zero Balance Account UPI Transaction Limit

Canara Bank features certain limitations on transactions made using UPI services. Go through the following points to learn about the same:

• Customers can make a transaction of up to Rs. 5000 for the first 24 hours after registering their account from Android-based devices.
• In the case of iOS devices, users can transact up to Rs. 15000 for the first 72 hours (Rs. 5000 maximum in 24 hours) after the fresh registration of their account.
• For P2P transactions, the maximum limit is Rs. 1,00,000 within 24 hours, which is valid for up to 20 transactions.

Canara Bank zero balance accounts are a good option for individuals who are looking for a savings account where they do not have to maintain a minimum balance. Likewise, a zero balance account allows you to keep your account active without depositing any amount or being charged penalties. However, it is crucial to contact the bank's customer service to inquire in detail and make an informed decision.

Learn more about Canara Bank Services!
1. Canara Bank Savings Account
2. Canara Bank Balance Check Number
3. Canara Bank Net Banking