Canara Bank Savings Account Interest Rate

Canara Bank’s savings account allows customers to save on a regular basis and earn interest of 3.5% to 4% p.a. On the funds deposited. If customers maintain a minimum balance of Rs. 25,000 the bank waves of charges for purchase of 2 DDs of amounts up to Rs. Canara Bank cuts interest rate on savings bank accounts On July 31, SBI slashed interest rate on savings account deposits by 50 basis points to 3.5 per cent on balance of Rs 1 crore and below.

1. Canara Bank Savings Account Interest Rates
2. Which Bank Has Best Savings Account Interest Rate

Canara Bank Children’s Savings Accounts

Canara Bank offers its Canara Junior Saving Account for children and the Canara NSIGSE Savings Bank Deposit Account for the girl child in addition to its savings account. The bank also has a children’s deposit scheme called the Canara Champ Deposit Scheme.

Canara Junior Saving Account

The account is targeted at children above 10 years of age who can operate the account under their own name. Details are not available on the account’s page in the Canara Bank site whether children below 10 years can open the account or not as of July 2018.

Features

• Kids above 10 years can open the account under their own name and operate the account independently
• They get a debit card in their name with a monthly withdrawal limit of Rs. 5,000
• The bank mandates a monthly withdrawal limit of Rs. 10,000. Read with the debit card limit, this means that the child can withdraw another Rs. 5,000 by online transfer or cheques (not clear if bank provides these two facilities for this account) or by visiting the branch and putting in a withdrawal slip
• The account has two other restrictions. The first being that the balance at any point of time cannot be more than Rs. 50,000 and the second being the total credit cannot exceed Rs. 1,00,000 (1 lakh) in a year
• A declaration is required from the parent or guardian at the time of opening the Canara Junior Saving Account and for SMS alert facility

Canara NSIGSE Savings Bank Deposit Account

The account has been designed under the directives of the Ministry of Human Resources, Government of India, to reduce school dropout rates among girl children.

Features

• The account is available for the girl child who has passed class 8 and (a) belongs to an SC/ST group, or (b) has passed from a Kasturba Gandhi Balika Vidyalaya and has enrolled herself for class 9 in state government, government-aided or local body school. Girls studying in private or Central Government schools are not eligible for the account
• The parent or guardian has to provide a declaration that the child has sufficient knowledge to operate the account
• No chequebooks are issued with the account until the kid reaches the age of 18 years. Until then, withdrawals are mainly through withdrawal slips
• There is no minimum balance requirement in the Canara NSIGSE Savings Bank Deposit Account, which can even have zero balance

Savings Bank Account

The generic savings bank account that can be opened for minors jointly with the parent or under their guardianship.

Features

• The accounts need an average monthly balance of Rs. 500 for rural areas and Rs. 1,000 for urban and metro areas
• The savings account pays interest in quarterly instalments in a year February, May, August and November

Canara Champ Deposit Scheme

A deposit scheme that is especially targeted at children up to the age of 12 years.

Features

• The deposit scheme will be opened in the child’s name. There is no facility for opening the account jointly with the parent or guardian
• The deposit can be opened for kids below the age of 12 years. After they attain maturity, it is converted into the standard savings account
• The bank offers an eye-catching savings box to help the child inculcate saving habits
• The kid also receives a personal photo folder with 16 pouches to record her life stages through photographs
• In case there is no withdrawal from the account, the account holder is eligible to receive a Loan Eligibility Card for an educational loan from the bank
• The interest rate in the Canara Champ Deposit Scheme is same as applicable for savings bank accounts. As of July 2018, this is 4% per annum
• The minimum deposit amounts are same as that for savings bank accounts, i.e. Rs. 500 for rural and Rs. 1,000 for urban and metros
• The bank offers the option to convert balances over Rs. 15,000 into the fixed deposits under its Kamadhenu Deposit Scheme (Re-Investment Plan)

Reference Facts

• Canara Bank Websites: canarabank.com/english/ and www.canarabank.in/ (net banking)
• Headquarters: Bangalore, Karnataka
• Call Centre Toll-Free Number: 1800 425 0018

Canara Bank Savings Account: Bank accounts are the most basic thing which we all have and should have. These days even the students who are studying in the school in our beautiful country have a bank account. These days banks allow students to have the bank account under the student account scheme. There are a number of reasons why we all should have a bank account. The main reason is to store the money we have with us and to receive the salary from the company to which we work for. The salary accounts are different than the Canara Bank Savings Account.

But many people receive the salary from the company or organization they work for in their savings account itself. The main thing about the bank accounts is that it is the safest place on the earth where we can keep the money we have with us and earn. Once you deposit the cash in the bank account no one can touch that money except you. But you have to keep one thing in your mind and that is you have to keep your account details confidential. If you share or disclose your bank account details with anyone then I am sorry but your account will get into danger.

Sometimes we receive a call in which the caller will be asking for the OTP, username, password etc. They tell us that they are calling from the bank. But you should never respond to such calls, emails or whatever it is. Because the bank will never ever call you asking your bank account details. If you receive such calls or emails then just block them and carry on with your work. If you are planning to open a new bank account for you then we will help you out with this.

These days once you open the bank account you can take advantage of many banking services which are offered by the banks. Here I am talking about the services like internet banking, mobile banking, and ATM Card services. I can say these are the things which are helping us Indians to build a digital India. Internet banking is an amazing service with the help of which you can transfer funds, check your bank balance and much more. With the help of mobile banking, you can access your bank account from your smartphone.

Canara Bank Savings Account Interest Rates

And the ATM card which will help you to withdraw the money from your bank account whenever you need it. These banking services are offered by almost all the bank and Canara Bank is one of those banks. After opening Canara Bank savings account you can use all these services.

Contents

About Canara Bank – All You Need to Know

Canara Bank is one of the oldest banks that is running in India. This bank was founded in the year 1906 in the Mangalore, India. This bank was nationalized in the year 1969 this bank has its branches in many locations out of India as well.

Which Bank Has Best Savings Account Interest Rate

When it comes to branches let me tell you the information about the Indian branches. As of March 2017, this bank had 6075 branches and more than 10000 ATM machines across India.

More than 6000 branches and 10000 ATM machines are huge in numbers. It means that if you have planned to open Canara Bank savings account then you are in the right bank. Wherever you go in India you will find the branches and ATM centers of the bank.

Products and Services Offered By This Bank

Being a nationalized bank which is also one of the oldest running banks in India. They offer many products and services in India. Some of those products and services offered by this bank are listed below.

• Investment Banking.
• Consumer Banking.
• Commercial Banking.
• Retail Banking.
• Private Banking.
• Asset Management.
• Pensions.
• Mortgages.
• Credit Cards.

Canara Bank Savings Account Interest Rates & Minimum Balance

So now let us move to the further part and check out more about the Canara Bank Savings Account. We have mentioned about the different types of savings accounts which are offered by this bank.

Along with that, we have mentioned the features which you will get once you have opened the Canara Bank Savings Account and MAB. (Monthly Average Balance)

But before we proceed to the further part I would like to tell you one thing. And that is in most of the banks there is no fixed minimum balance.

Instead of that, you have to maintain an average balance monthly. For example, if you have to maintain the monthly average balance of Rs. 5000. Then even if you withdraw all the cash in your bank account then it is ok. But you have to deposit cash into your Canara Bank Savings Account as soon as possible.

We hope you are clear about this concept of monthly average balance. If you have any kind of doubts about MAB in your mind. Then feel free to comment below and you can get more information about MAB by visiting any of the branches across India.

Features of Canara Bank Savings Account

Here are the features which you will get once you have opened Canara Bank savings account.

• The money which you deposit in your Canara Bank Savings Account will be safe.
• You will get access to many innovative banking services and features.
• There is an option to choose the different type of account depending on your needs.
• You will get Internet Banking, Mobile Banking, and SMS banking facilities.
• The utility bill payments can be via internet banking.
• The ATM card or Debit card will be issued for free of cost when you open the savings account with them.
• You can get Demat account associated with your bank account. But you have to get it activated by visiting your home branch.
• In most the bank account types in Canara Bank, you can use your ATM Card unlimited times in an of the Canara Bank ATM machines across India.
• The interest rate that you will be getting once you have a bank account with this bank is 4% which ensures that the money you have in your bank account grows faster.

What are the Different Types of Canara Bank Savings Account

This bank offers many types of savings bank account. You can choose the one which meets your requirements. We have listed some of the Canara Bank Savings accounts below, you can check out them.

Canara Savings Bank Account:

• This is the basic type of savings account that you can open with this bank.
• You will get free ATM cum debit card with this account.
• If you have any of the outstation cheques of up to Rs. 15,000 then it will be credited instantly.
• Internet banking, mobile banking, and missed call banking services can be availed.

Canara Basic Savings Bank Deposit Account:

• All the basic banking services which are needed to be provided to the account holder according to RBI will be provided.
• You will get the nomination facility, standing instructions and other details with this bank account.
• Bank Passbook will be given to you by the bank.
• You can transfer this bank account from one branch to another branch.
• The ATM card services are enhanced in the Canara Bank savings bank deposit account.
• Internet banking and mobile banking services are included.
• There is no requirement of maintaining the minimum balance in your bank account.

Canara Small Savings Bank Deposit Account:

• You will get ATM cum debit card, Bank passbook once you open the bank account.
• All the basic account necessities like nomination etc. will be provided to you.
• You can access internet banking and mobile banking features.

Canara Jeevandhara – SB Account for Senior Citizens:

• This bank account is designed for the senior citizens of India.
• The person who’s age is more than 60 years old can open the account.
• You will get a free debit card along with your bank passbook.
• Free bank account details by email every month.
• You will get access to internet banking, mobile banking, and other services.
• The debit card or ATM card withdrawal limit is Rs. 25,000 per day.
• The ATM Card can be used unlimited times in any Canara Bank ATM machines across India.

Canara SB Power Plus:

• This is upgraded Canara Bank Savings Account.
• You will get free platinum ATM card with a photo on it.
• The ATM card withdrawal limit per day is Rs. 50,000 at Canara Bank ATM machines across India.
• You can use the platinum ATM card unlimited times in India at Canara Bank ATM Machines.
• You will get free account statements by email once in every 15 months.
• If you make interbank mobile payments then you don’t have to pay any charges to the bank.

Canara Junior Saving Account:

• This Canara Bank Savings Account is designed for the students. The age of the student or minor should be more than 10 years.
• But while opening the Junior Saving Account the minor has to get the declaration from their parent or guardian
• The bank will issue the ATM card by the name of the minor.
• The monthly withdrawal limit of the ATM card issued to the student or minor will be Rs. 5,000 per month.

So these are some of the different types of Canara Bank Savings Account which you can open for you. If you need more details about the bank accounts that you can open with this bank. Then you can visit any of their branches across India.

What is Minimum Balance in Canara Bank Savings Account?

Every type of bank account has its own minimum balance which should be maintained by the account holder. This is nothing but the monthly average balance of which we have already discussed.

However, we did not this data for all the types of bank account. But still, we have created a table below in which you can find the minimum balance of the account types.

How Much is the Account Charges Applied in Canara Bank?

The account charges also differ from each type of the bank account. So you can get the exact amount which will be charged to you by contacting the branch where you want to open the bank account.

Sometimes the bank account charges differ from branch to branch as well.

How Much is Canara Bank Savings Account Interest Rate?

For most of the bank accounts the interest rate which is given by the bank is 4% but we still highly recommend you to contact the bank’s branch.

How to Open Canara Bank Savings Account?

Have you decided to open your savings bank account with Canara Bank?

If yes then that’s great you can open the bank account with them by visiting any of their branches across our country.

You can even apply for Canara Bank Savings Account by visiting their official website. You will have to fill in details like your name, contact number, place etc.

The bank officials from the Canara Bank branch which is near to your location will contact you and help you to open the bank account with them.

Conclusion

So this was all about the Canara Bank Savings Account. I hope you are clear with all the information that is mentioned on this page.

You can get a lot more information about the bank account types by visiting the branch of the bank.

We have tried our best to provide the right information but still, we recommend you to verify the information with the bank.

You can verify that by visiting any of the branches of the Canara Bank across India, that is the branch which you would like to make your home branch. And you can do that by calling the customer care of the bank on their toll-free number 1800-425-0018 as well.

Just call them and talk to the customer care executive they will help you out further. But if you have any kind doubts about anything mentioned on this page then you can comment below. We will make sure that you will get a reply as soon as possible.