Canara Bank, a state run bank, has different kinds of savings account. One of the categories of savings account is zero balance account. Canara Bank has basic savings bank deposit account which is a part of the financial inclusion objective of RBI.
It is a zero balance account and hence there is no need to maintain a minimum average balance. Hence, there is no penalty for not keeping a required minimum balance.
Account holders get the benefit of ATM-cum-Debit card.
Cash withdrawal and deposit is available at bank branches as well as ATMs.
Electronic payment of funds is also available.
Account holders get four maximum cash withdrawals
No charges will be levied if the bank account remains inactive.
Passbook is available for free of cost.
Customers can also put standing instructions on this account.
Nomination facility is also available.
The customer should not have any other account with Canara Bank.
The bank account can be opened under an individual’s name.
Joint accounts should not have more than 4 individuals
A guardian on behalf of a minor after declaring the date of birth of the minor.
Applying for this account is extremely easy.
To open a savings bank account, fill the prescribed form.
Submit two recent passport photographs
For KYC purposes, you will need a valid identity proof and address proof.
Basic savings account or zero balance account helps individual with no access to the formal banking to open a savings account.
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