• Canara Bank Deposit Rates
• Canara Bank Nre Interest Rates

Canara Bank offers its rich experience in catering to the daily financial needs of Indians in the form of Canara Bank savings accounts. A savings account from Canara Bank is designed keeping in mind the prospective customer to ensure maximum financial inclusion of every section of the Indian society. Canara Bank Savings Bank Deposit Interest rates: Minimum monthly balance in your account should be Rs. 500/- for rural areas and Rs. 1,000/- for semi-urban and urban areas Interest rate is 3.10% for balance up to Rs. 50 Lakhs and 3.25% for above Rs. Canara Bank Accounts guide with step by step explanation. Get to know rules associated with an Canara Bank for Savings, Current and Salary Accounts. Your bank details, opening form, eligibility, how to apply, documents required, types of savings Accounts and interest rates. The overdue amount on term deposit that has matured will be paid interest at prevailing Savings Bank Rate for the overdue period; A penalty of 1.00% will be levied for premature closure or premature extension of NRE term deposits of less than Rs. 2 crore that are placed or renewed on or after 12th March, 2019.

Most salaried individuals manage multiple savings accounts. One savings account is linked to salary deposits and investments, while another is used to pay loan instalments, credit card dues, manage monthly expenses, etc. You can also use the savings account for parking your emergency funds.

Savings bank accounts generally carry lower interest rates compared to those on fixed deposits.

Public sector banks offer much lower interest rates on savings accounts than what many new private and small finance banks do. It’s important to give some serious thought on how much interest is paid by banks for leaving your funds in the savings account.

Interest rates are comparable to those of leading private banks

As per data compiled by BankBazaar, public sector banks such as IDBI Bank and Canara Bank offer interest rates of up to 3.5 percent and 3.2 percent, respectively on their savings accounts. These interest rates are competitive when compared with what leading private banks offer. For instance, HDFC Bank and ICICI Bank offer 3-3.5 percent interest.

However, large public sector banks give far lower interest rates to their savings account holders. For instance, State Bank of India (SBI) and Bank of Baroda (BOB) pay just 2.70 percent and 2.75 percent, respectively.

The interest rates offered by small finance banks to their savings account holders are higher compared to those on public sector banks. For instance, AU Small Finance Bank and Ujjivan Small Finance Bank offer interest rates of up to 7 percent and 6.5 percent, respectively.

Minimum balance requirements are lower

The minimum balance requirement in savings accounts of public sector banks starts from Rs 250 and at State Bank of India, it’s nil. This is kept much lower compared to the requirements of leading private banks in India because public sector banks are backed by the Government of India and they are more interested in reaching out to lower and middle-income group customers with their services. For Axis Bank and HDFC Bank, the minimum balance requirement is Rs 2,500 to Rs 10,000. In the case of ICICI Bank, the minimum balance requirement is Rs 1,000 to Rs 10,000.

Choose a bank with a long-term track record, good service standards, wide branch network and ATM services across cities; a higher interest on savings accounts would be a bonus.

Also read: Keep your bank account adequately funded to avoid penalties

A note about the table

Interest rates on savings accounts for all BSE-listed public sector and private banks are considered for data compilation. Banks whose websites don't advertise the data are not considered. Minimum balance requirement for regular savings accounts and excluding basic savings bank deposit (BSBD) account are considered.

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.

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.

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

Canara Bank Deposit Rates

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.

Canara Bank Nre Interest Rates

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.