Thinking of opening a Canara Bank savings account? If yes, then this article is of significant importance for you as here, we have enlisted the various types of Canara Bank saving account along with the updated Canara Bank savings account interest rates, minimum balance and more. For more information, keep reading.
Canara Bank Savings Account Interest Rates, 2023
The table below shows the updated interest rates for the Canara Bank savings accounts in India, 2023:
| Outstanding Balance | Rate of Interest (p.a.) |
| Less than Rs. 50 Lakh | 2.90% |
| Rs 50 Lakh to less than Rs 5 Cr | 2.90% |
| Rs 5 Cr to less than Rs 10 Cr | 2.95% |
| Rs 10 Cr to less than Rs 100 Cr | 3.05% |
| Rs 100 Cr to less than Rs 200 Cr | 3.50% |
| Rs 200 Cr to less than Rs 300 Cr | 3.10% |
| Rs 300 Cr to less than Rs 500 Cr | 3.10% |
| Rs 500 Cr to less than Rs 1000 Cr | 3.40% |
| Rs 1000 Cr & less than Rs 2000 Cr | 3.55% |
| Rs 2000 Cr & above | 4.00% |
Disclaimer: The above-stated Canara Bank savings bank deposit rates may change anytime. Please check the bank’s official website for the most recent data.
Types of Canara Bank Savings Accounts
Canara Bank, one of the top public sector banks in India, offers an array of savings bank accounts to suit the needs of its varied customer-base. The entire category includes pure savings accounts, salary accounts and trio of Savings, Demat and Online Trading Account. These are explained below:
Canara Basic Savings Bank Deposit Account
- Eligibility Criteria: Individual in single or joint holding capacity; guardian on behalf of minor also eligible (SHOULD NOT HAVE ANOTHER ACCOUNT IN ANY OTHER BANK)
- Minimum Balance Requirement: Nil
- Unlimited monthly deposits
- Complementary Canara debit card (Basic)
- Max. 4 free ATM withdrawals per month
- Passbook, netbanking and mobile banking (Canara ai1 App) facilities
- Loan against deposit: NA
Canara Savings Bank Account
- Eligibility Criteria: Individuals/ Karta HUF/ Organizations or Agencies in single or joint holding capacity
- Average Monthly Balance: Rs 2,000 (Urban/Metro branches); Rs 1,000 (Semi-Urban); Rs 500 (Rural branches)
- Interest calculated on daily balance
- Interest credited on 1st of Feb, May, August and November of each year
- No loan against deposit provided
- Passbook, cheque book, internet banking & mobile banking facilities
Canara SB Select Account
- Eligibility Criteria: Only individuals of 18 years of age or more
- Minimum Monthly Average Balance: Rs 25,000 (Metro); Rs 20,000 (Urban); Rs 15,000 (Semi-Urban); Rs 10,000 (Rural)
- Can be opened online
- No capping on initial deposit
- Interest calculated on daily balance
- Airport lounge access (twice per year)
- Complementary Canara RuPay Debit Card (No issuance & annual maintenance fees)
- Complementary Personal Accident Insurance
- Baggage Insurance Cover provided
- Up to Rs 1 lakh free Canara ATM cash withdrawals
- 25-leaf cheque book complementary (annually)
- All online banking options offered
- Locker facility available
- Nomination facility available
Canara Small Savings Bank Deposit Account
- Eligibility Criteria: For individuals unable to provide KYC documents (only in single holding capacity)
- Minimum Balance Requirement: Nil
- Operative for 12 months (additional 12 months to furnish official documents)
- Cannot be opened online
- Maximum Balance: Rs 50,000 (total credit not more than Rs 1 lakh in one year)
- Maximum Withdrawals: Rs 10,000 (per month and in single transaction, both)
- Nomination facility provided
Canara NSIGSE* Savings Bank Deposit Account
National Scheme of Incentives to Girls for Secondary education
- Eligibility Criteria: For school going girls (8th standard and onwards) enrolled in State/UT Government, Government Aided or local body Schools in the Academic year 2008-09 onwards.
- Minimum Balance Requirement: NA
- Passbook, cheques, direct fund transfers, etc. provided
- Nomination facility provided
- Married girls will get excluded from the scheme, if already enrolled
- Girl students studying in private schools are NOT eligible here
Canara Savings Bank Account for Senior Citizens (Jeevandhara)
- Eligibility Criteria: Indian residents of 60 years of age or more
- Initial deposit requirement: Nil
- No special interest rate for senior citizens
- Customised debit card with photo /name
- ATM cash withdrawal of Rs 25,000 daily
- Free SMS alerts, netbanking, e-statements, etc.
- 2 NEFT/RTGS transfers allowed per month
Canara SB Power Plus Account
- Eligibility Criteria: Resident Individuals, Joint Accounts, Guardian on behalf of Minors, Associations, Trusts & Institutions, Clubs etc.; NRE / NRO Customers
- Minimum Balance Requirement: Rs 1 lakh average quarterly
- Nomination facility available
- Platinum debit card with photo – complementary
- Free unlimited ATM cash withdrawals at Canara ATMs
- E-statement every fortnight
- Zero demand draft charges
- Up to 300 cheque leaves free (annually)
Canara Savings Account for Minor (Canara Junior Savings Account)
- Eligibility Criteria: Students above 10 years of age (can operate in their own name but with parent/guardian declaration)
- Minimum Balance Requirement: Nil
- Maximum ATM withdrawal: Rs 5,000 per month
- Maximum debit monthly: Rs 10,000
- Total credit yearly: Rs 1 lakh
- Free NEFT/RTGS or DD transactions up to Rs 10,000
Canara SB Galaxy Account
- Eligibility Criteria: Same as regular savings account
- Minimum Balance Requirement: Nil
- Initial deposit: Nil
- Freebies like Debit Card, Credit Card, AMC and Personal Accidental death insurance (Rs 5 lakhs) when average monthly balance is Rs 50,000
- No annual maintenance charges for Demat account, SMS, NEFT, RTGS, etc.
Other than these, there are 5 Canara Bank Salary Accounts, namely:
- Canara Payroll Package Savings Bank Account – Silver – (Age of 18 – 65 years; employees of a firm / company with at least 5 employees with salary band up to Rs 50,000)
- Canara Premium Payroll Package – Gold (Age of 18 – 65 years; employees of a firm / company with at least 5 employees with salary band of Rs 5 – Rs 10 lakhs)
- Canara Premium Payroll Package – Diamond (Age of 18 – 65 years; employees of a firm / company with at least 5 employees with salary band of Rs 10 – Rs 15 lakhs)
- Canara Premium Payroll Package – Platinum (Age of 18 – 65 years; employees of a firm / company with at least 5 employees with salary band of Rs 15 lakhs & above)
Canara Bank Zero Balance Savings Account
The following Canara Bank savings account offer zero balance requirement:
- Canara Bank Basic Savings Account
- Canara Bank Small Savings Account
- Canara Bank NSIGSE* Savings Account
- Canara Bank Junior Savings Account
Who can open a Canara Bank Savings Account?
A regular savings account in Canara Bank can be opened by any individual residing in India and having government-approved documents to prove their identity such as a PAN card. Another requirement is that they should be of minimum 18 years old. For those below this age bar, Canara Bank has savings accounts especially for minors, and likewise for specific age group of senior citizens.
NRIs can also open a bank deposit account in Canara Bank and these accounts are handled by the NRI deportment of the bank.
How to Open a Canara Bank Savings Account – Online & Offline
To open a Canara Bank savings deposit/account, there are two ways, i.e. offline and online. While the latter requires you to physically visit a Canara Bank branch, fill account opening form and present documents in hard copies, the latter has no such requirement. Here is how to open a Canara Bank savings account online:
Step 1: Go to Canara DiYA which is the online account opening portal by the bank. (Link below)
https://canarabankdigi.in/canaradiya/
Step 2: Click the arrow as shown below.
Step 3: Enter your registered mobile number and email ID for verification and again click on the pink arrow.
Step 4: Provide the OTP as sent to your mobile number and email ID.
After this, you’ll be taken to the account opening form where you’ll be asked to provide your details such as your name as per the ID proof you’ll furnish, address, etc. Post that, a video call will be scheduled where the assigned bank official will assist you in opening the account.
Documents Required for Opening a Canara Bank Savings Account
The following documents are required for opening Canara Bank account at the branch:
- ID Proof (Passport, PAN Card, Aadhaar, etc.)
- Residence Proof (Aadhaar, Voter’s ID card, utility bills, etc.)
- Passport-sized photographs (preferable coloured)
- PAN Card – mandatory
- Birth certificate for minors (if they don’t have a valid govt. ID card which mentions their DOB)
On non-availability of PAN card, Form 60 can be presented.
Suggested Read: How to Apply PAN Card?
When opening a Canara Bank savings account online, these documents will be mandatorily required:
- PAN Card
- Aadhaar Card
- Signature on white paper
Make sure you have an active internet connection and device like smartphone or a laptop for video KYC.
How to Transfer Funds Online from Canara Bank Savings Account?
Steps to transfer funds via Canara Bank netbanking:
Step 1: Log into your Canara Bank netbanking account.
Step 2: Click on “Payments” and then “Funds Transfer”. Select mode (NEFT, RTGS, IMPS)
Step 3: Select source account from the drop-down menu.
Step 4: Enter transaction amount, beneficiary details and purpose.
Step 5: Enter the transaction password as well as OTP to authenticate the transfer.
All done!
Steps to transfer funds online via Canara Bank mobile banking:
Step 1: Download and install Canara mobile app – Canara ai1.
Step 2: Create your login passcode and PIN.
Step 3: Click on “send Money” under the “Pay & Transfer” section.
Step 4: Enter details required (source account, beneficiary account, purpose and transaction amount).
Step 5: Enter the OTP that will be sent by the bank to your regd. mobile number.
Canara Bank Savings Account Fees & Charges
There are certain fees and charges that are levied on customers using the Canara Bank savings account services, viz.:
| Type of Service | Charges |
| Cheque Book | Rs 4/ leaf after complementary leaves (Rs 5 for current account, overdraft account) No charges for senior citizens and Canara Bank staff |
| Passbook, e-Statement issuance | Free |
| To stop payment or revoke stopping instructions (cheques) | Rs 100 to Rs 500 (Rural) Rs 150 to Rs 750 (Non-Rural) Rs 250 – Rs 700 (For non-individual accounts) |
| Cash withdrawals at branch for savings accounts | Rs 100 per transaction (after 5 free withdrawals) |
| Cash withdrawals at branch for current accounts or overdraft accounts | Re 1 per Rs 1,000 (after Rs 5 lakh in a month) |
Canara Bank Savings Account: Benefits & Features
Just like any other savings bank account offered by the banks in India, Canara Bank also offers the basic features & benefits along with a few more, as mentioned below:
- Can be opened online (only specific accounts)
- Minors can open Canara Junior savings bank account
- Senior citizens have the Jeevandhara option for those of 60 years of age or above
- Complementary Canara Bank debit cards are issued with most of the accounts
- Zero balance savings accounts offered
- Free passbook, SMS alerts, e-statements via email and more freebies in most of the variants
- Complementary cheque leaves (up to a certain number as per the account type)
- Easy to operate mobile banking option via Canara Bank mobile banking app and netbanking
Canara Bank Savings Account: FAQs
Canara Bank offers varied interest rates to the savings accountholders basis their account balance. It starts with 2.90% for balance of less than Rs 50 lakhs and goes up to 4.00%.
Canara Small Savings Bank Deposit Account is a type of deposit account which can be opened by those with no adequate documents. It’s only for the individuals and not any other entity. It’s offered only when you do not have any kind of bank account in any bank in India.
Yes, minors can open the Canara Bank Junior Savings Account in their own name. They should be over 10 years old and should have declaration from their parents or legal guardian(s).
Yes, savings account types like small savings account, basic savings account and account for minors are all Canara Bank zero balance accounts.
With Canara Basic savings account, there is no minimum balance required and there are no maintenance charges.
