Shop around for options that have minimum fees and avoid paying unnecessary charges. The charges might seem negligible but over a period you would realise that they have been taking a toll on your savings. Be aware of Canara Bank Charges List at the time of building a relationship with the bank and pay little or no fees.
Canara Bank is a prominent public sector bank established in 1906. It offers a wide range of banking services including savings and current accounts, loans, investments, and online banking facilities. With a strong presence and customer base, Canara Bank is known for its reliable financial services and customer-centric approach.
Bank charges refer to the fees assessed to accounts for the services rendered such as funds transfer, account opening, locker facilities, and also the penalties for non-compliance with bank terms. The charges are primarily meant to cover the operational costs and to promote discipline in account management.
The Canara Bank Charges List comprises charges levied by the Bank for various services and products offered to its customers. Here are some of the common charges collected by the Bank.
Canara Bank offers overdraft facilities to its customers. The bank charges interest or fees to the extent of funds utilised out of the limit permitted. If the account holder happens to use funds over and above the limit, the bank charges a penalty by way of 2% interest over and above the actual interest.
Online Banking Charges
Canara Bank provides online banking facilities. The bank may collect charges for certain features or transactions performed through the digital platform.
Service Charges for Special Requests
If you have special requests like account statement requests, stop payment instructions, issuance of duplicate documents, etc., you will have to pay certain fees for the execution of these requests.
Return of Cheques
In case the cheque issued by you is returned for want of funds or any other reason, Canara Bank Service Charges apply for the return of the cheque.
Annual Fee for Credit Cards
Canara Bank offers credit cards with various features and benefits. Depending on the category of card and the privileges that come with the card, an annual fee may be charged for card usage and maintenance.
The Canara Bank Charges collected vary with the user and include fees like minimum balance charges, various service fees, overdraft limits, insufficient funds charges, etc. Most of these fees are avoidable if you are aware of them ahead of time. Here are some of the tips you can follow to avoid the charges.
- Open an account with no minimum balance stipulation or with a minimum balance limit requirement that aligns with your financial capacity.
- Do not spend more than the money you have in the account. You can avoid over limit charges by doing so.
- Use an ATM within your bank’s network and avoid transaction fees.
- Plan cash withdrawals within the free limit permitted for a month.
- Opt for receipts through your account instead of accepting cash. This will minimise your cash deposit instances.
- Use the online platform for the transfer of funds without service charges.
- As far as possible, limit your transactions to your home branch. Canara Bank applies charges for transactions at non-home branches after a certain limit.
You will have to deposit an initial deposit into the account upon opening a Savings Account with Canara Bank. The initial deposit specification depends on the type of account you choose to open. The list of the category of Canara Bank Savings Accounts and the initial deposit requirements is given below:
|Account Type||Initial Deposit (Amount in Rs.)|
|Savings Bank Account||Semi-Urban: 1000 Urban/Metro Areas: 2000 Rural Areas: 500|
|Canara Small Savings Bank Deposit Account||Zero|
|Canara Jeevan Dhara-SB Account for Senior Citizens||Zero|
|Canara Payroll Package Savings Bank Account||Zero|
|Canara Basic Savings Bank Deposit Account||Zero|
|Canara NSIGSE Savings Bank Deposit Account||Zero|
|Canara SB Power Plus||Zero|
|Canara Junior Savings Account||Zero|
|Canara SB Select||Zero|
|Canara Delite||10.00 lacs (QAB)|
Canara Bank allows unlimited transactions at Canara Bank ATMs. The bank allows 5 free transactions at other Bank ATMs. The charges collected for transactions beyond the limit at other Bank ATMs are given below:
|For Cash Withdrawals (Financial Transactions) beyond the limit||Rs. 21 + GST|
|For Balance Enquiry (Non-Financial Transactions) beyond the limit||Rs. 10 + GST|
|Small||Rs. 2000||Rs. 1500||Rs. 1000|
|Medium||Rs. 4000||Rs. 3000||Rs. 2000|
|Large||Rs. 7000||Rs. 6000||Rs. 4000|
|Very Large||Rs. 1000||Rs. 8000||Rs. 6000|
Canara Bank provides both offline as well as online funds transfer through Canara Bank NEFT. The bank has waived service charges for NEFT done through digital channels for Savings Bank Account holders. For the NEFT transactions done through the branch the Canara Bank NEFT charges list is given below:
|Transaction Amount||NEFT charges|
|Up to Rs. 10,000||Rs. 2.25+ GST|
|Above Rs. 10000- and up to Rs. 1.00 lac||Rs. 4.75 + GST|
|Above Rs. 1.00 lac and up to Rs. 2.00 lac||Rs.14.75 + GST|
|Above Rs. 2.00 lacs||Rs. 24.75 + GST|
Canara Bank RTGS is a simple and quick mode of funds transfer. As the name suggests i.e., Real-Time Gross Settlement, the amount gets transferred to the beneficiary’s account in real-time. Normally, the funds reach the beneficiary’s account within 30 minutes of initiation. The Canara Bank RTGS Charges are as given below:
|Transaction Amount||RTGS Charges|
|Rs. 2.00 lacs up to Rs. 5.00 lacs||Rs. 24.50 + GST|
|Above Rs. 5.00 lacs||Rs. 49.50 + GST|
Canara Bank provides IMPS facilities to all its customers who have registered for both mobile as well as Internet Banking facilities. It is the fastest mode of money transfer. The transfers can be done within 30 minutes. However, before opting for the service you should know the Canara Bank IMPS charges, which are given below:
|Transaction Amount||IMPS Charges|
|Rs. 1000/- to below Rs.10000/-||Rs. 3 + GST|
|Rs. 10000/- to below Rs. 25000/||Rs. 5 + GST|
|Rs. 25000/- to below Rs.100000/-||Rs. 8 + GST|
|Rs. 100000/- to below Rs. 200000/-||Rs. 15 +GST|
Canara Bank Charges : FAQs
The charges for non-maintenance of minimum balance charged by Canara Bank ranges from Rs. 25/- to Rs. 45/-
The ECS Return Charges applied by Canara Bank are Rs. 500/- per instrument if the transaction amount is less than Rs. 1.00 Crore. If the transaction amount is greater than Rs. 1,00 Crore the charges applied will be Rs. 5000/- per instrument.
The Bank charges Rs. 50/- per instance for changing mobile number/email/address
The Bank charges Rs. 100 for addition/deletion of names in the account. However, the charges are not applicable for the deletion of a name in a joint account on the death of one of the joint account holders.