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Canara Bank Savings Account

Canara Bank’s savings account allows customers to save on a regular basis and earn interest of 3.5% to 4% p.a. on the funds deposited. If customers maintain a minimum balance of Rs. 10,000 to Rs. 25,000 the bank waves of charges for purchase of 2 DDs of amounts up to Rs. 25,000 a month. This account comes with a host of benefits and requires a minimum balance of Rs.1,000.

Interest rate: 4% (payable on a half-yearly basis) 

Minor/senior citizen account available 

Mobile banking and net banking facilities 

Nomination facility


Canara Bank’s savings account allows customers to save on a regular basis and earn interest of 2.90% p.a. on the funds deposited. The bank has a widespread network of branches and ATMs in the country and overseas. Canara Bank holds a premier rank in the banking industry with an unbroken record of profits from its inception. The Canara Bank provides a range of benefits and services to its Saving Account customers.

Key Benefits of Canara Bank Savings Account

  • ATM/Debit card
  • Passbook/Pass sheet
  • Mobile Bankingand Net banking
  • Instant credit of outstation cheque up to Rs. 10,000.
  • Joint account
  • Minor/Senior citizen account
  • Nomination facility
  • 2 DDs free of charge to the amount of the minimum balance maintained for accounts with Rs. 10,000 and above. The maximum amount issued will be Rs. 25,000.

Canara Bank Savings Account Minimum Balance

Facility Area Minimum Amount
With chequebook Rural Rs.500
Semi Urban Rs.1,000
Urban/Metro Rs.1,000
Without chequebook Rural Rs.500
Semi Urban Rs.1,000
Urban/Metro Rs.1,000
Canara Basic Savings Bank Deposit Account Rural NIL
Semi Urban NIL
Urban/Metro NIL
Canara Basic Savings Bank Deposit Account Rural NIL
Semi Urban NIL
Urban/Metro NIL
Canara NSIGSE Savings Bank Deposit Account Rural NIL
Semi Urban NIL
Urban/Metro NIL

Canara Bank Savings Account Interest Rate

Balance Rate of Interest
Less than Rs.50 lakh 2.90% p.a.
More than Rs.50 lakh to less than Rs.100 crore 2.90% p.a.
More than Rs.100 crore to less than Rs.300 crore 3.00% p.a.
More than Rs.300 crore to less than Rs.500 crore 3.05% p.a.
More than Rs.500 crore 3.20% p.a.

NOTE: The rates mentioned above are effective as of 28 September 2020.

How to open Canara Bank Savings Account?

Any resident Indian can access the official Canara Bank website.

  • Submit personal details for opening a new savings account and opt for a branch with which you would like to operate.
  • There is a facility of uploading scanned copies of the documents required.
  • A URN (Unique reference number) will be sent via SMS.
  • You will be required to validate your mobile number and email.
  • Take a print out of the application form, or you can request the bank officials to do this.
  • Visit the branch with the original documents.
  • Deposit the minimum balance amount of Rs. 1000.

Your account will be opened and you will be provided with a welcome kit with all the details of the bank and the account usually required.

Documents required

  • ID and address proof (Passport, Voter’s ID, Driving Licence, Aadhar card, NREGA card, PAN card)
  • 2 passport-size photographs
  • Specimen Signature Card
  • Copy of PAN Card/Form 60 or 61 (if customer does not have PAN Card)
  • Any other related documents applicable to Students, Minor, HUF, Trusts, Association etc.

Canara Bank Savings Account Charges

  • Failure to maintain minimum balance - flat charge of Rs.30/- per month (to be collected once in a month on last working day)
  • For inoperative accounts above minimum balance, no charge is applicable.
  • For inoperative accounts below minimum balance, Rs. 150 or available balance, whichever is lower, is charged per quarter. For senior citizens, basic, small, and NSIGSE savings accounts, the above charges are waived.
  • Debit card replacement fee is Rs. 50.
  • For account closure before 1 year, Rs. 200 is levied per account. No charges applicable if closed within 14 days of opening.

Types Of Canara Bank Savings Account

1. Canara Bank Basic Savings Deposit Account

  • This product is designed to enable the common man to access basic banking facilities.
  • A person opening a basic savings account cannot have any operative account with the branch/bank.
  • The account can be opened in the individual’s name, jointly, or by a guardian in case of a minor.
  • The balance should not exceed Rs. 50,000. Aggregate of all credit transactions in a year should not exceed Rs. 1 lakh.
  • No minimum balance required.
  • ATM/Debit card will be issued subject to a maximum of 4 withdrawals per month, after which a service charge of Rs. 5 is applicable.
  • Facilities of Internet and mobile banking.
  • Any credit through online funds transfer will be free.
  • Deposit of cash and deposit/collection of cheques drawn by Central/State Government will be free.
  • No charge is levied on inoperative accounts or on activation of inoperative accounts.

2. Canara Bank Small Savings Bank Deposit Account

  • A small savings bank deposit account is designed for people who cannot produce the KYC (Know your customer) documents required. Only the name, passport photo and signature or thumb impression is required. The features are the same as a basic savings account except for a few restrictions.
  • Total withdrawals and transfers in a month should not exceed Rs 10,000/.
  • Foreign remittances can be credited only if the customer produces official valid documents to fully establish his/her identity.
  • The account will be operational only for 12 months. If the account holder provides evidence of application for any official valid document, then the account can be extended by another 12 months.

3. Canara NSIGSE Savings Bank Deposit Account

  • This product is provided under the directives of the Ministry of Human Resources Development, Government of India. It is designed to reduce school dropouts and promote the enrolment of girls belonging to SC/ST communities in Secondary schools.
  • SC/ST girls who have passed class 8, or any girl who passes Class 8 examination from Kasturba Gandhi Balika Vidyalayas and enrolls for Class 9 in a State/Union Territory Government, Government-aided or local body school are eligible.
  • Withdrawals can be made only with withdrawal slips.
  • No minimum balance is required.
  • There is no restriction based on income criteria for this grant.
  • This scheme does not apply to married girls, girls studying in private unaided institutions, schools run by the Central Government.

4. Canara Junior Savings Account

Minors above the age of 10 can open this account with a declaration from parents/guardians and operate it individually.

  • Personalised debit card with limit on withdrawals to Rs. 5,000 per month.
  • Limit on total debit transactions to Rs. 10,000 per month.
  • Total credit should not exceed Rs. 1 lakh per annum. Account should always be in credit.
  • SMS alert sent to mobile number as provided.
  • The account will continue without restriction on attaining majority.
  • Attractive educational loan schemes for students.

5. Canara Jeevandhara- Savings account for senior citizens

  • This account is for senior citizens who have attained the age of 60 years and above, applicable to resident Indians only.
  • There is no minimum balance required.
  • The ATM withdrawal limit is Rs. 25,000 per day.
  • SMS alerts, Net banking and mobile banking facility
  • Health insurance and Accident insurance policies available
  • Loan facility
  • Assistance in writing a will and executant service is provided at a nominal fee in full confidence.

6. Canara SB Power Plus

  • This account is designed for premier customers.
  • Minimum Rs. 1 lakh average quarterly balance is required.
  • Personalised Platinum debit card.
  • Free credit card for first year.
  • Personal accident insurance.
  • SMS alerts, Net banking and mobile banking.
  • Auto sweep and locker facility.
  • Demat operations.
  • DD charges are fully waived and up to 300 cheque leaves free per annum.

7. Canara Payroll Package Saving Bank Account

  • This account enables employers to pay employees quickly through bank transfer and avoids unnecessary paperwork.
  • Employers must maintain an average monthly balance of Rs. 1,000 from the succeeding month of opening the account. A fine of Rs. 100 is applicable if not maintained.
  • Firms/corporates should have a standing of 1 year with at least 25 employees.

Platinum debit card with photo is issued with a withdrawal limit of Rs. 50,000.

Credit card issued free of charge for the first year.

2 DDs free per month and 200 cheque leaves free per annum.

Personal accident insurance is available.

Overdraft facility.

50% discount on processing fees for loans.

8. Canara Super Savings Salary Account

    8. Savings Bank Account

    • Average monthly balance at Semi-urban, Urban, Metro branches are Rs.1,000.
    • Average monthly balance at Rural branches is Rs.500
    • Account can be opened by schools, associations, societies, clubs, capital gain accounts, regonised PF accounts, government bodies, semi-government departments, trusts, HUFs, illiterates, minors, and individuals.
    • Joint accounts can be opened.
    • You will need to submit a passport size photograph, proof of address, proof of identity, and the application form to open the account.
    • Running account.
    • No additional interest rate is provided for senior citizens.
    • You cannot take a loan against the balance available in the account.
    • You can add nominees to the account.
    • You will be provided a debit card and passbook.
    • Internet and mobile banking facility are provided.
    • Standing instructions can be set-up.

    Canara Bank Savings Bank Account FAQs

    1. Do I need to maintain a minimum balance for the Canara Bank Savings Account?

      Yes, you must maintain an average monthly balance of Rs 1000 (applicable for metro, urban and semi-urban branches) / Rs 500 (for rural branches).

    2. Is there a special interest rate applicable on Canara Bank Savings Account for senior citizens?

      There is no special rate applicable for senior citizens with this Savings Account.

    3. What are the other facilities accompanying this Canara Bank Savings Account?

      Some other facilities available with this Savings Account include a Pass Book, ATM-cum-Debit Card, instant credit of outstation cheques for value up to Rs 15,000, internet and mobile banking, etc.

    4. Can I take a loan against the deposit on Canara Bank Savings Account?

      No, it is not permitted to take a loan against the deposit of this Savings Account.

    5. What is the interest payment schedule applicable for Canara Bank Savings Bank Account?

      Interest on this account is payable on a half-yearly basis, i.e. every February and August, on the daily balance that is maintained in the account.

    GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.

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