Canara Bank Savings Account

Last Updated : Feb. 4, 2025, 12:57 p.m.

Canara Bank was founded on 1st July 1906. It has been a top-performing name in the banking business. It operates pan India and has many branches and ATMs across the country.

Canara Bank customers can enjoy interest rates on their savings accounts starting from 2.9%. It also provides modern utilities and conveniences such as Internet banking, mobile banking and UPI transfers. Canara Bank also offers international banking services and ATMs in various countries like the USA, UK, UAE etc.

In this article, we explore each type of Canara Bank savings account to better understand the benefits and necessary features to take advantage of and make informed decisions.

Canara Bank Savings Account Interest Rates February 2025

Below are the savings account interest rates for Canara Bank:

Types of Canara Bank Savings Account

Given below are the various types of savings accounts offered by Canara Bank.

• Savings Bank Account: This is one of the most basic types of savings accounts. It is open to anyone who wants to open a savings account at Canara Bank. This account type caters to all basic banking needs of a large customer base.
  
• Basic Savings Bank Deposit Account: This Canara Bank savings account is exempt from any mandatory minimum balance requirements. The maximum withdrawals in this account are 4 per month and a fee is charged to the customer as the number exceeds.
  
• Small Savings Bank Deposit Account: This is an initiative by the RBI, to include more people in the financial system. This is specially designed for customers who are unable to furnish a full KYC verification to the bank. No charges are levied for not operating or activating an inoperative account. Any adult individual is eligible to open this account for himself/herself.
  
• Jeevandhara Savings Bank Account: This Canara Bank account is tailored for senior citizens. There is no bar nor any initial payment to be made in this account. This account is also exempt from any minimum balance requirement. This account provides a concession for locker rent based on the annual balance maintained and also offers health insurance.
  
• NSIGSE Savings Bank Deposit Account: This Canara Bank savings account type was introduced as per the regulations of the Ministry of Human Resources, Government of India. It promotes the education of girls in post-secondary and higher classes. It also provides an aid to the socially backward classes of girls who are pursuing higher education.
  
• Canara SB Power Plus Account: This Canara Bank savings account caters to the bank's elite customers. It comes with an array of benefits like a free credit card for the first year and a platinum debit card with a photo. It can be opened with a zero balance. Charges associated with DD, RTGS/NEFT are nil for this savings account. It is the best savings account for individuals with high net worth.
  
• Junior Savings Account: This Canara Bank savings account can be opened by children above 10 years but less than 18 years old. It promotes financial literacy and discipline from a very young age for children. The withdrawal and balance limit in this account ensures safety and security as children handle their finances.
  
• Payroll Package Savings Account: This Canara Bank savings account is suitable for salaried customers between 18 and 65 years of age. It provides an array of benefits such as locker fee waivers, life and accidental insurance, instant overdraft facility etc. RTGS/NEFT charges and cheque leaves are also exempt from this savings account .

Canara Bank Savings Account Features and Benefits

Below are some of the features and benefits of Canara Bank Savings Accounts.

How to open a Savings Account in Canara Bank?

Online:

It is very easy to open a savings account in Canara Bank even from the comfort of your own home. Below are some steps to follow to open a savings account online.

Step 1: Submit essential personal information and select the branch to open a new savings account.

Step 2: Upload scanned copies of all the required documents based on the type of savings account.

Step 3: Authenticate your mobile number and email address.

Step 4: Print the application form and note the unique reference number obtained via SMS.

Step 5: The original documents will be verified by the bank employees.

Step 6: Deposit a minimum amount depending on the type of savings account selected.

Step 7: A welcome kit will be shared by the bank and an account will be opened.

Offline:

Step 1: Visit your nearest branch and avail the account opening form.

Step 2: You can complete the application form and submit copies of relevant documents.

Step 3: Original documents will be verified by the bank's employee.

Step 4: An account will be opened and the welcome kit will be shared.

Documents Required for Canara Bank Savings Account

Opening a savings account with Canara Bank is simple and a resident individual must provide the documents listed below.

Identity Proof:

• A copy of a PAN card. If any individual does not have a PAN card, they can submit Form number 60/61.

Photographs of the individual.

Documents Required for KYC Verification:

• Passport
• Driving Licence
• PAN Card
• Voter Card
• Aadhaar card
• NREGA Job Card (signed by State Government Officer)
• Unique Identification Authority of India letter ( stating the name, address and Aadhar number)

Any other documents that are relevant to students, minors, HUFs, trusts, associations etc.

Canara Bank Savings Account Charges and Fee

A few charges and fees that are levied on the facilities provided by Canara Bank for its savings accounts are as follows:

What is the Minimum Balance Required for Opening a Canara Bank Savings Account?

Though many savings accounts in Canara Bank are exempt from the minimum balance limit, here are some balances that have to be maintained.