To ensure that an individual begins their banking experience on a good note, Canara Bank has come up with a new savings account which is meant to target minors who are above the age of 10 years. This account is operated by the minor in his/her own name. Minors are now given the freedom and responsibility to manage money which becomes an important skill that they will require later on in their lives. With benefits like a personalised debit card that is issued with the savings account, Canara Bank aims at making the choice of opening a Junior Savings Account all the more easy.
Eligibility criteria for opening a Canara Junior Account:
An individual should match the eligibility criteria that has been proposed by the bank if he/she wants to open a Canara Junior Account with Canara Bank:
- Applicant should be a resident of India
- Minor students should be above the age of 10 years
- Declaration from the minor's parents/guardian is required
Documents required for opening a Canara Junior Account:
There are a few documents that are required by Canara Bank to verify the details of the individual who’s applying for a Canara Junior Savings Account:
- The individual will be required to submit the duly filled application form to the bank
- A declaration from the minor’s parents/guardian
- 2 latest passport size photos
- Address proof in the form of a passport, student identity card, etc.
- A copy of the student’s ID card or a letter attested by the respective educational system
Balance and transaction limit on a Canara Junior Account:
- A cap of Rs.50,000 is implemented on this account and this limit should not be exceeded at any point.
- A total of Rs.10,000 has been set as the transaction limit which includes both deposits and withdrawals. An individual is allowed to withdraw Rs.5,000 every month.
- The total credit should not exceed Rs.1 lakh p.a.
- The account should always remain in credit.
Features and benefits of Canara Junior Account:
There are a number of benefits that are offered with a Canara Junior Savings Account, as listed below:
- Personalized debit card is issued in the full name of the minor.
- The account will continue to function even after the minor reaches the age of 18 years.
- A Canara Junior Account draws a number of different loan schemes which can be taken up by the individual operating the account.
- The individual receives an SMS for every transaction that is made using this debit card.
- The parent/guardian can chose to check on the bank statements of the account. The parent/guardian can then keep a track on the minor’s spending.
- This account can be used by the parent/guardian to transfer educational fees to the minor’s educational institution.
- The bank provides a number of educational loans with attractive rates and features than can be taken up by the individual.
- E-Info book facility is also available.
Canara Junior Savings Account FAQ’s
How do I open a Canara Junior Savings Account?
You can either apply online or you could visit the nearest branch of Canara Bank. You will be required to fill the application form and submit the same to the bank along with all KYC documents that are required by the bank.
Is there any withdrawal limits that is present on this card?
Yes, there is. You are allowed to withdraw a maximum of Rs.5,000 every month.
Can I ask for a physical copy of the bank statement?
Yes, you can. You can download the bank statement using the net banking facility that is available. If you have not registered for net banking, then all you need to do is go to the nearest branch of Canara Bank or contact a bank official by telephone and request for the bank statement of the account to be sent to the registered address.
How do I keep track of the spending done on a Canara Junior Savings Account?
You will receive an SMS for every transaction made on the Canara Junior Savings Account. The SMS will be sent to the registered mobile number.
How do I update the mobile number that is registered for this card?
You can go to the nearest branch of Canara Bank and add/update your mobile number.
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.