How to Open Canara Bank Minor Account Online – 2024

Canara Bank offers a useful savings account option for minor students to help them learn financial management basics. The junior savings account allows children above the age of 10 to operate their bank accounts independently under their parents’ supervision. Some key features like a debit card and online access make banking convenient for young account holders. This blog covers essential Canara Bank minor account aspects to help audiences understand its features and terms.

Canara Bank Account for Minors

Canara Bank offers a savings account for minor students called the Canara Junior Savings Account. This account allows students above age 10 to operate and learn banking independently. The key features are:

• Bank Category Minimum Balance Interest Rate Card Offered
• Canara Bank Savings Account No Minimum As per RBI guidelines, Debit Card

This account has benefits like free fund transfers for education. Students can withdraw up to Rs. 5000 per month from an ATM using a debit card. Parents can monitor the account and teach children financial literacy. It helps students safely learn money management under parental guidance. Canara Bank minor accounts help nurture financial skills from a young age.

How do you open a Canara Bank Minor Account Online?

Canara Bank provides accessible online account openings for minors. It simplifies the process. How to apply:

• Visit the bank website and select ‘Online Account Opening’.
• Choose ‘Minor Account’ and enter student details.
• Upload documents like address proof and identity proof.
• Enter nominees and parent/guardian details.
• Scan signature of parent/guardian.
• Verify all inputs carefully before submitting.
• The application will be processed online.
• Login credentials for Internet banking are sent via SMS/email.

Canara Bank’s digital service allows hassle-free account opening for parents and an easy way to start children’s banking journey. The online procedure is straightforward, and documents can be submitted from home.

How do you open a Canara Bank Minor Account Offline?

For parents wishing to open an offline account, visit the nearest Canara Bank branch with the required documents. Simple steps:

• Tell the intention to open a minor account
• Fill out the signature form and details correctly
• Provide identity and address proof of parents and minor
• Attach declaration by parent
• Mark nomination and signature
• The branch executive verifies documents
• The account opened within a few minutes
• ID card and chequebook issued immediately

Canara Bank assures a hassle-free offline experience for busy parents. Friendly staff helps in the easy completion of the process to kickstart a child’s banking experience.

Types of Canara Bank Savings Account

Canara Bank offers various savings accounts to suit different needs:

• Basic Savings Account for general customers
• Salary Accounts for salaried individuals
• Canara Junior Savings for School Students
• Canara Suvidha for senior citizens
• Canara Priority for high-value customers
• NRI Accounts for non-residents

Customers can choose an account that matches their profile and lifestyle. Benefits vary as per account type. Accounts help save and earn interest conveniently.

Services With Canara Bank Savings Account for Minors

The minor account from Canara Bank offers student customers handy services for their day-to-day banking. With a debit card and online access, money matters are simplified for young account holders. Convenient Banking Services:

• Debit Card for easy cash withdrawals at ATMs.
• Fund transfer to colleges via NEFT/RTGS up to Rs.10,000 per month.
• Attractive education loans for higher studies.
• Online banking access to view transactions.
• SMS alerts for transactions over Rs.1,000.
• Customer care helpline for any assistance.
• Branch banking to deposit/withdraw cash.

Fees For Canara Bank Minor Account

The junior savings account has minimal costs involved for students. Most banking needs are fulfilled without any charge in the initial period. It makes account management easy for minor account holders. Account Fees:

• No minimum balance is required.
• The first 10 transactions are free, then Rs.5 per debit.
• Three free ATM withdrawals, then Rs.20 per transaction.
• The debit card is free; renewal is Rs.50 every three years.
• The duplicate passbook is charged Rs.50, and the updated passbook is free.
• Account statements monthly are free, and additional ones are Rs.50.
• The book of 10 leaves is priced at Rs.40.
• NEFT/RTGS charges apply to regular accounts.

Documents Required

The bank needs specific paperwork to comply with KYC norms. Parents must submit their identification and address proofs and the minor’s identification documents. A signed form states the parents’ authorisation for their child to open the savings account. It ensures due process is followed in opening the minor account.

• KYC form filled and signed by parents.
• Child’s photograph and birth certificate or school ID.
• Address proof of parents like voter ID and passport.
• Identity proof of parents like PAN card, Aadhaar.
• Declaration from parents allowing the child to open an account.

Transaction limit of Canara Bank Minor Account

The bank sets clear restrictions on monthly withdrawals and credits from the minor account. It helps manage the account appropriately as per the student’s needs.

• Maximum withdrawal by debit card is Rs. 5,000 per month.
• Total debit transactions are capped at Rs. 10,000 monthly.
• It includes maximum debit card withdrawals of Rs. 5,000.
• The total credits to account should be at most Rs. 1 lakh annually.
• The balance should be at most Rs. 50,000 at any time.
• Withdrawals through withdrawal slips at the branch are allowed.
• Fund transfer to educational institutes up to Rs. 10,000 per month.

Canara Bank Minor Account Opening Application form PDF

Students can open the Canara Bank minor account by submitting a simple application form available with bank branches. The form collects basic student details like name, photo, address and contact details. It also asks for identity and address proofs of parent/guardian. Along with the application, a declaration signed by a parent is required stating they allow their child to operate the bank account independently. Interested customers can obtain the printable application form pdf from bank representatives at.  https://www.canarabank.com/UploadedFiles/Pdf/NF%20-%201019-24-02-2022.pdf

Eligibility Criteria for Canara Bank Minor account

This particular savings account has unique features to help teach children financial literacy from a young age. Eligibility Criteria for Canara Bank Minor Account:

• The minor must be between 10 and 18 years of age to open this account.
• The account can be opened in the name of the minor child.
• Parents need to consent to open and operate the minor’s account.
• Identity proof of the minor, like a birth certificate or passport, is required.
• Address proof of the minor, like the parent’s utility bill, is also required.
• Parents need to submit their own identity and address proofs.
• Date of birth proof of the minor child, like a birth certificate, is also required.

Final Word

The Canara Bank minor savings account provides students hands-on banking experience during their formative years. Its transaction limits and parental oversight ensure safe usage. With benefits like education loans and fund transfers, the account also helps meet academic expenses. Overall, it works as a good starting point for children who want to learn money-handling skills through a bank account of their own.

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Disclaimer

This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.