Canara Basic Savings Bank Deposit Account
A SB product designed for the common man to provide Basic Banking facility as part of the financial inclusion objective of RBI.
a. An individual in his/her name.
b. Joint accounts (not more than 4)
c. A guardian on behalf of a minor, by declaring the date of Birth of the minor.
A customer opening a Canara Basic Savings Bank Deposit Account shall not have any other operative accounts with the Branch/Bank.
Application to open a Canara Basic Savings Bank Deposit account should be made in the Bank's prescribed form.
Two recent passport size photographs of the applicant(s) is to be submitted along with the application.
IDENTITY AND ADDRESS PROOF
Valid Proof of Identity and Address of the customer as per KYC norms.
i. The Basic Savings Bank Deposit Account is a normal Banking service available to all.
ii. This account does not have the requirement of any minimum balance.
iii. Facility of ATM Card or ATM-cum-Debit Card is extended.
iv. The services available in the account include deposit and withdrawal of cash at bank branch as well as ATMs; receipt/credit of money through electronic payment channels or by means of deposit/ collection of cheques drawn by Central/ State Government Agencies and departments.
v. While there will be no limit on the number of deposits that can be made in a month,account holders will be allowed a maximum of four withdrawals in a month, including ATM withdrawals.
The above facilities will be provided without any charges.
Further, no charge will be levied for non-operation/ activation of inoperative “ Basic Savings Bank Deposit Account ”.
Pass book, Internet and Mobile Banking, transfer of account from one branch to another, Standing Instruction, etc.
• Permitted through withdrawal order form, cheque and ATM cum Debit Card
• Maximum 4 withdrawals per month including drawings through ATM free of charge. Withdrawals exceeding 4 per month would be levied a service charge at the rate not exceeding Rs.5/- per withdrawal.
• The minimum amount that may be deposited/ withdrawn “IN CASH” in an account is as prescribed by the bank from time to time. Currently minimum deposit or withdrawal “IN CASH” is Rs.10/-. In case of withdrawal through ATM, the minimum amount is Rs.100/- (Currently)
OTHER TERMS & CONDITIONS
Balance not to exceed Rs.50,000/- and total credit in a year not to exceed 1.00 lac. If this limit exceeds, no further transactions will be permitted until the full KYC procedure is completed.