Canara Bank Current Account

Canara Bank Privilege Current Account is a type of account that is best suited for the premier segment customers, who enroll themselves as promising clients to the bank. This account variant is specifically designed for the premier customers and can only be opened by such customers.

Primary Features	Charges
Average Quarterly Balance (AQB)	Initial Balance: Zero (Rs.1 lakh AQB to be maintained)
Non-maintenance of balance	Rural / Semi-Urban: Rs.1000 Urban / Metro: Rs.5000
ATM cash withdrawal limit	Rs.50,000 (from Canara bank’s ATM)
ATM transactions	Free and Unlimited (from Canara Bank’s ATM)
Cash deposit (Base and Non-Base branch)	Free
Cash handling charges	Free up to Rs.5 lakh per day
NEFT / RTGS	Free
Cheque Book	Free up to 500 cheque leaves per year
DD Charges	Fully waived
SMS Alerts	Free
Debit Card	Platinum debit card with photo
Account Closure Charges	Rs.750 per account

With this account variant, the users get added advantage of free cash deposit at base and non-base branch, 50% concession on online fund transfer, free SMS alerts, free debit card, free ATM transactions and more.

Primary Features	Charges
Average Monthly Balance (AMB)	Initial Balance: Minimum Rs.50,000 (Rs.50,000 AMB to be maintained)
Non-maintenance of balance	Rural / Semi-Urban: Rs.1000 Urban / Metro: Rs.5000
ATM cash withdrawal limit	NA
ATM transactions	Free (from Canara bank’s ATM)
Cash deposit (Base and Non-Base branch)	Free
Cash handling charges	Free up to Rs.1 lakh
NEFT / RTGS	50% concession
Cheque Book	Name printed cheque book
DD Charges	50% concession
SMS Alerts	Free
Debit Card	Free debit card
Account Closure Charges	Rs.750 per account

The advantages of opening a Current Account in Canara Bank are listed below:

• The Canara Bank Current Account variants are specifically designed to facilitate frequent transactions like fund transfer, cheque receiving etc.
• Internet Banking, Mobile Banking and Overdraft facilities are also available for all the Current Account holders
• The account is specifically designed to be used for business purposes
• Both the Current Account variants are ideal for carrying out large value transactions
• Current Account allows transaction beyond the scope of Savings Account and hence facilitate smooth transactions for business purposes

Below given is the list of entities who are eligible for Canara Bank Current Account opening:

1. Individuals
2. Joint Accounts (not more than 4)
3. Proprietary Concerns
4. Partnership Firms
5. HUF
6. Public and Private Limited Companies
7. Limited Liability Partnership
8. Registered or Unregistered Societies or Associations
9. Trust / Provident Fund
10. Executors and Administrators
11. Govt / Semi-Govt Dept
12. Taluk / District Boards
13. Charitable and Religious Institutions

For Current Account opening in Canara Bank, the user needs to visit the nearest Canara Bank Branch and fill the Current Account opening form. Also the users can find the Canara Bank Current Account opening form online. Follow the below-mentioned steps for Current Account opening:

Step 1: Visit the nearest Canara Bank Branch.

Step 2: Fill the Canara Bank Current Account opening form with all the required details.

Step 3: Submit the form to the bank’s executive with all the required KYC acceptable documents.

The users can also download the form online, take a print out, and submit the duly filled form along with all the KYC acceptable documents at the nearest Canara Bank Branch.

Given below is the list of documents required for Current Account opening in Canara Bank. 

List of Documents

Application in the bank’s prescribed form Identity Proof Address Proof Photos Specimen Signature Card Copy of PAN Card / Form 60 or 61 (if customer does not Memorandum and Articles of Association Certificate of Commencement of Business Partnership Deed (wherever required) Certificate of Incorporation and Board Resolution Registration Certificate (in case of registered concern) Certificate / License issued by Municipal Authorities

Q. Can one open zero balance current account in Canara Bank?

A. Canara Bank offers Canara Privilege Current Account which can be opened with zero balance initially. However, the account holder needs to maintain an average quarterly balance of Rs.1 lakh.

Q. Can an individual open a Current Account in Canara Bank?

A. Yes, individuals are eligible for Canara Bank Current Account opening,  if they have proper KYC acceptable documents required by the bank.

Q. Can one open Canara Bank Current Account without GST?

A. Yes, GST registration is not mandatory for opening a current account in Canara Bank.

Q. What are Canara Bank Current Account charges for non-maintenance of account balance?

A. For Rural / Semi-Urban: Rs.1000, For Urban / Metro: Rs.5000.