Canara Bank is a public sector enterprise with headquarters in Bengaluru. Canara Bank was established in the year 1906 and nationalized by the government in the year 1969. The bank has a network of 6639 branches and over 10,600 ATMs all over India. Savings account in Canara Bank can be opened by single individuals or jointly. Blind persons, Hindu undivided families, minors, govt. bodies, trusts, schools, clubs, societies, semi-government departments and non-corporate bodies are all eligible for opening saving bank accounts.
Interest rate of 4% per annum is paid on the savings account. The interest is payable on a quarterly basis.
Minimum balance limit and charges
The average minimum monthly balance limit for savings account in metro, urban and semi urban branches is Rs 1000/- with cheque facility and Rs 500 without cheque facility. In case of savings account in rural branches, the average minimum monthly balance limit is Rs 500 with cheque facility and Rs 100 without cheque facility.
The bank charges a fine of Rs 30 if the minimum balance is not maintained in the savings account.
2 demand drafts are offered free of charges per month according to the minimum balance maintained in the account. They have been listed here.
- Rs 10,000/- Free issuance of 2 demand drafts with amounts upto Rs 10,000/-
- Rs 15,000/- 2 free demand drafts upto Rs 15,000/-
- Rs 20,000/- 2 demand drafts upto Rs 20,000/- without charges
- Rs 25,000 and above- 2 free demand drafts with amounts upto Rs 25,000/-