Canara Bank has different types of savings accounts for various needs, like for seniors, kids, and working folks. With these accounts, you can use modern services like online banking and mobile transfers. The bank offers interest rates between 2.90% and 3.55%. Let's check out the different kinds of savings accounts at Canara Bank.
| Account Balance | Rate of Interest on Savings Account (p.a) |
|---|---|
| For an outstanding Balance of less than Rs. 50 Lakh | 2.90% |
| For an outstanding Balance of Rs. 50 Lakh to less than Rs 5. Crore | 2.90% |
| For an outstanding Balance of Rs. 5 Crore to less than Rs. 10 Crore | 2.95% |
| For an outstanding Balance of Rs. 10 Crore to less than Rs. 100 Crore | 3.05% |
| For an outstanding Balance of Rs. 100 Crore to less than Rs. 200 Crore | 3.50% |
| For an outstanding Balance of Rs. 200 Crore to less than Rs. 300 Crore | 3.10% |
| For an outstanding Balance of Rs. 300 Crore to less than Rs. 500 Crore | 3.10% |
| For an outstanding Balance of Rs. 500 Crore to less than Rs. 1000 Crore | 3.40% |
| For an outstanding Balance of Rs. 1000 Crore & less than Rs. 2000 Crore | 3.55% |
| For an outstanding Balance of Rs. 2000 Crore & above | 4.00% |
Note: Interest rates updated as on 19th August 2025.
| Savings Bank Account | Canara Small Savings Bank Deposit Account |
| Canara Basic Savings Bank Deposit Account | Canara Jeevandhara-SB Account for Senior Citizens |
| Canara SB Power Plus | Canara Payroll Package Saving Bank Account |
| Canara Junior Saving Account | Canara NSIGSE Savings Bank Deposit Account |
Anyone looking to open a savings account with Canara Bank can do so. You need to keep a minimum balance of Rs. 500 for rural branches and Rs. 1,000 for semi-urban, urban, and metro branches.
Here are some features:
This account aims to include more people in the financial system, especially those who may not have complete identification documents for KYC. Individuals with limited documentation can enjoy the benefits of this account, which offers several privileges.
Here are some key points:
This account is created for individuals to offer a simple banking option, as it is a zero-balance savings account. Those applying for this account shouldn't have any other active accounts with the branch or bank.
Here are some features:
The Canara Jeevandhara Savings Bank Account is designed for senior citizens aged 60 years and above. This account offers various benefits, with the main advantage being that it is a zero-balance savings account. There is no requirement to maintain a minimum balance, and no maintenance charges apply.
Here are some features:
The Canara SB Power Plus is designed for the premier segment of society, offering exclusive benefits. No opening balance is required for this account, and it is available for resident individuals, joint accounts, guardians on behalf of minors, associations, trusts, institutions, clubs, as well as NRE and NRO customers.
Here are some features:
This account is made for companies with 25 employees or more. Even if the company is only a year old, they can use the Canara Payroll Package Savings Bank Account.
Here are some benefits:
The Canara Junior Savings Account allows kids above 10 years to manage their money independently. Minors get a personalized debit card in their name with this account.
Here are some benefits:
The account has been introduced as per the directives laid out by the Ministry of Human Resources, Government of India, to promote education for girls and dropouts belonging to SC/ST communities in Secondary School. This scheme comes with several benefits.
Here are some features:
To open a savings account in Canara Bank, individuals need to meet the following eligibility criteria:
| Savings Account Type | Eligibility Criteria |
|---|---|
| Savings Bank Account | Individuals, Minor accounts, Joint accounts, HUF, Trusts, Illiterates, Executors and Administrators, Recognized PF Accounts, Govt. bodies, Semi-Government Departments, Capital Gain Accounts, Non-Corporate bodies i.e., Clubs, Societies, Associations, Schools, etc. |
| Canara Small Savings Bank Deposit Account | An individual in his/her name |
| Canara Small Savings Bank Deposit Account | An individual in his/her name |
| Canara Basic Savings Bank Deposit Account |
More than one individual jointly, operated by and/or payable to one or more of them |
| Canara Jeevandhara-SB Account for Senior Citizens | Indian Senior Citizens who are of the age of 60 years and above |
| Canara SB Power Plus |
NRE/NRO customers |
| Canara Payroll Package Savings Bank Account | Employees of a firm having minimum 25 employees with the firm standing over one year |
| Canara Junior Saving Account | Children above the age of 10 |
| Canara NSIGSE Savings Bank Deposit Account |
Girls who have passed class 8th examination from Kasturba Gandhi Balika Vidyalayas (irrespective of whether they belong to SC/ST category) and enrol for class 9th in State/UT Government, Government Aided or local body Schools in Academic year 2008-09 onwards |
Note: The bank may implement additional eligibility criteria for different savings accounts.
To open a savings account with Canara Bank, the applicant needs to provide the following documents:
1. Copy of PAN Card/Form 60 or 61 (If the customer does not have a PAN Card)
2. 2 photographs of the customer
3. Proof of identity & address as per KYC norms (Only the following documents will be accepted):
| Savings Account Type | Eligibility Criteria |
|---|---|
| Canara Small Savings Bank Deposit |
|
| Canara Junior Saving Account |
|
| Canara Jeevandhara-SB Account for Senior Citizens |
|
| Canara NSIGSE Savings Bank Deposit Account |
|
Note: The bank may request the applicant to submit additional documents on a case-to-case basis.
| Fee Type | Amount |
|---|---|
| Additional Cheque Book charges | Rs. 4 per cheque leaf |
| Primary Card: Issuance Fee | NIL |
| Card Replacement Fee | Rs. 300 (applicable for both primary and add-on cards) |
| Account Closure | Rs. 200 |
| Cash Withdrawal at Branches |
|
| Cash Withdrawal at ATMs | Up to 5 transactions are free, thereafter Rs. 21 + GST will be charged on cash withdrawal |
| IMPS Fees |
|
| Physical Statement and Duplicate Passbook Charges |
|
| Cash Deposit |
Above Rs. 50,000 – Rs. 1 per Rs. 1,000 |
You can find out how much money is in your savings account in different ways: use net banking, mobile banking, UPI, get an account statement, use SMS banking, make a missed call, or visit the bank or an ATM.
Any interest you earn on your savings account balance up to Rs. 10,000 is tax-free under Section 80TTA. However, if you earn more interest, there might be Tax Deducted at Source (TDS) applied to the higher amounts.
No, You can open a minor or kids savings account even if you're not 18 years old. However, for a regular, fully-functional savings account, you typically need to be over 18 years old.
all banks provide a cheque facility. However, it's important to note that certain types of savings accounts, like BSBDA (Basic Savings Bank Deposit Account), instant accounts, digital accounts, etc., may not come with a cheque facility.
Yes, having an ATM/debit card usually comes with a yearly fee, which is around Rs.150 plus taxes (this can differ between banks). Some private banks might not charge this fee if you use your debit card to shop for a certain amount during the year, or if you keep a specific amount of money in your account regularly, as per the bank's rules
An Aadhaar card is a useful document that proves who you are and where you live, making it easy to open a bank account. If you want to get government subsidies and benefits like Direct Benefit Transfer (DBT), you'll need to give your Aadhaar card details to confirm your account and connect it with the scheme.
To open a savings account, the rules say you must give your PAN card details. If you don't have a PAN card, your application won't go through. But if you don't have a PAN, you can still apply by providing Form 60. This form explains why you don't have a PAN.
The bank will send your monthly account statement to the email address you've registered. If you want a physical (hard) copy, you can ask the bank for it, but there might be a small fee.
Interest is calculated at regular intervals, and the specific period is determined when you open the account. This could be monthly, quarterly, annually, or another specified timeframe.