Latest Canara Bank Savings Account Interest Rate - 2025

Founded in the year 1906, Canara Bank stands as one of India's most renowned public sector banks in India. It provides a range of financial services for different types of customers like senior citizens, minors, and the salaried class. Canara Bank ensures that the account holders receive competitive interest rates annually, ranging from 2.90% to 4.00% on their savings. 

In this guide, you will get an overview of the Canara Bank savings account interest rate and various types of savings account schemes.

Recent Canara Bank Savings Account Interest Rates 2025

Account holders can maintain a different range of account balances in Canara Bank to enjoy exclusive benefits and attractive interest rates. Refer to the table below to discover the current Canara Bank savings account interest rates:

Canara Bank Savings Account Minimum Balance Required

Here is a table highlighting the minimum balance you have to keep in different types of Canara savings account interest rate accounts.

Canara Bank Savings Account Charges 

The bank imposes the subsequent fees for Canara Bank savings interest rate account:

Why Choose Canara Bank Savings Account?

Here are some essential points that highlight why you must choose a Canara Bank savings account:

• A minimum deposit of ₹2,000 is required to open the account.
• It offers attractive Canara Bank savings account interest rates ranging from 2.90% p.a. to 4.00% p.a.
• Customers can perform transactions, transfer funds, make online purchases, and more through online banking without facing any charges.
• Upon opening an account, customers receive a complimentary debit card and passbook.

Key Benefits of Canara Bank Savings Account

The following are the key benefits you can avail via the Canara Bank deposit interest rate account:

• Efficiently conduct transactions using your ATM or Debit card.
• Keep an eye on your past transactions by using a Passbook. 
• Utilise Canara Bank net Banking and mobile banking services for flexible and accessible account management.
• Facilitates the opening of joint accounts, promoting shared financial management.
• Quickly receive credited amounts for outstation cheques up to ₹10,000.
• Accounts are designed to cater to the unique banking needs of both minors and senior citizens.

Additional Benefits Associated with Canara Bank Savings Account

Apart from the attractive Canara Bank SB interest rate, here are some other additional benefits of the savings account:

• With Canara Bank, you can ensure a seamless transition of your account during unforeseen circumstances through the nomination facility.
• You can avail the convenience of receiving two Demand Drafts at zero cost, for amounts equal to or exceeding the minimum balance of  ₹10,000, with a maximum issuance of  ₹25,000.

How to Open an Online Canara Bank Savings Account?

You can open a Canara Bank savings account online through the bank’s app. Here are the steps that you need to follow:

• Step 1: Download and open the Canara mobile banking app on your browser or mobile phone.
• Step 2: Input your mobile number or email and enter the OTP sent.
• Step 3: Provide your Aadhaar number and accept your Aadhaar Consent for e-KYC verification.
• Step 4: Fill in all the required details, including the nominee details.
• Step 5: Search for the nearest branch to your home.
• Step 6: Choose the type of Personalized Debit Card you prefer.
• Step 7: Select a date and time slot for your Video KYC.

Upon completing Video-KYC, you will receive a Unique Reference Number (URN) for your reference. 

How to Open an Offline Canara Bank Savings Account? 

To open a savings account and benefit from the Canara Bank savings account interest rate, any resident Indian can follow these simple steps:

• Step 1: Visit your nearby Canara Bank branch. 
• Step 2: Consult a bank representative and obtain the savings bank account opening form.
• Step 3: After filling out the form with accurate details, submit it with the supporting documents.
• Step 4: Deposit the minimum balance amount.

After successful verification of your application, the bank will open a savings account for you.

Eligibility Criteria to Open Canara Bank Savings Account 

An individual has to be an Indian citizen and above 18 years old, except in the case of minors to avail savings account interest rates in Canara Bank. Furthermore, any individuals or organisations are eligible to open a Canara Bank savings account if they are:

1. Government departments, bodies, and agencies can open an account based on eligibility for grants or subsidies from Central or State Governments.
2. Development of Women and Children in Rural Areas (DWCRA).
3. Primary Co-operative Credit Society financed by the Bank.
4. Agriculture Produce Market Committees.
5. Khadi and Village Industries Boards.
6. Self-help Groups (SHGs).

Documents Required to Open Canara Bank Savings Account 

The following are the documents you need to submit in order to avail the Canara Bank savings account interest rate:

1. Proof of identity (Aadhaar Card/PAN Card//Driving Licence)
2. Proof of address (Voter Identity Card/Job card issued by NREGA/Passport)
3. A filled-out Canara Bank savings account application form 
4. Copy of Form 60 or Form 61 (if you do not have a PAN Card)
5.  Two copies of your photograph

Types of Canara Bank Savings Account and its Features

Canara Bank offers a range of savings accounts to its customers.  The following table provides a brief overview of the different types of Canara Bank savings accounts along with their features:

1. Canara Basic Savings Bank Deposit Account

• Debit card facility for cash deposits
• Withdrawal facility at branches and ATMs without any charges
• Availability of passbook services
• Internet banking, mobile banking, and seamless fund transfers through RTGS or NEFT

2. Canara Small Savings Bank Deposit Account

• Free cash deposits and withdrawals at branches and ATMs
• Access to passbook services
• Internet banking and mobile banking availability are subject to branch approval

3. Canara Junior Savings Account

• Customised Debit Card for children
• Cost-free fund transfers for educational purposes via Demand Draft (DD) or RTGS/NEFT
• Access to an educational loan scheme
• Facility for conversion to a regular SB account after the child reaches the legal age of majority

4. Canara NSIGSE Savings Bank Deposit Account

• You can receive or credit money through electronic payment channels and cheques
• No fees are imposed for non-operation or activation of this account
• The account remains active even if not operated for two years or more

5. Canara Jeevandhara-SB Account for Senior Citizens

• Free issuance of credit cards
• Health insurance plans with favourable terms
• Locker rent concession
• Free NEFT, RTGS, net banking, and SMS services
• Sweep-in and sweep-out facility
• 25% concession for medicine purchases through the bank's tie-up

6. Canara Payroll Package Saving Bank Account

• Complimentary Rupay Platinum Debit Card or Rupay Select Card
• Availability of digital services like net banking, mobile banking, SMS Alerts, and RTGS or NEFT
• Free lifetime insurance coverage
• Credit card with no maintenance charges for the initial year.
• Instant overdraft facility based on the net monthly salary

7. Canara SB Power Plus

• Complimentary Platinum Debit card with a photo
• Passbook facility
• Internet banking and mobile banking facilities are available but subject to branch approval
• Automatic sweep-in and sweep-out facility
• 300 free cheque leaves per annum
• Statement of account via email every 15 days
• Credit card with no maintenance charges for the first year

Steps to Open Canara Bank Video KYC Savings Account 

After filling out the account opening form online, you will see pre-requisite details for a VCIP session and get two options:

• Start: Initiate an instant VCIP session.
• Schedule Later: Choose a later date and time for the VCIP session.

If you choose ‘Schedule Later’, a calendar pop-up will appear for you to select your preferred date and time for the VCIP session. On the other hand, if you choose ‘Start’, you will be immediately directed to the VCIP session’s queue. Next, you need to follow the below-mentioned steps:

• Step 1: Before entering the waiting queue, you must provide mandatory permissions for the camera (front and back), microphone, and location.
• Step 2: Once permissions are granted, you will enter the waiting queue, where the system attempts to connect you with an agent who speaks your preferred language.
• Step 3: If the system cannot connect you with an agent of the selected language, a pop-up message appears. Click on ‘OK’ to book a slot for a later date and time.
• Step 4: Once an agent is allotted and connected to you through a 2-way Audio Video VCIP Session, the agent will guide you to complete the entire VCIP Session.

Once the session is set between you and the agent, you can see the steps required for the selected Account Type, including the names of each step. After completing all configured steps, you will see the final result on your screen and receive SMS and email notifications accordingly.

Canara Bank Savings Account Transaction Limit

The below table mentions the transaction limit of the different types of Canara Bank Savings Accounts: 

How to Close a Canara Bank Savings Account?

To close your Canara Bank account, follow these steps:

• Step 1: Get the Canara Bank Savings Account closure form from your nearest branch.
• Step 2: Complete the form with accurate details, including your name, account number, phone number and your preference for receiving the account balance (Cash, Cheque/Draft, or Balance Transfer to another bank account).
• Step 3: Sign the form after providing the required information.
• Step 4: Collect a copy of your identity proof and address proof documents and gather all associated account items like debit cards, chequebooks, and passbooks.
• Step 5: Attach these document copies and the bank items to the Canara Bank account closure form and submit it to the counter.

After some time, the bank will process and finalise the closure request. Moreover, you will receive your account balance according to the specified mode mentioned in the form.

Final Word

Canara Bank is well-known for its sustained success in the banking sector and has consistently held a prominent position marked by ongoing profitability. Account holders gain several advantages and enjoy different services connected to their savings accounts, which makes the Canara Bank savings account interest rates more appealing. 

Moreover, Canara Bank is dedicated to making things easier for customers by providing modern services like Internet banking, mobile banking, and UPI transfers, all aimed at enhancing the overall customer experience.