In an attempt to cater to all segments of society, Canara Bank has rolled out savings accounts for the rich, underprivileged and for senior citizens. With senior citizens often neglected, Canara Bank has launched Canara Jeevan Dhara which caters specifically to citizens of the country that are over the age of 60 years. With the primary benefit of the savings account being a zero-balance savings account, the Canara Jeevan Dhara Savings account comes with many other numerous benefits.
Features and benefits of the Canara Jeevan Dhara Savings account
- The primary benefit of the Canara Jeevan Dhara Savings account for senior citizens is that it is a zero-balance savings account. With this savings account, senior citizens do not have to maintain a minimum balance and there are no maintenance charges.
- The interest rate per annum is at 4% for deposits for senior citizens holding the Canara Jeevan Dhara Savings account. The interest is paid half-yearly on the deposit amount in the account.
- Canara Jeevan Dhara Savings account holders get a free personalized ATM debit card when they open the account.
- The daily cash withdrawal limit is Rs.25,000.
- There is no limit with regard to ATM transactions.
- On opening the account, senior citizens are handed a free passbook to check cashflow, balance, etc.
- Canara Jeevan Dhara Savings account holders get to use the Interbank Mobile Payment system for free.
- SMS alerts from the bank when one makes transactions and withdrawals are free as well.
- Online banking services are completely free as well.
- Customers holding the Canara Jeevan Dhara Savings account can make two free NEFT and RTGS transfers a month.
- Every senior citizen holding this account gets a personalized cheque book for free. The cheque book contains 60 leaves.
- Canara Jeevan Dhara Savings account can avail health insurance at a concessional rate. Apart from this, there are several other health related benefits:
- The floater policy for Canara Jeevan Dhara Savings account holders is applicable with this account.
- A flat 15% on pharmacy bills can be availed by senior citizens holding this account.
- A diagnostic discount of 20% can be availed by senior citizens as well.
- Senior citizens can get a reimbursement on health check-ups for bills between Rs.1,000 and Rs.2,000.
- Senior citizens can make free e-donations through the net banking facilities.
- Senior citizens can also avail loan facilities for under reverse mortgage products, as per the norms issued by the Reserve Bank of India.
- For pension account holders, they can avail loan facilities under their pension account - either a maximum of Rs.2 lakh or 10 times the pension amount (whichever is lower).
- They can avail overdraft facility up to 50% of the pension amount.
- For pension holders, they can even vouch for the locker rentals that comes with a concession based on a few conditions:
- For those holding a pension account, priority is given to them for locker rentals based on the availability.
- For those senior citizens holding the Canara Jeevan Dhara Savings account and maintaining an average yearly balance of Rs.2 lakh, 50% discount on locker rentals can be availed.
- For other senior citizens, 25% discount is granted for locker rentals.
- For senior citizens who require assistance to write a will and get it certified, the bank will help in maintaining the confidentiality of the will and offer other related services - all for free.
- Just by holding the Canara Jeevan Dhara Savings account, senior citizens can avail personal accident insurance cover. This too comes with certain conditions:
- For those having a pension account with Canara Bank, they are eligible for personal accident insurance coverage of up to Rs.2 lakh. The coverage can be claimed on the 1st of the following month of the requirement.
- For those who do not have a pension account with Canara Bank yet but have maintained an average minimum balance of Rs.20,000 per month, they can avail the personal accidental coverage of up to Rs.2 lakh. Here again, the coverage can be claimed on the 1st of the following month but only a year after opening the account.
Eligibility criteria for the Canara Jeevan Dhara Savings account
- Any resident of India is eligible for the Canara Jeevan Dhara Savings account.
- The resident of India should be 60 years of age or above - should fall under the category of senior citizens as specified by the Government of India.
Documents required to apply for the Canara Jeevan Dhara Savings account
- The first thing that senior citizens need to do is to fill in the application form. The application form can be accessed either online or at any Canara Bank branch.
- Specimen signature card has to be submitted.
- Copy of one’s PAN card.
- If the individual doesn’t have a PAN card, he/she can make the application just by submitting Form 60/61.
- Two passport size photographs of the applicant.
- Identity proof of the applicant - Passport, Voter’s ID, Driver’s license.
- The applicant has to prove his/her age. Either one can submit his/her birth certificate or furnish a KYC document specifying his/her’s date of birth.
For senior citizens who wish to either save or avail discounts with regard to medical expenses, the Canara Jeevan Dhara will come to their aid. Those who wish to open a Canara Jeevan Dhara can contact the bank or visit Canara Bank’s official bank page.
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