Opening a basic savings bank account is essential for everyone to help manage finances and carry out everyday transactions in a convenient manner. This blog aims to provide all relevant details about opening a zero-balance account with Canara Bank, one of India’s largest public sector banks. It covers key aspects like account types, online and offline opening procedures, interest rates, fees and charges structure along with required eligibility and documents.
Types of Canara Bank Zero Balance Account
Canara Bank offers various zero balance savings account options to suit different customer needs. The popular types are:
| Account Type | Features |
| Regular Savings Account | Max balance: No limit Cheque book: Provided Withdrawals: No limit Debit card: Provided Credit card: Not provided |
| Basic Savings Account | Max balance: ₹1,00,000 Cheque book: 10 leaves only Withdrawals: ₹10,000 per month Debit card: Provided Credit card: Not provided |
| Minor’s Savings Account | Meant for customers below 18 years Parents can access account Other facilities same as regular account |
| Senior Citizen’s Savings Scheme | Higher interest rate than regular accounts No ATM accesses Other facilities similar to regular account |
How to Open Canara Bank Zero Balance Account Online?
Canara Bank provides customers the convenience of opening a savings account without the hassle of visiting a branch. The online application process is simple with minimal paperwork.
- Visit Canarabank.com and select “Open Account Online”
- Enter basic details like name, upload documents, and address
- Choose the type of zero balance account
- Payment of initial deposit can be done via net banking
- On approval, login credentials for internet banking gets activated
- Customers can then use online banking services from home itself.
How to Open Canara Bank Zero Balance Account Offline?
For customers who prefer the traditional method of opening an account by visiting the branch, Canara Bank allows offline account opening as well. Here are the basic steps:
- Visit the nearest Canara Bank branch with address and identity proof documents.
- Ask the branch representative for the savings account opening form.
- Fill in personal details like name, address and contact information.
- Representatives will assist in filling the form if needed.
- Submit the account opening form and initial minimum deposit amount.
- Receive a temporary checkbook for immediate use.
- The application is processed and the regular checkbook is delivered within 5 days.
- Account becomes fully operational once document verification is complete.
- Avail regular banking services like ATM card, internet banking etc. subsequently.
- Offline process provides face-to-face assistance from branch officials.
Canara Bank Zero Balance Account Interest rates
Canara Bank offers competitive interest rates on savings bank accounts for customers. The rates may vary slightly based on account type:
| Particular | Interest rate |
| Regular Savings Account | 2.9% per annum for balances above ₹1 lakh. 2.9% for ₹50,000-50 lakh slab. 2.9% for ₹10,000-50,000. 2.9% for below ₹10,000. |
| Salaried Staff Savings Account: | 0.5% higher than regular savings rates. |
| Pensioners Savings Account | 0.5% higher than regular savings rates. |
| Basic Savings Bank Account | 2.7% per annum for all account holders. |
Canara Bank also offers rewards and deals that can boost interest rates even higher.
Fees and charges of Canara Bank Zero Balance Account
Canara Bank zero balance savings accounts come with minimal fees for basic transactions. Some common charges include:
- ATM Cum Debit Card Issuance: Rs. 150 plus taxes for first year. Rs. 50 for renewal.
- ATM withdrawals: Free at Canara Bank ATMs. After 5 transaction Rs. 20 per transaction at other bank ATMs.
- Online fund transfer: Free through internet banking.
- Account statement: Free if requested via internet or SMS banking. Rs. 50 for printed statement.
- Cheque book: First cheque book issued is free. Rs. 50 charges for general cheque book of 10 leaves.
- SMS alerts: Free incoming SMS. 30p per outgoing SMS.
Eligibility criteria to open Canara Bank Zero Balance Account
Canara Bank has kept minimum eligibility criteria to open a zero-balance savings account:
- Applicant must be an Indian citizen or holder of a valid Indian passport.
- Minimum age required is 18 years. Minors between 10-18 can open an account jointly with parents.
- Know Your Customer (KYC) documents like address, identity proof must be provided.
- Initial deposit amount starts from Rs. 100 for regular accounts.
- Online account opening requires valid email, mobile number for registration.
- Offline applicants need to visit a Canara Bank branch along with documents.
- Employed persons must provide salary proof like latest pay slip, income certificate.
- Pensioners, self-employed must present source of income documents.
Documents required to open Canara Bank Zero Balance Account
To comply with KYC norms and process the account opening application smoothly, certain documents will need to be furnished:
- Address Proof: Voter ID, Passport, Ration Card, Driving License, Aadhaar Card etc.
- Identity Proof: Voter ID, Passport, PAN Card, Driving License, Ration Card, Aadhaar Card etc.
- Proof of Date of Birth: Birth Certificate, 10th Certificate, Passport.
- Recent Photograph.
- Income Proof for employed: Latest salary slip, Form 16.
- Self-employed: ITR, GST Certificate, Business License.
- Address, ID proof should not be more than 3 months old.
- Additional documents may be required in some cases.
Canara Bank Zero Balance Account Welcome Kit
Opening a Canara Bank zero balance account is a great way for new customers to access basic banking services without having to worry about maintaining minimum balances. The welcome kit for new account holders contains important information to help you start your banking journey. Welcome Kit for New Account Holders
- Canara Bank provides a welcome kit for customers opening a zero-balance account.
- The kit helps new customers access basic banking services without minimum balances.
- It contains the account number, initial cheque book, ATM card and details on transactions.
- Transactions include cash deposits, withdrawals and basic operations.
- All information is presented concisely and simply.
- Even non-banking customers can easily understand how to perform basic activities.
- The welcome kit guides new account holders on navigating their first steps with the bank.
Canara Bank Zero Balance Account Helpline
Canara Bank understands that customers may have several queries regarding opening and managing their zero-balance account. That is why the bank has setup a toll-free customer helpline that is available across India. Details of customer support are as follows-
| Headquarter address | Head Office, No. 112, JC Road Bengaluru – 560 002, Karnataka, India. |
| Helpline contact number | The dedicated helpline numbers 1800 1030 and 1800-425-0018 can be called from anywhere in India. |
| Helpline email address | In addition, customers can also write to the bank at Canara Bank Helpline email address |
The helpline aims to quickly address any issues or clarify doubts of existing and potential account holders in a simple manner.
Final Word
Canara Bank offers many suitable zero balance account options for varied customer needs. With simple paperwork and minimum requirements, anyone can easily open an account through offline or online methods. It enables access to basic banking and cash management within prescribed limits. Customers can choose an account best fulfilling their requirements to perform banking on the go.
FAQs
Yes, you can open a zero-balance savings account in Canara Bank. A zero-balance account allows you to deposit and withdraw money without needing to maintain a minimum balance. It is a cost-effective option for basic banking needs.
A small account in Canara Bank is also known as a basic savings bank deposit account. It has less stringent KYC requirements and restrictions on annual deposits and withdrawals. Only one such account is allowed per customer for basic banking services like cash deposits and withdrawals.
A small account in Canara Bank is also known as a basic savings bank deposit account. It has less stringent KYC requirements and restrictions on annual deposits and withdrawals. Only one such account is allowed per customer for basic banking services like cash deposits and withdrawals.
Canara Bank is a major public sector bank in India. It was established in 1906 and nationalized in 1969. Being a government bank, it offers stable banking services and has stood the test of time. Deposits in Canara Bank are insured by DICGC up to Rs. 5 lakhs, which provides depositors safety and security.
Canara Bank is considered one of the better public sector banks for basic banking needs. It has a widespread branch network across India for easy access. Services are fairly affordable and reliable with multiple digital banking options available. Both urban and rural customers have benefited from banking with Canara Bank over the decades.
Disclaimer
This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.
