Having a bank account simplifies management of financial transactions. Any type of transaction whether it is a fund transfer, saving your earnings or pay salaries to the employees can be managed easily with customized Canara Bank Accounts.

Canara Bank Type of Accounts

Canara Bank provides different types of accounts for different categories of customers depending on their needs.

The savings bank account can be opened individually or jointly. The account is for minors, blind people, trusts, government bodies, illiterates, non-corporate bodies, and HUF. The account can be opened easily by submitting an account opening application at the nearest Canara Bank. Along with the application, the applicant should provide address proof, passport size photograph, and identity proof. The running account provides an interest of 4.00% per anum. The interest obtained on the amount existing in the account is paid quarterly in the months of February, May, August, and November. The applicant can choose to include a nominee for the account. Along with the savings account, the customer is provided with a Canara Bank Debit Card and passbook. Savings bank account holders can avail the features such as providing standing instructions for monthly bill payments, collection of the cheque, the internet and mobile banking. Customers maintaining a minimum balance of Rs.10,000 per month are eligible for obtaining free 2 DDs per month without paying a processing fee.You can check your account balance on Canara Bank Net Banking with out visiting the bank.

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The Canara Bank current account is for individuals, joint accounts involving more than four, entrepreneurs, partnership firms, public limited companies, registered and unregistered societies or associations, executives and administrators, charitable and religious institutions, and government and semi-government departments.You can dirctly contact the Canara Bank Customer Care at any time regarding banking assistance.

The Canara Bank Payroll package saving bank account is for employees of firms or corporate with a minimum of 25 employees. It is mandatory for the firms to credit their employees to the Canara payroll package scheme savings bank account. The initial deposit amount is zero. The interest rate on the amount existing in the account is calculated on the daily basis and is paid quarterly. The interest rate is 4% per annum. The value added services that are available with the salary account are the platinum debit card with photo, Rs. 50,000 withdrawal limit from bank ATM, e-statement of the account for free once in every 15 days, IMPS service, SMS alert for the transactions related to the account, net banking, one cheque book with 200 leaves per month free of cost, 50% discount in processing charges when applied for different Canara Bank loans, and the demat account. A penalty of Rs.100 has to be paid for not maintaining the minimum balance in the account.If you are interested to know about other bank accounts features also then here are some banks with best features City Bank Accounts, Dena Bank Accounts and Karnataka Bank Accounts etc.

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Canara Bank Opening and Closing Balance

For a savings account, the opening and closing balance in a month should be a minimum of Rs.1000 for accounts operating in semi-urban, urban, and metro regions and is about Rs.500 for accounts operating in rural regions. For a current account, the minimum opening and closing balance are Rs.1000 for accounts operating in rural and semi-urban regions and Rs.5000 for accounts operating in urban and metro cities. The minimum opening and closing balance for the Canara payroll package savings bank account is Rs.1000.There are different type of Canara Bank Deposit Schemes are available to their customers.

FAQ’s Related to Canara Bank Accounts

1. Who is eligible for opening a salary account with Canara Bank?

2. What is the minimum monthly balance to be maintained in savings, current, and salary accounts?

3. What are the value-added services available with salary account?