Open Bank Account in Canara Bank : Canara Bank is one of the largest, trustworthy and a growing bank in India. If you plan to open a new bank account, one option must be Canara Bank. Opening a Bank Account in Canara Bank is not just visiting the Branch and getting your Bank Account opened immediately. There are a few formalities which you must complete to get a Canara Bank Account. Also, you must know about the eligibility criteria to open a new bank account in Canara Bank. Knowing all these things beforehand is a good thing, as you need to prepare yourself to apply for a bank account in Canara Bank.
How to Open a Bank Account in Canara Bank ?
Before we move ahead to know the procedure to open a bank account in Canara Bank, let us first know about the eligibility to open Canara Bank Account.
Eligibility to Open a Bank Account in Canara Bank
Before you make a visit to Canara Bank, it’s a good thing to check whether you meet all the criteria for opening an account with Canara Bank. Most of the Canara Bank Branches will require the following :
1) Applicant must be an Indian Citizen.
2) Applicant must be over 18 years of age(Except Minor Account).
3) Applicant must have the necessary KYC Documents to open Canara Bank Account. Usually Proof of Address, Proof of Identity and PAN Card is required.
4) Applicant should have a Guarantor who has a Bank Account in the same branch of Canara Bank (Sometimes not needed).
5) Applicant must have minimum deposit amount for the Account(Not applicable for some accounts). For Example :- Rs.1000 is required to open a normal Savings Account in Canara Bank.
Types of Bank Accounts offered by Canara Bank
Once you know that you are eligible to open a bank account in Canara Bank, you must choose the account that best suits your need. Here is a list of Bank Accounts that are being offered by Canara Bank.
1) Canara Bank Basic Savings Deposit Account
This Basic Savings Account in Canara Bank is designed specially for the common man to access basic features of banking. This type of account can be opened in the individual’s (Applicant’s) name, jointly, or by a guardian (if the Applicant is a minor). The balance in the account should not exceed Rs. 50,000. Aggregate of all credit transactions in this Account in a year should not be more than Rs. 1 lakh.
Features & Benefits :
- No minimum balance is required to open this type of Account.
- ATM/Debit card will be issued to the Account Holder with a maximum of 4 free withdrawals per month, after which an additional service charge of Rs. 5 is applicable.
- Account Holder can enjoy the Internet Banking and mobile banking services.
2) Canara Bank Small Savings Bank Deposit Account
A small savings bank deposit account is specially for people who are not able to produce the Canara Bank KYC (Know your customer) documents required. To open this type of account the applicant needs to provide only the name, passport photo and signature/thumb impression. The features of this account are the same as a basic savings account except for some restrictions. Total withdrawals and transfers for Small Account in a month should not be more than Rs 10,000/. Foreign remittances can be credited to this type of Account only if the customer is able to produce valid documents to prove his/her identity. The account will be operational only for a period of 12 months. If the account holder is able to provide an evidence of application for any official valid document, in such a case the account can be extended by another 12 months.
3) Canara NSIGSE Savings Bank Deposit Account
This Account is designed to minimize the number of school dropouts and promote the enrolment of girls those belonging to SC/ST communities in Secondary schools. SC/ST girls who have successfully completed their class 8, or any girl who completes/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 for this type of Account. Withdrawals from this Account can be made only by using the withdrawal slips. No minimum balance is required to open this Account. There is no restriction for the income criteria for this grant. This scheme is not applicable to married girls, girls studying in private unaided institutions, schools run by the Central Government.
4) Canara Junior Savings Account
Minors who are of the age of 10 and above can open this account with a declaration from their parents/guardians and can operate their account individually.
Features & Benefits :
- Personalised debit card(With Full Name) with a total limit on withdrawals to Rs. 5,000 per month.
- Total debit transactions are limited to Rs. 10,000 per month.
- Total credit in the Account should not exceed Rs. 1 lakh per year.
- SMS alerts facility.
- The account will continue even after the Customer attains the Age of 18.
- Attractive educational loan schemes are available for students operating this Account.
5) Canara Jeevandhara – Savings Account for Senior Citizens
This account is for senior citizens who are of the age 60 years and above and is applicable to Indians Residents only.
Features & Benefits :
- No minimum balance required.
- ATM withdrawal limit is Rs. 25,000 per day.
- Facilities like SMS alerts, Net banking and mobile banking.
- Health insurance and Accident insurance policies are also available.
- Loan facility for the Account Holders.
- Assistance in writing a Will with an Executant Service can also be availed at a nominal fee in full confidence.
6) Canara SB Power Plus
This account is specially designed for premier customers of Canara Bank. The Account Holder needs to maintain a ninimum Rs. 1 lakh average quarterly balance.
Features & Benefits :
- Personalized Platinum debit card.
- Free credit card will be given for first year.
- Personal accident insurance for the Account Holder.
- Facilities such as SMS alerts, Net banking and mobile banking.
- Auto sweep and locker facility also available.
- Demat Account.
- No Charges for DD and up to 300 cheque leaves free per year.
7) Canara Payroll Package Saving Bank Account
This account helps the employers to pay their employees quickly through bank transfer and without the hassles of unnecessary paperwork. Employers operating this Account must maintain an average monthly balance of Rs. 1,000. A fine of Rs. 100 will be applicable if the average monthly balance is not maintained. Firms/corporates should proving this account should have a standing of at least 1 year with not less than 25 employees.
Features & Benefits :
- Platinum Debit card with photo for each Account Holder.
- Withdrawal limit of Rs. 50,000.
- Credit card is also issued free of charge for the first year.
- 2 DDs can be issued free of cost per month and 200 cheque leaves free per year.
- Personal accident insurance is also available.
- Overdraft facility.
- 50% discount on processing fees can be availed for loans.
8) Canara Super Savings Salary Account
This account is designed specially for firms that have 25 or more employees. If the number of employees in the firm is below 25, the bank may consider the Accounts at its own discretion.
Features & Benefits :
- No Minimum Balace required.
- Passbook, debit card, sms alert, fund transfer are all free.
- Internet and mobile banking services.
- Canara Mediclaim health insurance coverage for each Account Holder.
- Sweep in & out facility.
- Nomination facility.
9) Current Account : Current Account is Bank Account provided to a business entity like Partnership firm, Limited Companies, Pvt. Ltd. Companies etc.
Read Also : Types of Joint Accounts in India
Steps to Open a Bank Account in Canara Bank
Once you have checked your eligibility and made up your mind with one of the bank accounts, you can proceed with the steps to open Canara Bank Account.
1) Gather the required KYC Documents : The first and the foremost thing to do is to gather all the necessary KYC documents to open a Bank Account in Canara Bank. You will need to provide the photostat copies of your Address Proof, Identity Proof, PAN Card, 2 Passport Size Photographs. Also, you would be required to produce the originals during verification process.
2) Collect & Fill Account Opening Form : Once you have gathered all the documents, you need to collect Canara Bank Account Opening Form from any branch of Canara Bank. Fill up Canara Bank Account Opening Form completely and put your signature wherever required. You can also take help of Canara Bank Officials if you have problem in filling up the form. You can also apply for Internet Banking and Mobile Banking through this form. However, you need to activate Canara Bank internet banking and mobile banking separately.
3) Visit the Branch : After you have the duly filled Canara Bank Account Opening form and the necessary KYC Documents, you need to visit the Canara Bank Branch in which you want to open your Bank Account.
4) Verification of Form & Documents : Talk to the Accounts Person or the Branch Manager about the Verification of form and KYC documents for new bank account. You will then be sent the concerned person for verification of form and the documents. Once the verification process is complete, you can proceed to the next step.
5) Submit Minimum Deposit Amount : Submit the minimum deposit amount by filling up the cash voucher by entering the amount as per the bank account you opted for. Example : – Rs.1000 in case of a Regular Savings Bank Account. You need to write New Account in place of your name in the cash deposit voucher.
6) Collect Passbook and ATM Card : Finally, you will be getting your Canara Bank Passbook and ATM-cum-Debit Card with your ATM Pin. Your ATM will take 1-2 days to get activated and your first transaction should be done by using Canara Bank ATM only. If you want a custom ATM Card with your name on it, you need to apply for it separately.
Note : If you have applied of a Cheque Book and/or Internet Banking, then you will be getting your Cheque Book and Internet Banking credentials by post at your registered address.
Good Practices after you get a Bank Account in Canara Bank
1) If you can memorize your Bank Details, PINs and Passwords , it’s a good idea to commit the following information to your memory so that you don’t need to rely on the documents in the future.
2) To make it more safe, Make a note of your Account Number, ATM Card no., PIN etc at a safe and secure location.
3) Save Canara Bank Customer Care Number in your mobile phone.
4) Contact Canara Bank customer care in case of any mishap with your Bank Account or if you have lost ATM card. If you think your account information has fallen into wrong hands, you must call or visit Canara Bank to request to block your account or a particular service on your account to prevent unauthorized use.
Read Also : How to Block Canara Bank ATM Card ?
Things you must know before opening a bank account in Canara Bank
You must know some important things before you apply for a bank account in Canara Bank. You can clear the queries mentioned below at any Canara Bank Branch or by calling Canara Bank Customer Care Numbers.
- Is there a monthly/quarterly fee for maintaining this Account in Canara Bank ? If so, what is it?
- Is there a minimum balance that I must keep within this Canara Bank account? If so, what is it? What sorts of fees have to paid if I go under that limit?
- What is the interest rate of my Canara Bank Account? How often is the interest generated ?
- Is there any limit to the amount of transactions per month (deposits/withdrawals, ATM uses)?
- Where all can I withdraw cash without paying any extra fees ?
- What is the fee for using other than Canara Bank ATM ?
Canara Bank Customer Care Numbers
At any point of time, you need help from Canara Bank Customer Care department, you can either reach them on the Toll Free numbers given below or can opt to write at the e-mail address mentioned below.
Toll Free Numbers : 18004250018 (24x 7 works all the days except on 15th Aug, 2nd Oct & 26th Jan)
Write to Canara Bank Customer Service Department : [email protected]
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