Canara SB Power Plus

Canara Bank has rolled out the Canara SB Power Plus scheme to cater to the premier segment of society. The Canara SB Power Plus can be opened either as an individual account, a joint account, for institutions, Trusts, and for NRE and NRO citizens as well.

That said, having an account which only caters to the premier segment of society is bound to have its perks, and the Canara SB Power Plus does come with numerous benefits for the account holder.

Features and benefits of the Canara SB Power Plus:

The first benefit that this savings account comes with is that it can be opened by an individual, or as a joint account, an account for an institution, Trust, or Club, by guardians on behalf of minors, and lastly by NRE and NRO customers.
There is no required deposit amount when opening the account.
The average quarterly balance for the account is Rs.1 lakh. Customers who fail to maintain this amount will not be eligible for the freebies that come with these premier accounts.
The Canara SB Power Plus is a running operative account with an interest rate of 4% p.a.
The interest is payable half-yearly.
When opening the account, Canara SB Power Plus account holders are granted a free personalized ATM debit card.
The cash withdrawal limit for the day from Canara Bank ATMs is Rs.50,000.
Unlimited amount of transactions can be made in a month from Canara Bank facilities - ATMs, online and mobile banking facilities.
Every 15 days, the bank issues an e-statement to the customer holding this type of account via email.
SMS alerts, Interbank Mobile Payment system and net banking are completely free.
NEFT and RTGS fund transfers are completely free as well.
When opening a Canara SB Power Plus account, a free personalized cheque book with 300 cheque leaves is issued.
For customers having a balance of more than Rs. 1 lakh, they can avail the automatic sweep in/out facility.
Cash remittances from any account to the customer's Canara SB Power Plus account are completely free.
Customers holding the Canara SB Power Plus are granted a credit card. For the first year of usage, there are no maintenance charges. Those holding the credit card can avail of personal accident insurance (in case of death only) from Rs.2 lakh to Rs.8 lakh.
25% discount on locker rentals irrespective of the size.
For those with a trading account under the Canara SB Power Plus, they can open a Demat account free of any charges.
Resetting one's password is free as well.

Eligibility criteria for Canara SB Power Plus:

Any individual that is a resident of India is eligible to open a Canara SB Power Plus account.
One can open a joint account as well, provided both the applicants are reside together.
Even an NRE and an NRO can open a Canara SB Power Plus account.
In the case of minors, the parents or guardians of the minor should open the account on their behalf. That said, the name of the account will be that of the minor.
Those running an institution, Trust, Club, etc., can open a Canara SB Power Plus account as well.

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Documents required when opening a Canara SB Power Plus account:

The first step is to fill in the application form for the Canara SB Power Plus account.
Applicants will need to submit an identification with their signature on it.
Identity proof as per KYC norms - Aadhaar card, Passport, Voter's ID card, etc.
Address proof as per KYC norms - Passport, Voter's ID, driver's license, etc.
PAN card copy.
For those who do not have a PAN card, he/she can submit form 60/61 along with the application.
Two recent passport size photographs of the applicant.
For NRE customers, all the above mention documents apart from PAN card and Form 60/61 should be submitted. The same applies for NRO customers who wish to open a Canara SB Power Plus account.

Canara SB Power Plus account is one of the few savings accounts under this bank which caters to all customers of Indian origin - be it an NRE or NRO. That said, being an account that solely caters to the premier segment of society, this comes with added benefits.

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

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