Those who are just getting into the corporate circuit and wish to open an account for their salary, they can opt for the Canara Bank’s Payroll Package Savings Bank Account. Focused mainly on the customer getting his/her monthly payroll, the account comes with several other benefits as well.
Features and benefits of the Canara Payroll Package Savings Bank Account
- All employees that are part of firms or corporate companies which have been running for at least a year and have at least 25 employees are eligible for the Canara Bank’s Payroll Package Savings Bank Account.
- There is no initial deposit required when opening the Canara Bank’s Payroll Package Savings Bank Account.
- The minimum average monthly balance should be Rs.1,000. Failure to maintain the minimum average monthly balance and a penalty of Rs.100 will be charged.
- The Canara Bank’s Payroll Package Savings Bank Account is a running operative account.
- Deposits in the account come with a half-yearly payable interest of 4% p.a.
- Customers holding the Canara Bank’s Payroll Package Savings Bank Account can make nominations. Preferably a direct relation - spouse, child, parents, etc.
- When opening the account, customers are granted a free personalized Platinum debit card with one’s photograph on it.
- The ATM cash withdrawal limit for the year is Rs.50,000 per day.
- Online banking transactions are completely free.
- Every 15 days, Canara Bank issues an e-statement - for customers to check their outstanding balance and their cash flow in the last 15 days.
- SMS alerts, Interbank mobile payment system and net banking is available to all customers holding the Canara Bank’s Payroll Package Savings Bank Account and is completely free.
- A customer holding this account can make two free demand drafts amounting to one’s salary a month.
- On opening the account, customers are given a free personalized cheque which contains 200 cheque leaves.
- Based on the customer’s annual income, he/she is offered a credit card by the bank. There are no maintenance charges for holding the credit card for the first year.
- Those holding the Platinum debit or credit card are liable for a personal accident insurance (in the case of death only) - from Rs.2 lakh to Rs.8 lakh.
- Overdraft facility is available for customers up to 50% of their monthly income twice in a calendar year - based on certain conditions:
- For those earning Rs.50,000 per month, overdrawing can be up to Rs.10,000.
- For those customers drawing a salary of Rs.50,000 to Rs.1 lakh, he/she can make an overdrawing of Rs.25,000.
- For those customers drawing a salary of Rs.1 lakh, he/she can make an overdrawing of Rs.50,000 - 50% of one’s earnings.
- Customers holding the Canara Bank’s Payroll Package Savings Bank Account and wish to avail a loan - retail, housing,and vehicle - they can enjoy a 50% concession on the processing charges.
- Customers functioning on a trading account can open a Demat account without any charges.
- Resetting one’s password is completely free.
Eligibility for a Canara Bank’s Payroll Package Savings Bank Account
- All Indian residents are eligible for the Canara Bank’s Payroll Package Savings Bank Account.
- He/she should be an employee with a company that has been running for at least a year and has at least 25 employees.
Documents required to apply for the Canara Bank’s Payroll Package Savings Bank Account
- Customers would need to fill in the application form for the Canara Bank’s Payroll Package Savings Bank Account.
- Next, a specimen signature government approved identification would need to be submitted.
- PAN card copy will be needed to be submitted.
- For employees that still do not have a PAN card, they can submit the application along with Form 60/61.
- Two latest passport size photographs of the applicant.
- Identification proof - Passport, Aadhaar card, Voter’s ID card.
- Address proof as per KYC norms - Voter’s ID card, Passport, driver’s license, etc.
The Canara Payroll Package Savings Bank Account caters solely to those wishing to open an account for their monthly payroll. To open an account, one can contact the bank for details or visit the Canara Bank official page.
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.