Canara Bank Zero Balance Account
Canara Bank's zero balance account does not require customers to keep a particular amount in order to maintain its activity. Canara Bank's zero balance accounts are therefore well-suited for those who struggle to keep their savings account active by making regular deposits.
Types of Canara Bank Zero Balance Account
To meet a range of client requirements, Canara Bank provides a number of zero-balance savings account options. The most common types are:
Account Type | Features |
Average Savings Account | Maximum amount: Rs.1,00,000 Cheque book: only 10 leaves Monthly withdrawals: Rs.10,000 Debit card: supplied No credit card was supplied. |
Basic Savings Account | Designed for clients under the age of 18 Parents have access to the account. Other features are identical to those of a standard account. |
Minor Savings Account | Greater interest rate compared to standard accounts No access to an ATM Additional feature comparable to a standard account |
Senior Citizen’s Savings Plan | Higher interest rate compared to standard accounts No access to ATMs Additional features comparable to a standard account |
How to Open Canara Bank Zero Balance Account
If you want to open a Canara Bank zero balance account, complete these steps:
Online Process
- Select the zero-balance account type you want to use by going to the section on starting a zero-balance account
- You will be taken to a new page where you will have to complete the application for a zero-balance account
- For KYC verification, complete the necessary fields and submit scanned copies of the necessary documents
- Check the information you have submitted, then click submit
- You will receive your account number on your registered email address and phone number as soon as your application has been successfully validated
- Additionally, your debit card will be sent to the address you provided on the application, which is your permanent address.
Offline Process
- Visit the Canara Bank branch that is nearest to you
- To open a zero-balance account, go to the appropriate bank authority member and ask for an application
- Complete the application by providing the necessary information
- Submit copies of the necessary documents to the bank with them
- After submitting the application for a zero-balance account, you will receive a temporary checkbook for immediate usage. However, the regular checkbook will be sent to you within five days
- Additionally, your account number and debit card will be sent to the address and registered mobile number you provided when the bank approves your application and completes the verification process.
Eligibility Criteria for Canara Bank Zero Balance Account
To be eligible for Canara bank zero balance account you must meet the following requirements:
- Every applicant must be an Indian citizen with a current Indian passport and citizenship
- Applicants must be at least 18 years old. minors who are 10 years old or above may also apply along with their legal guardians
- Every candidate needs to provide their KYC information, including evidence of identification and permanent address
- Applicants are only permitted to register for Canara Bank accounts if they have a working email address and mobile number
- Those who want to apply offline for a Canara Bank zero balance account need to have hard copies of the necessary documents
- To show the details of their employment, employed applicants must present supporting documentation
- Applicants who are self-employed or pensioners are required to provide information about their income source.
Documents Required for Canara Bank Zero Balance Account
To open Canara Bank zero balance account, you must submit the following documents:
- Identity proof such as passport, driver's license, voter ID card, Aadhar card, ration card, and NREGA job card
- Address proof such as a passport, driver's license, voter ID card, Aadhar card, ration card, or NREGA work card
- Form 60 (for applicants without a PAN Card) or a PAN Card
- Birth certificate or certificate of completion of the 10th class
- Proof of income for employed candidates, such as Form 16 or the most recent pay slips
- Two sets of current passport-sized photos
Fee Structure of Canara Bank Zero Balance Account
For simple transactions, Canara Bank zero balance savings accounts have very low costs. Typical fees include the following:
Type | Fee |
Issuing an ATM/Debit Card | Rs.150 + taxes for the first year. For renewal, Rs.50. |
ATM Withdrawals | Free and at other bank ATMs, each transaction costs Rs.20 after five. |
Online Fund Transfer | Free through internet banking |
Account Statement | Free upon request through SMS banking or the internet. The cost of printed statements is Rs.50. |
Cheque Book | The initial checkbook is given away for free. A general checkbook with ten leaves costs Rs.50. |
Canara Bank Zero Balance Account Withdrawal Limit Per Day
With various withdrawal limits, Canara Bank provides a variety of zero balance savings accounts to meet its clients' various needs. While senior citizen savings accounts have a daily withdrawal limitation of Rs.25,000, basic savings accounts and savings accounts for minors have a monthly withdrawal limit of Rs.10,000.
Canara Bank Zero Balance Account UPI Transaction Limit
Transactions done through UPI services are subjected to certain restrictions at Canara Bank as follows:
- For the first 24 hours following account registration, users of Android-based devices can transact up to Rs.5000
- For the first 72 hours following a new account registration, users of iOS devices may transfer up to Rs.15000 (up to Rs.5000 in a 24-hour period)
- The maximum limit for P2P transactions is Rs.1,00,000, and it can be used for up to 20 transactions in 24 hours.
FAQs on Canara Bank Zero Balance Account
- What charges apply to a zero-balance account at Canara Bank?
For holders of zero balance accounts at Canara Bank, the cost for issuing an ATM or debit card in the first year is Rs.150 plus applicable taxes, and the renewal fee is Rs.50. Canara Bank ATMs offer free ATM withdrawals, but transactions exceeding 5 at other bank ATMs come with a charge of Rs.20 for each transaction. Account statements cost a charge of Rs.50 for printed versions, whereas fund transfers through internet banking are free. The initial chequebook is complimentary; however, cheque books with 10 leaves cost Rs.50 each.
- What is the account limit for Canara Bank's zero balance?
Senior citizen savings accounts have a daily withdrawal restriction of Rs.25,000, whereas basic savings accounts and children’s savings accounts have a monthly withdrawal limit of Rs.10,000.
- What are the benefits of having a Canara Bank zero balance account?
Canara Bank zero balance Account holders benefit from free debit cards, no fees for a balance of zero, and easy online banking for free purchases, fund transfers, and transactions. Also, money transfers between accounts are simple and convenient due to internet banking services.
- What is the Canara Bank zero balance account withdrawal limit?
Regular savings accounts have no limits, however basic savings accounts, minor savings accounts, and senior citizen savings accounts have a monthly maximum withdrawal limit of Rs.10,000.
- What is the interest rate of Canara Bank zero balance account?
A 2.9% annual interest rate is available on regular savings accounts for balances over Rs.1 lakh, as well as balances between Rs.50,000 and Rs.50 lakhs, Rs.10,000 and Rs.50,000, and less than Rs.10,000. All account holders of basic savings accounts receive an annual interest rate of 2.7%, which is almost lower. Pensioners and salaried employees receive a higher interest rate of 0.5%.
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