Canara Bank Savings Account Review| North Loop Official Blog
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10 Sep 2020

Canara Bank Savings Account Review

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Canara Bank Background and Overview –

Canara Bank is a popular public sector bank in India and headquartered in Bengaluru. Along with offering multiple banking services to its customers through a wide network branch across the country, it also has a global presence with offices in London, Dubai, Hong Kong, New York and others.

The bank has amalgamated with Manipal based Syndicate Bank recently and has become the fourth largest bank in the country. It is also one of the oldest public sector banks in India.

Let us take a look at some of the different Canara bank savings account products and their primary features –

Canara Bank Basic Savings Deposit Account – This savings account does not have any minimum balance requirement and provides facilities of internet and mobile banking. A point to remember here is that the aggregate of your credit transactions in a year cannot exceed Rs.1 lakh.

Canara Bank Small Savings Bank Deposit Account – This is a small savings deposit account for those of you who cannot produce KYC documents. The total withdrawals and transfers in a month for this account cannot exceed Rs.10,000. If you produce valid documents to establish your identity, foreign remittance can get credited in this account. Without showing evidence of application for valid KYC documents, this account remains operational only for 12 months.

Canara NSIGSE Savings Bank Deposit Account – This account has been designed under the directives of the Ministry of Human Resources Development, India and primarily focuses on promoting the enrolment of girls belonging to backward communities in Secondary schools.

Canara Junior Savings Account – This account offers attractive educational loan schemes for students and a personalised debit card with a withdrawal limit of Rs.5000 per month. The maximum debit transactions you can do with this account is Rs.10000 per month.

Canara Jeevandhara – You can open this account only if you are 60 years or older and a resident Indian. This savings account does not have any minimum balance requirement and offers an ATM withdrawal limit of Rs.25000 per day. You can also get loan facilities, health and accident insurance policies with this account.

Canara SB Power Plus – This account offers auto sweep and locker facility along with Demat operations, personal accident insurance, personalised Platinum Debit Card and a full waiver of DD charges. The minimum balance requirement for this account is Rs. 1 lakh that has to be maintained quarterly.

Canara Payroll Package Saving Bank Account – This account helps you to pay employees quickly through bank transfers. With this account, you also get a Platinum Debit Card with a withdrawal limit of Rs.50000, personal accident insurance, overdraft facility and a 50% discount on processing fees for loans.

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Canara Bank savings account interest rates –

All the savings account products mentioned above offer an interest rate of around 4%. The interest gets calculated on the minimum daily balance maintained in your account and credited every quarter.

To avail a higher interest rate, you can opt for a North Loop savings account. It is a digital banking service provider offering high-interest rate on both its savings (6%) and fixed deposit account (7.5%) along with additional benefits like 100% digital and easy bank account application, quick sign-up facility, 24*7 customer services, professional financial help as well as other services like home loans, insurance, education loans etc.

Eligibility criteria –

Canara Bank Basic Savings Deposit Account – You can open this account individually or jointly if you are an Indian citizen.

Canara Bank Small Savings Bank Deposit Account – You can open this account individually or jointly if you are an Indian citizen.

Canara NSIGSE Savings Bank Deposit Account – This account can get opened if you are a girl in the SC/ST category and have completed your education till class eight.

Canara Junior Savings Account – This account is applicable if you are a student above the age of 10 years.

Canara Jeevandhara – You can open this account only if you are 60 years or older and a resident Indian.

Canara SB Power Plus – You are eligible to open this account as a resident Indian as well as an NRI.

Canara Payroll Package Saving Bank Account – If you are an employee of a firm or a corporate with a minimum of 25 employees, you can successfully open this account.

Documents required –

  • Proof of identity
  • Proof of address
  • Passport-sized photographs
  • Specimen Signature Card
  • Copy of PAN card
  • Other application documents

Canara Bank Online Account Opening Process –

Canara bank online account opening does not exist as it mandatorily requires you to visit one of its branches. Even if you opt for the online mode of application, you have to visit its website to fill in the necessary details and request a bank representative to visit and collect your KYC documents. You can also upload scanned copies of your documents on the website, but even then you will have to wait for the bank representative to turn up at your place or take the original documents to the branch yourself for the Canara bank online account opening.

Canara Bank account opening is an ancient affair in a world full of modern digital banking. With most banks pushing towards a more digital experience, Canara Bank account opening feels like a banking adventure frozen in time. Waiting for the bank representatives to come and take your documents can be an anxious experience, especially if you are in a hurry to open your account. The long verification period taken by the bank after submitting the documents is an added nuisance. Canara Bank account opening needs major reform to make the bank account application process simpler and more accessible.

If you are searching for alternatives to this long and winding way of opening a savings bank account, look no further. At North Loop, we offer instant sign-up facility and completely user-friendly and digital banking experience to our users. Customer services are also available 24*7 on our App, and the documents required to open the savings bank account is negligible.

So, click here and sign up now!

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This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended be advice. You must obtain professional advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax, investment or other professional advice from North Loop or its affiliates. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. All opinions expressed do not reflect the views of North Loop nor are endorsed by North Loop.