Canara Bank Basic Savings Deposit Account
A Canara Bank Basic Savings Deposit Account is a zero-balance savings account and can be opened by any resident of India.
In an attempt to bring financial services to those less fortunate in the country, Canara Bank has rolled out the Basic Savings Deposit Account. A Basic Savings Deposit Account can be opened with minimum requirements, yet the privileges it comes with are numerous.
Features and benefits of Canara Bank Basic Savings Deposit Account
- The primary benefit of the Canara Bank Basic Savings Deposit Account is that it is a zero-balance savings account. With this account, there is no minimum balance requirement as with other savings accounts and there are no maintenance charges.
- Free debit card at the time of opening the account.
- With the online banking facility, customers can make transactions, transfer funds, shop online, etc., without any charges.
- A customer is allowed four free withdrawals from other bank ATMs a month. Once the customer has exceeded the withdrawal limit, a service charge of Rs.5 will be levied on every transaction.
- No penalty charges for inoperative accounts.
- As soon as a customer opting for the Canara Bank Basic Savings Deposit Account has opened the account, he/she is granted a passbook.
- The minimum deposit and withdrawal limit from the bank is Rs.10. From ATMs, the minimum withdrawal limit is Rs.100.
- Customers can make use of online banking to transfer their account from one branch to another, anywhere within the country.
- Customers holding the Canara Bank Basic Savings Deposit Account can nominate a person from their family.
- Since this is a Canara Bank Basic Savings Deposit Account, the total balance at any part of the year should not exceed Rs.50,000. That said, at any given point of time, the credit should not exceed Rs.1 lakh. If the customer fails to adhere to these norms, the bank will request the customer to submit his/her KYC documents. Failure to do so and the bank is entitled to close the account.
Fees and charges
Cheque Book | Free |
Passbook | Free |
Opening Account Charges | Nil |
Initial Deposit Requirement | Nil |
Minimum Balance Requirement | Nil |
Inoperative Account Charges | Nil |
Premature closure of account within 1 year | Nil |
Outstation Cheque | Rs.25 to Rs.250 |
Nomination | Free |
Debit Card Annual Fee | Free |
Annual Credit limit | Rs.1 lakh |
Annual Balance Limit | Rs.50,000 |
Debit Card replacement | Rs.100 |
Debit Card PIN regeneration | Rs.150 |
Transactions at Canara Bank ATMs | Free |
Transactions at other ATMs |
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Eligibility criteria for the Canara Bank Basic Savings Deposit Account
- Any individual that is a resident of India is eligible to open a Canara Bank Basic Savings Deposit Account.
- For joint accounts, not more that 4 accounts can be clubbed together.
- For minors who wish to open a Canara Bank Basic Savings Deposit Account, the parents or guardians have to open the savings account on behalf of their child. All that is required while opening the account is the birth certificate of the minor. The account will be under the name of the minor.
- Customers who wish to open a Canara Bank Basic Savings Deposit Account should not have a savings account in any other bank. If they do have another savings account, the bank will close the account immediately.
Documents required to open a Canara Bank Basic Savings Deposit Account
- The first thing that customers need to do is to fill the application form of the Canara Bank Basic Savings Deposit Account. The form can be accessed online or at any Canara Bank branch.
- Identity proof: Passport, Voter's ID, Driver's license, Aadhaar card, etc.
- Address proof: Passport, Voter's ID card, driver's license, etc.
- Two latest passport size photographs of the applicant.
Limitations of the Canara Bank Basic Savings Deposit Account
As the Basic Savings Deposit Account has been rolled out by the government and banks across the country for people that are less fortunate and find it difficult to get access to financial services, the Basic Savings Deposit Account comes with some limitations. Because there are minimum requirements when getting enrolled, the Basic Savings Deposit Account comes with a balance and credit limitation.
- At any point of the year, the balance in the account should not exceed more than Rs.50,000.
- The credit as well should not exceed Rs.1 lakh.
- Transfer of funds from foreign accounts are not permitted.
Note: If the account holder fails to adhere to these norms that have been issued by the Reserve Bank of India, the account holder will have to submit his/her KYC documents. Failure to provide the documents will entitle the bank to close the Canara Bank Basic Savings Deposit Account.
Note: The basic savings deposit account was brought about as a result of the financial inclusion drive in the country. With this account, the KYC norms are relaxed, yet the privileges of holding the account are many.
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FAQs on Canara Bank Basic Savings Deposit Account
- What is the minimum balance in Canara Bank savings account?
If you have a Canara Bank savings account in semi urban, urban, and metro branches, you need to keep a minimum balance of Rs.1,000. On the other hand, the minimum balance of Canara Bank savings account in rural branches is Rs.500.
- What is Canara Zero Balance Account?
The key benefit of Canara Bank Basic Savings Deposit Account is that there is no requirement of keeping minimum balance. Not only this but also the bank does not charge any maintenance fees.
- Can we open Canara Bank savings account online?
Yes, you can open Canara Bank savings account online by visiting the Canara Bank’s official website.
- Is Canara Bank good for savings account?
Canara Bank savings account helps the customer to do savings on a regular basis and in return the bank provides interest of 2.90% p.a. on the amount that are deposited on the account. Apart from this, the bank also has numerous ATMs and branches across India and abroad.
- What are the documents required to open a savings account with Canara Bank?
The documents that are needed to open a savings account with Canara Bank are PAN card, Aadhar card, driving license, ration card, electricity bill, passport, voter ID, and two passport size photographs.
- What are the different types of Canara Bank savings account available?
There are three types of Canara Bank savings account, namely Canara Small Savings Bank Account, Canara Payroll Package Savings Bank Account, and Canara Jeevandhara – SB Account for Senior Citizens.
- What is the mobile banking app for Canara Bank?
The mobile banking app for Canara Bank is Canara ai1 mobile banking app.
- Can I use mobile banking and net banking through by Canara Bank Savings Account?
Yes, Canara Bank provides mobile banking and net banking facilities to all its savings account holders.
- Can I make fund transfer through my Canara Bank savings account?
To transfer your funds through your Canara Bank savings account, you can use NEFT, RTGS, IMPS, etc.
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