Savings Account is one of the Most Easiest ways to incorporating the habit of savings. It Not Just Keep Your Money Safe But, You can also Earn Some Good Amount of interest From Your Savings Account. In Article Shares The Detailed Information about Canara Bank Minimum Balance with Its Penalty Charges.
Canara Bank is one of the Major Public Sector Banks in India. The Bank offers various Banking & Financial Services including Savings Account. The Canara Bank Savings Account Comes with numerous Features Like ATM, Passbook, Mobile Banking, Canara Bank Net Banking, Joint account & More.
The Savings Account in Canara Bank also Offers interest rates up to 3.20% Per Annum. However, to Get these Benefits You have to Maintain a Minium Balance In Your Bank Account.
What is the Minimum Balance in Bank Account?
When a person opens an account in the bank, then they need to have a minimum balance. The minimum balance is the amount that you always have to maintain in your bank account.
All Indian banks have their minimum balance criteria. Some private sector banks like Kotak Mahindra & HDFC Bank also give you the facility of zero balance, in which you do not have to maintain the minimum balance.
In simple words, the minimum balance in the amount that we have always Maintain in our bank account to receive certain benefits & Avoid Penalty.
Canara bank minimum balance – Savings Account
Compare to the other Major Banks in the country, Canara bank offers good Returns on Savings Account. The Canara Bank Customers can earn interest of 3.5% to 4% Per Annum by Depositing Funds in Canara Bank Savings Account.
Above all, The Key Benefit of Using a Canara Bank Savings Account Is the Less Minimum Balance Requirements. The Account Holders Have to Maintain the Average Balance of Rs. 1000/- for Metro & Urban. For Semi-urban & Rural Charges the Charges are Rs. 500/-
If You Successfully Maintain the Minimum Balance of 10000, 15000, 20000, or 25000, Then you are Eligible to Get 2 DD Free per Month.
Non Maintenance Charges for Canara Bank Savings Account
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Non Maintenance Charges (Rural Branches)
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Canara Bank Minimum Balance – Current Account
The Current Account minimum balance is Rs.1000/- For Rural/Urban Area and Rs.5000/- for Urban/Metro Area.
The Current Account Non-Maintenance Charges In Rural & Semi-Urban Areas is Rs.60/- per day. For Urban & Metro, the Non-Maintenance Charges are Rs.400/- per calendar month.
Unable to Maintain the Minimum Balance? Follow This
If you do not maintain the minimum balance you will have to pay the penalty fee. The Best Way to Avoid Penalty fees is to switch to a zero-balance savings account.
Kotak Mahindra Bank is the Best option to Open a Zero Balance Savings Account. You can instantly open a New Bank Account with Kotak Mahindra Bank online without Even visiting the Branch. Read More about How to Write Bank Account Closure Letter.
We Hope this Article solves all Your Queries Regarding the Canara Bank Minimum Balance. If You have any Doubts Regarding Minimum Balance & non Maintenance charges, Do Share with us in the Comments Section Below.