Canara Bank is one of the leading private sector banks providing all the financial and banking services to individuals. Canara Bank current account is a type of demand deposit account, specially designed to cater to the different banking needs of the individuals. Current Account can be opened by business owners and professionals who deal with large value transactions on a daily basis. The Canara Bank current account holders get the advantage to avail overdraft facility up to an agreed limit.
As a top institution in the country, Canara Bank provides a diverse range of savings accounts tailored to meet the needs of various customer segments, including senior citizens, minors, and the salaried class. These accounts offer modern conveniences like net banking, mobile banking, and UPI transfers. Canara Bank ensures its account holders enjoy competitive interest rates, ranging from a minimum of 2.90% to a maximum of 4.00% on their savings.
Renowned for its enduring success in the banking industry, Canara Bank has consistently maintained a leading position marked by continuous profitability. Customers benefit from various incentives and services associated with their savings accounts, making the Canara Bank savings account interest rate attractive.
Different Types of Canara Bank Current Account
the primary features of Canara Bank Current Account variants. It is to be noted that Canara Bank Current Account minimum balance requirement varies from one account type to another. This factor should be kept in mind before choosing the preferred Current Account type.
| Canara Bank Current Account | |
| Types of Canara Bank Current Account | Primary Features |
| Canara Privilege Current Account |
|
| Canara Premium Current Account |
|
Canara Bank Privilege Current Account
Canara Bank Privilege Current Account is a type of account that is best suited for the premier segment customers, who enroll themselves as promising clients to the bank. This account variant is specifically designed for the premier customers and can only be opened by such customers.
| Primary Features | Charges |
| Average Quarterly Balance (AQB) | Initial Balance: Zero (Rs.1 lakh AQB to be maintained) |
| Non-maintenance of balance | Rural / Semi-Urban: Rs.1000 Urban / Metro: Rs.5000 |
| ATM cash withdrawal limit | Rs.50,000 (from Canara bank’s ATM) |
| ATM transactions | Free and Unlimited (from Canara Bank’s ATM) |
| Cash deposit (Base and Non-Base branch) | Free |
| Cash handling charges | Free up to Rs.5 lakh per day |
| NEFT / RTGS | Free |
| Cheque Book | Free up to 500 cheque leaves per year |
| DD Charges | Fully waived |
| SMS Alerts | Free |
| Card | Platinum debit card with photo |
| Account Closure Charges | Rs.750 per account |
Canara Premium Current Account
| Primary Features | Charges |
| Average Monthly Balance (AMB) | Initial Balance: Minimum Rs.50,000 (Rs.50,000 AMB to be maintained) |
| Non-maintenance of balance | Rural / Semi-Urban: Rs.1000 Urban / Metro: Rs.5000 |
| ATM cash withdrawal limit | NA |
| ATM transactions | Free (from Canara bank’s ATM) |
| Cash deposit (Base and Non-Base branch) | Free |
| Cash handling charges | Free up to Rs.1 lakh |
| NEFT / RTGS | 50% concession |
| Cheque Book | Name printed cheque book |
| DD Charges | 50% concession |
| SMS Alerts | Free |
| Debit Card | Free debit card |
| Account Closure Charges | Rs.750 per account |
Benefits of Canara Bank Current Account
The advantages of opening a Current Account in Canara Bank are listed below:
- The Canara Bank Current Account variants are specifically designed to facilitate frequent transactions like fund transfer, cheque receiving etc.
- Internet Banking, Mobile Banking and Overdraft facilities are also available for all the Current Account holders
- The account is specifically designed to be used for business purposes
- Both the Current Account variants are ideal for carrying out large value transactions
- Current Account allows transaction beyond the scope of Savings Account and hence facilitate smooth transactions for business purposes
Canara Bank Current Account Eligibility Criteria
- Individuals
- Joint Accounts (not more than 4)
- Proprietary Concerns
- Partnership Firms
- HUF
- Public and Private Limited Companies
- Limited Liability Partnership
- Registered or Unregistered Societies or Associations
- Trust / Provident Fund
- Executors and Administrators
- Govt / Semi-Govt Dept
- Taluk / District Boards
- Charitable and Religious Institutions
How to Open Canara Bank Current Account?
For Current Account opening in Canara Bank, the user needs to visit the nearest Canara Bank Branch and fill the Current Account opening form. Also the users can find the Canara Bank Current Account opening form online. Follow the below-mentioned steps for Current Account opening:
Step 1: Visit the nearest Canara Bank Branch.
Step 2: Fill the Canara Bank Current Account opening form with all the required details.
Step 3: Submit the form to the bank’s executive with all the required KYC acceptable documents.
The users can also download the form online, take a print out, and submit the duly filled form along with all the KYC acceptable documents at the nearest Canara Bank Branch.
Documents required for Canara Bank Current Account opening
- Application in the bank’s prescribed form
- Identity Proof
- Address Proof
- Photos
- Specimen Signature Card
- Copy of PAN Card / Form 60 or 61 (if customer does not
- Memorandum and Articles of Association
- Certificate of Commencement of Business
- Partnership Deed (wherever required)
- Certificate of Incorporation and Board Resolution
- Registration Certificate (in case of registered concern)
- Certificate / License issued by Municipal Authorities
FAQs
Can an individual open a Current Account in Canara Bank?
Yes, individuals are eligible for Canara Bank Current Account opening, if they have proper KYC acceptable documents required by the bank.
Can one open zero balance current account in Canara Bank?
Canara Bank offers Canara Privilege Current Account which can be opened with zero balance initially. However, the account holder needs to maintain an average quarterly balance of Rs.1 lakh.
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