Get CIBIL Score Instantly for Free and Save around INR 4,800 a Year (Only for Wishfin Customers) Instant Personal Loan Quotes from 17 Banks and Get the Best Deal. Savings Account is the oldest and most common form of savings. The reason behind people preferring a savings account over any other form of savings is that here the principal amount is always safe no matter how much interest is earned. As per data compiled by BankBazaar, public sector banks such as IDBI Bank and Canara Bank offer interest rates of up to 3.5 percent and 3.2 percent, respectively on their savings accounts. As the SCSS interest rate in Canara Bank on September 14th, 2020, is 7.4%, the investments made now will be subject to a 7.4% interest rate till September 2025. If the tenure is extended from September 2025, the applicable interest rate will be the one prevalent at that point of time. Open Savings Account in Canara Bank: Canara Bank is one of the well known banks in India.If you do have an account in Canara Bank and you are planning to open a new savings account in Canara Bank, you are are the right place as we will guide you through the complete procedure.
I am here to discuss about historical background of Canara bank and its interest rates in various schemes. Canara Bank was founded by Mr. Ammbal Subba Rao Pai in July, 1906. The bank has gone through various stages of its growth trajectory in the hundred years of its existence. The growth of Canara Bank was unprecedented, especially after nationalization in 1969, a national level player status in terms of geographical reach and customer segments.
The eighties were characterized by commercial diversification for the bank. In June 2006, the bank celebrated a centenary year. The bank’s eventful journey is characterized by many memorable milestones. Today, Canara Bank holds a prominent position in the ranking of Indian banks.
“A good bank is not only the financial heart of the community, but also one with an obligation of helping in every possible manner to improve the economic conditions of the common people”. These precious words of the founder of Canara bank continue to resonate in the service of the society even today.
Canara Bank Fixed Deposit rates 2020:
| Terms of Deposit | FD Rates | Senior Citizen FD Rates |
|---|---|---|
| 7 days to 14 days | 4.25% | 4.25% |
| 15 days to 30 days | 4.25% | 4.25% |
| 31 days to 45 days | 4.25% | 4.25% |
| 46 days to 60 days | 5.00% | 5.00% |
| 61 days to 90 days | 5.00% | 5.00% |
| 91 days to 179 days | 5.00% | 5.00% |
| 180 days to less than 1 year | 5.50% | 6.00% |
| 1 year only | 5.85% | 6.35% |
| Above 1 year to less than 3 year | 5.85% | 6.35% |
| Above 3 year | 5.80% | 6.30% |
Canara Bank Recurring Deposit rates 2020:
| Terms of Deposit | RD Interest Rates | Senior Citizen RD Rates |
|---|---|---|
| 180 days to less than 1 year | 5.95% | 6.45% |
| 1 year only | 6.40% | 6.90% |
| 1 year 1 day to less than 3 years | 6.00% | 6.50% |
| 3 years to 10 years | 6.25% | 6.75% |
Canara Bank Savings Bank Deposit Interest rates:
- Minimum monthly balance in your account should be Rs. 500/- for rural areas and Rs. 1,000/- for semi-urban and urban areas
- Interest rate is 3.10% for balance up to Rs. 50 Lakhs and 3.25% for above Rs. 50 Lakhs
That’s all for Canara bank and its interest rates in various schemes. Thank you for visiting here.
Know more about loan eligibility, procedures and interest rates of Canara bank
Canara Bank Children’s Savings Accounts
Canara Bank offers its Canara Junior Saving Account for children and the Canara NSIGSE Savings Bank Deposit Account for the girl child in addition to its savings account. The bank also has a children’s deposit scheme called the Canara Champ Deposit Scheme.
Canara Bank Savings Account Interest Rate 2021
Canara Junior Saving Account
The account is targeted at children above 10 years of age who can operate the account under their own name. Details are not available on the account’s page in the Canara Bank site whether children below 10 years can open the account or not as of July 2018.
Features
- Kids above 10 years can open the account under their own name and operate the account independently
- They get a debit card in their name with a monthly withdrawal limit of Rs. 5,000
- The bank mandates a monthly withdrawal limit of Rs. 10,000. Read with the debit card limit, this means that the child can withdraw another Rs. 5,000 by online transfer or cheques (not clear if bank provides these two facilities for this account) or by visiting the branch and putting in a withdrawal slip
- The account has two other restrictions. The first being that the balance at any point of time cannot be more than Rs. 50,000 and the second being the total credit cannot exceed Rs. 1,00,000 (1 lakh) in a year
- A declaration is required from the parent or guardian at the time of opening the Canara Junior Saving Account and for SMS alert facility
Canara NSIGSE Savings Bank Deposit Account
The account has been designed under the directives of the Ministry of Human Resources, Government of India, to reduce school dropout rates among girl children.
Features
- The account is available for the girl child who has passed class 8 and (a) belongs to an SC/ST group, or (b) has passed from a Kasturba Gandhi Balika Vidyalaya and has enrolled herself for class 9 in state government, government-aided or local body school. Girls studying in private or Central Government schools are not eligible for the account
- The parent or guardian has to provide a declaration that the child has sufficient knowledge to operate the account
- No chequebooks are issued with the account until the kid reaches the age of 18 years. Until then, withdrawals are mainly through withdrawal slips
- There is no minimum balance requirement in the Canara NSIGSE Savings Bank Deposit Account, which can even have zero balance
Savings Bank Account
The generic savings bank account that can be opened for minors jointly with the parent or under their guardianship.
Features
- The accounts need an average monthly balance of Rs. 500 for rural areas and Rs. 1,000 for urban and metro areas
- The savings account pays interest in quarterly instalments in a year February, May, August and November
Canara Champ Deposit Scheme
A deposit scheme that is especially targeted at children up to the age of 12 years.
Features
- The deposit scheme will be opened in the child’s name. There is no facility for opening the account jointly with the parent or guardian
- The deposit can be opened for kids below the age of 12 years. After they attain maturity, it is converted into the standard savings account
- The bank offers an eye-catching savings box to help the child inculcate saving habits
- The kid also receives a personal photo folder with 16 pouches to record her life stages through photographs
- In case there is no withdrawal from the account, the account holder is eligible to receive a Loan Eligibility Card for an educational loan from the bank
- The interest rate in the Canara Champ Deposit Scheme is same as applicable for savings bank accounts. As of July 2018, this is 4% per annum
- The minimum deposit amounts are same as that for savings bank accounts, i.e. Rs. 500 for rural and Rs. 1,000 for urban and metros
- The bank offers the option to convert balances over Rs. 15,000 into the fixed deposits under its Kamadhenu Deposit Scheme (Re-Investment Plan)
Reference Facts
Canara Bank Savings Account Interest Rates
- Canara Bank Websites: canarabank.com/english/ and www.canarabank.in/ (net banking)
- Headquarters: Bangalore, Karnataka
- Call Centre Toll-Free Number: 1800 425 0018