Canara Bank Basic Savings Deposit Account
| Canara Bank Basic Savings Bank Deposit Account | Details |
|---|---|
| Minimum Balance | Zero-balance requirement |
| Annual Interest Rate |
Up to Rs. 50 lacs: 3.25% Over Rs. 50 lacs: 3.75% |
| Account Maintenance Charges | Nil |
| Interest Payable | Interest is payable quarterly on daily balance maintained in the account: February, May, August and November |
| Facilities | Passbook, free withdrawals/deposit, internet banking, mobile banking, electronic fund transfers and bill payments, NEFT, RTGS, and more |
Canara Bank Basic Savings Bank (BSBD) Account is a Savings Bank (SB) product. It offers the account holder with basic banking facilities as under the financial inclusion objective by the Reserve Bank of India. A savings bank account provides facilities such as deposit/withdraw cash, transfer funds, and several more all while earning an interest on the account balance. The BSBD account is a zero-balance savings account. It means Canara Bank minimum balance for this SB account is Rs. 0. This SB account offers maximum privileges. It was launched with the intention to provide banking service to all income classes.
In the following post, we will discuss about Canara Bank BSBD account features, eligibility criteria, basic facilities, limitations, fees, charges, documents required for account opening, and FAQs.
Features of Canara Bank Basic Savings Bank Deposit Account
Below given are the features of BSBD Canara Bank account:
| Canara Bank BSBD Account Features | Details |
|---|---|
| Account Opening Application |
• You need to make an application for savings account opening in the bank’s prescribed application form. • Along with the duly filled and signed application form, you must provide 2 recent passport-size photographs. |
| Balance Requirement | • There is no limit for Canara Bank minimum balance that you must maintain in this savings account. |
| Address Proof and Identity Proof | • You need to submit valid Identity and Address proof as per the KYC norms set by the bank. |
| Deposit/Withdrawal | • The bank from time to time sets the limit for minimum amount that you can withdraw or deposit in cash. For now, the Canara Bank minimum balance withdrawal or deposit is Rs. 10 in cash. The minimum withdrawal amount through ATM card is Rs. 100. • The maximum free limit per month for withdrawals is 4. This includes drawings through Debit Card as well. • You can withdraw cash through a cheque, ATM cum Debit Card, and withdrawal order form • After 4 free-of-cost withdrawals in a month. Additional drawings will attract a fee up to Rs. 5 per instance |
| Nomination Facility | • The nomination facility is available. The depositor can nominate a person from his/her family. |
Canara Bank BSBD Account Eligibility Criteria
You can open the Canara Bank SB account under the following conditions:
- You are a resident Indian
- You can apply for the account solely in your name
- You can open joint accounts, but not club more than 4 accounts at a time.
- A guardian can open the account on behalf of a minor. For this, the guardian must submit Date of Birth proof of the minor.
- Do note that if you go for this savings account, then you must not have any other operative accounts with the Canara Bank at any of its branch
- There are no criteria to maintain Canara Bank minimum balance in the BSBD account.
Canara Bank BSBD Account Basic Facilities
Below mentioned are the basic facilities of the Canara Bank Basic Savings Bank Account:
| Canara Bank BSBD Account Facilities | Details |
|---|---|
| Basic Facilities |
This SB product comes with normal banking services. There is no Canara Bank minimum balance requirement for this account. Here are some of the services available: • Free-of-charge ATM Card or ATM cum Debit Card. • There is no limit for the number of deposits you can make in a month. • Maximum 4 withdrawals free-of-cost in a month including withdrawals via ATM. • No charges applicable for activation/non-operation of inoperative BSBD account. • You can withdraw or deposit cash at bank branch. You can also deposit and withdraw through credit/receipt of cash via electronic payment channels. • The withdrawals and deposits are also allowed via cheques drawn by the State/Central Government departments and agencies. |
| Other Facilities | Mobile banking, internet banking, Passbook, Standing Instruction, account transfer from a branch to another, etc. |
Limitations of Canara Bank Basic Savings Bank Deposit Account
Below given are the limits of the BSBD Canara Bank Account:
- The total balance in the account in a year at any point of time, must not go over Rs. 50,000.
- Also, cash credit must not exceed Rs. 1 lakh at any point of time in a year.
- Fund transfers from foreign accounts are not allowed to BSBD accounts.
- If the account holder does not adhere to these norms, then he/she must submit the KYC documents.
- If the documents are not submitted, then the bank has the right to close the account.
Canara Bank BSBD Account Fees and Charges
Below given are the charges and fees for the Canara Bank savings account:
| Canara Bank BSBD Account Fees and Charges | Details |
|---|---|
| Passbook | Free |
| Chequebook | Free |
| Nomination Facility | Free |
| Debit Card Annual Fee | Nil |
| Minimum Balance Requirement | Nil |
| Initial Deposit Requirement | Nil |
| Inoperative Account Charges | Nil |
| Annual Credit limit | Rs.1 lakh |
| Outstation Cheque | Rs.25 to Rs.250 |
| Annual Balance Limit | Rs.50,000 |
| Debit Card PIN Regeneration | Rs.150 |
| Debit Card Replacement | Rs.100 |
| Closure of Account within a Year | No charges |
| ATM Transaction Charges | • Transactions at Canara Bank ATMs are free-of-cost within the permitted limit. • Transactions at other ATMs: A) First 4 transactions are free in the metro cities B) First 4 transactions are free in other areas C) Rs.10 for non-financial transactions D) Rs.20 for financial transactions |
Documents to Open Canara Bank Basic Savings Bank Deposit Account
Below mentioned are the documents required to open Canara Bank savings account:
- Duly filled and signed prescribed SB account opening form
- 2 passport-size photographs of the account holder
- Specimen Signature Card
- Copy of PAN Card. Those who do not have PAN Card should submit Form 60/61
- Proof of identity and address according to the KYC norms set by the RBI. Any one of the valid documents is acceptable: Driving Licence/Passport/Voter Identity Card/Letter issues by the UIDAI containing details such as name, Aadhaar number, and address of the applicant/Job Card issues by NREGA, which is signed by State Government officer
- Any other related document as applicable for applicants who are minors, students, HUF, associations, trusts, etc.
Frequently Asked Questions about Canara Bank BSBD Account
Here are the FAQs about BSBD Canara Bank Account:
Canara Bank is one of the oldest banks in India established in 1906. Canara bank's network of branches and ATMs are spread all over the country and overseas. It is headquartered in Bangalore and provides a wide range of services and benefits to its customers. It is one of the most prestigious banks in the country with a record of profits made since its establishment.
There are no criteria to maintain any minimum balance in the Canara BSBD account. It is a zero-balance account. You can keep any amount of balance in this account. There is no penalty charged even if the average monthly balance is zero.
The Canara Bank BSBD Account interest rate is 3.25% per annum as the credit limit is Rs.50,000 per year. For other savings account of this bank, the rate of interest is 3.25% annually for account balance up to Rs. 50 lakhs. The Canara Bank Savings Account interest rate is 3.75% for balance over Rs. 50 lakhs. For higher rate of interest, the bank offers various other types of accounts and investment options, which you may want to check out.
The BSBD account serves basic banking facilities to Indian citizens. It comes with a credit limit for deposit, balance, and services. However, it is preferred by low-income group class because most of its facilities are free-of-cost.
- You do not have to pay account maintenance charges for both operative and inoperative accounts.
- You receive a free-of-cost ATM cum Debit Card. There is no annual fee for the same.
- There is no requirement to maintain a minimum balance in the account at any point of time.
- There are no charges for account opening. Also, there is no requirement for initial deposit to the bank account.
The guardian or parent of the minor can open Canara Bank Basic Savings Deposit Account on the behalf of their child. The parent or guardian must submit the minor’s Birth Certificate at the time of account opening. The account will be in the name of the minor.
Yes, you can access internet banking for this bank account. You can also access mobile banking. The account holders can make online bill payments and fund transfers.
Yes, you can transfer your existing savings account to another branch of the Canara Bank. Also, there are no charges applicable for doing so.
Disclaimer: Information is gathered from secondary sources and meant for reference only. Loanbaba is not a channel partner of Canara Bank.