Canara Bank Savings Account

What is a Canara Bank Savings Account

A savings account allows investors to deposit money securely while earning interest. It facilitates day-to-day transactions, including transfer of funds, ATM withdrawals, online payments, and payment of bills.

Canara Bank has tiered savings account rates of interest, which vary according to the balance maintained. The interest is computed on a daily basis and accrued quarterly in March, June, September, and December.

Besides the normal savings account, customers have the option of linking their accounts to other facilities like Canara Bank sweep in FD, where excess funds are automatically moved into a fixed deposit, where they receive higher FD interest rates.

Canara Bank Savings Account Interest Rates

Below is the updated table reflecting the latest savings account interest rates based on outstanding balance slabs:

*Canara Savings account interest rates w.e.f. July 1st, 2025.

Types of Canara Bank Savings Accounts

Canara Bank has several variants that suit different customer groups.

1. Canara Basic Savings Bank Deposit Account: 

   Canara Basic Savings Bank Deposit Account is a Zero-balance account with basic banking, ATM, transactions, and online banking.

2. Canara SB Select: 

   A Premium savings account that comes with increased transaction limits, priority banking, and customer benefits to those who hold larger balances.

3. Canara SB Power Plus:

   This is a product targeting customers who hold a ₹1 lakh or more quarterly balance, who require more transactions and other banking advantages.

4. Canara SB Galaxy:

   A bank deposit that is a combination of banking, demat, trading, and insurance services in one platform.

5. Canara Aspire:

   It is a lifestyle savings account that comes with an insurance benefit, a higher transaction limit, and a few additional rewards.

6. Canara Angel: 

   This is a female-oriented savings account giving specialised services and financial security, and easy banking facilities.

7. Canara Junior Savings Account: 

   This is a savings account that a minor under the age of 18 can open, where young people are taught to be financially disciplined and looked after by their parents or guardians.

8. Canara GigStar Savings Account: 

   A savings account designed for gig and platform workers, offering convenient banking features suited to individuals earning through digital platforms.

9. Canara Jeevandhara: 

   A savings account for senior citizens aged 60 and above that offers convenient banking services and benefits designed for pensioners.

10. SB Senior Citizen: 

    A dedicated savings account for senior citizens that provides preferential banking services, easier account management, and benefits tailored for individuals aged 60 years and above.

11. Small Savings Bank Deposit Account: 

    A basic savings account meant for individuals seeking simple banking services with minimal requirements and easy access to deposits and withdrawals.

12. Canara NSIGSE Savings Account: 

    A savings account opened under the National Scheme of Incentive to Girls for Secondary Education (NSIGSE), encouraging financial inclusion and educational support for girl students.

Key Features of Canara Bank Savings Account

The Canara Bank savings account is offered with convenient features that offer flexibility, security, and better returns on your deposits.

• Daily Interest Calculation: The interest is calculated based on the current balance at the end of the day, which allows the customers to maximise their earnings based on the amount of money they have held.
• Quarterly Interest Credit: Interest is accrued four times a year, which means the accrued interest is always guaranteed to grow and be added to your savings account periodically.
• Sweep in FD Facility: Amounts above a specific limit will automatically be transferred to the fixed deposits to receive higher Canara Bank FD interest rates.
• Debit Card & ATM Access: Debit cards give you easy access to your funds through cash withdrawal, ATM transactions, and in-store transactions with a high number of debit card networks.
• Digital Banking Access: Transfer funds, pay bills, transact in accounts, use internet banking, mobile banking, and UPI anytime.
• Nomination Facility: Add a nominee to your account so that the transfer of funds is not complicated, and your family is financially secure.
• Access to Canara Bank FD Interest Rates: Open fixed deposits using your savings account directly and enjoy the competitive interest rates.

How to Open a Canara Bank Savings Account

Canara Bank savings account is one of the best savings accounts and provides a digital banking facility. You may open it online and offline.

Online Process

To open a Canara Bank savings account online, you have to follow these steps:

• Visit Website/App: Go to the official Canara Bank website or mobile app.
• Select Account Type: Select the type of savings account you want.
• Fill Details: Fill in personal and contact details.
• Upload Documents: Upload Aadhaar, PAN, and a photograph.
• Complete Verification: Finish video KYC, necessary for verification of identity.
• Activate Account: Once your account receives approval it becomes active and allows you to carry out transactions. You may also connect it with your FDs using the Canara Bank sweep in FD facility.

Offline Process

Opening a savings account with Canara Bank offline takes place by visiting a branch and completing the required application forms there.

• Visit the Branch: Go to a local Canara Bank branch.
• Request Application Form: Request the savings account opening form.
• Fill Application: Fill the application with proper personal details.
• Submit Documents: Provide identity proof, address proof, PAN, and photographs.
• Complete Verification: Finish in-branch KYC and signature verification.
• Account Activation: Your account will be activated after successful processing.