Q. What is required to renew the insurance cover under Canara SB Galaxy?

Ans: The â¹5 lakh personal accident cover is available during the first year. Renewal requires an average annual balance of â¹50,000 or more.

Q. Is Canara SB Galaxy a zero-balance account?

Ans: Yes. The account can be opened with zero balance. However, an average balance of â¹50,000 or more applies to the continuation of specified benefits. A Canara Bank Zero Balance Account may have different benefit and balance conditions.

Q. What transactions can customers view for Canara SB Galaxy?

Ans: A Canara Bank Mini Statement shows recent credits and debits in the account. These can include deposits, withdrawals and transfers made through the available banking channels.

Q. How can Canara SB Galaxy customers check their available balance?

Ans: Customers can use the methods covered under Canara Bank Balance Check. Checking the balance can also help them monitor the â¹50,000 condition linked to specified benefits.

Canara SB Galaxy Savings Account

Canara SB Galaxy is for individuals seeking banking, investment and insurance facilities under one product. It can be opened with zero balance and includes debit and credit cards, Demat and trading accounts, digital banking and personal accident insurance.

Guaranteed Returns

Includes Life Cover

Completely Tax Free+

3 Benefits, 1 Plan

Maximum returns offered by:

7.4%^* (Tax-Free)

Guaranteed Plan

(By Insurance companies)

4.6%^* (After Tax)

Fixed Deposit

(Offered by Banks)

4.0%^*

Savings Account

(Post Office)

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15.8 Crore

Registered Consumer

Insurance Partners

7.16 Crore

Policies Sold

Get Guaranteed returns up to 7.4%*

Fully Tax-Free, Life Cover Included

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We are rated⁺⁺

15.8 Crore

Registered Consumer

Insurance Partners

7.16 Crore

Policies Sold

What is the Canara SB Galaxy Savings Account?

Canara SB Galaxy is a combo savings account that brings together regular banking and investment-related services. It includes a Demat account with Canara Bank DP and a trading account with Canara Bank Securities Limited.

Customers also receive internet banking, mobile banking, insurance and card services. The Demat and trading accounts are opened during the account-opening process. This Canara Bank Savings Account is open to all individuals (i.e. non-institutional accounts).

Features and Benefits of Canara SB Galaxy

The account offers the following banking, investment and insurance facilities:

Zero-Balance Opening: The account can be opened without an initial balance.
Debit Card: A debit card is issued without an issuance charge.
Credit Card: A credit card is also issued without an issuance charge.
Demat Account: A Demat account is opened with Canara Bank DP.
Trading Account: A trading account is opened with Canara Bank Securities Limited.
Demat AMC Waiver: Annual maintenance charges on the Demat account are waived when the required average annual balance is maintained.
Fund Transfers: NEFT and RTGS facilities are available without separate charges, subject to the prescribed average monthly balance.
SMS Service: SMS services are available without separate charges when the required balance is maintained.
Digital Banking: Customers receive instant enrollment for internet banking and mobile banking.
Personal Accident Insurance: A cover of ₹5 lakh is provided for death due to an accident.

Renewal of the personal accident cover requires an average annual balance of ₹50,000 or more. While purchasing, customers seeking banking and investment facilities together can assess whether this type of savings account in India meets their needs.

Eligibility and Documents Required

Canara SB Galaxy is available to all individuals (i.e. non-institutional accounts).

Applicants need to provide the following documents:

Application in the bank’s prescribed form
Two recent passport-size photographs
Proof of identity as per KYC norms
Proof of address as per KYC norms
Any other document required by Canara Bank

The KYC documents required for a regular savings account also apply to this product.

How to Open the Canara SB Galaxy Savings Account

Customers need to complete Canara Bank’s prescribed application form and submit it with the required documents.

During account opening:

A Demat account is opened with Canara Bank DP.
A trading account is opened with Canara Bank Securities Limited.
Internet banking and mobile banking enrollment are completed.
The bank verifies the application before completing the account setup.

Fees and Charges for Canara SB Galaxy

The account can be opened with zero balance, but several concessions require a specified average balance. The main conditions are:

Particulars	Details
Opening balance	Zero balance
Debit card issuance	Free
Credit card issuance	Free
SMS, NEFT and RTGS	Free with an average monthly balance of ₹50,000 or more
Demat account AMC	Waived with an average annual balance of ₹50,000 or more
Personal accident insurance	₹5 lakh for the first year
Renewal of personal accident insurance	Average annual balance of ₹50,000 or more
Debit and credit card-related freebies	Continued subject to an average annual balance of ₹50,000 or more

The balance conditions attached to insurance, card and Demat benefits should be considered when comparing best savings account options.

Frequently Asked Questions (FAQs)

Q. What is required to renew the insurance cover under Canara SB Galaxy?

Ans: The ₹5 lakh personal accident cover is available during the first year. Renewal requires an average annual balance of ₹50,000 or more.
Q. Is Canara SB Galaxy a zero-balance account?

Ans: Yes. The account can be opened with zero balance. However, an average balance of ₹50,000 or more applies to the continuation of specified benefits. A Canara Bank Zero Balance Account may have different benefit and balance conditions.
Q. What transactions can customers view for Canara SB Galaxy?

Ans: A Canara Bank Mini Statement shows recent credits and debits in the account. These can include deposits, withdrawals and transfers made through the available banking channels.
Q. How can Canara SB Galaxy customers check their available balance?

Ans: Customers can use the methods covered under Canara Bank Balance Check. Checking the balance can also help them monitor the ₹50,000 condition linked to specified benefits.

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˜The insurers/plans mentioned are arranged in order of highest to lowest first year premium (sum of individual single premium and individual non-single premium) offered by Policybazaar’s insurer partners offering life insurance investment plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in

* Applicable for Titanium variant of Max Life Smart Fixed-return Digital (Premium payment of 5 years, Policy term of 10 years) and a healthy male of 18 years old paying Rs. 30,000/- monthly (exclusive of all applicable taxes)

** Fixed deposit rate applicable for 5 year's 1 day to 10 years for investment amount less< 2 Crore ( Not for senior citizens).

*** PPF interest rate applicable for 15 years for investment amount upto 1.5 Lac

+ Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023

#Discount offered by insurance company

##The Guaranteed Returns are dependent on the policy term and premium term availed along with other variable factors. 7.4% rate of return is for an 18-year-old, healthy male for a policy term of 20 years and a premium term of 10 years with ₹5,00,000 annually installment premium. All plans listed here are from insurance companies’ funds.

++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ