The Canara Bank was founded on 6thof July, 1906 in Mangalore. It has shared a long journey in banking for more than 100 years with its millions of customers. The bank has to its credit almost 4000 branches in India and almost the same number of ATMs exist to facilitate cash and other related transactions. Its growth has been phenomenal since 1969-the year it was nationalized. Moreover, the pace of expansion was overwhelming from the eighties as the decade marked a dotted presence of the branches across the nation. By the completion of century in the year 2006, the bank had carved up a major place in the banking sector with a commendable presence.
As of now, it is indeed very competitive in providing customer-friendly investment options that ranged from savings banks accounts to fixed deposit accounts and debit/credit cards.
Let’s see a few features in the types of accounts and what’s the minimum balance needed in Canara Bank with charges and rules applicable for this 2014 year below:
Canara Bank basic savings Bank account
- Savings bank account in Canara Bank can be opened by individuals in single or joint names. Besides that blind persons, Hindu undivided families, minors, trusts, clubs, societies, associations and schools can open their savings bank accounts.
- The minimum balance for savings bank accounts in metro and bigger towns has been set aside as Rs 1,000 with cheque facility and Rs 500 without cheque facility. At smaller towns and rural areas, the savings bank accounts must have Rs 500 with cheque facility and Rs 100 without cheque facility.
- There would be fine of Rs 30 if the minimum balance not maintain in your saving account of Canara Bank.
- The bank gives interest @ 4%. Interest is credited to the Savings account half yearly.
- Apart from this, the bank gives ATM card, passbook, internet banking and phone banking, and other facilities to the Savings account holders.
Canara Bank Current account
- A current account can be opened by individuals, joint holders, partnership firms, Hindu undivided families, public and private limited companies, societies and registered bodies, govt and semi-government departments, and charitable trusts.
- For semi-urban and rural areas, the minimum balance for opening a current account is Rs 1000 and for metro and bigger cities, it is Rs 5000.
- There would be Rs 60 per day charges if you not maintain the minimum balance and Rs 300 for a month for current account in Canara Bank.
- In current accounts, the account holders do not get any interest for their money.
- The account holders get ATM cards and pass-books.
BTW you can also check Canara Bank FD rates here for this 2014 year and earn good rate of interest.