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Canara Bank Zero Balance Account

Canara Bank zero balance account is a zero balance account or basic savings account that aims to uplift financially weaker sections of the society. A savings account is a gateway to financial inclusion. Central government through their Jan Dhan Yojana sought to help every individual open a bank account.  

Features of Canara Bank Zero Balance Account

canara bank zero balance account
Source: Canara Bank

No Minimum balance requirement

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.

Free debit card

Account holders get a free ATM-cum-Debit card that they can use to withdraw cash from ATM. Account holders get four maximum cash withdrawals including ATM cash withdrawals.

Cash Withdrawal and Deposit Facility

Account holders of Canara Bank Zero Balance Account can withdraw and deposit cash at bank branches as well as ATMs. There is no maximum limit on the amount of money that can be deposited either in banks or ATMs.

Easy Online Payment

Customers of Canara Bank Zero Balance Savings Account can transfer funds through net banking without any charges. Net banking gives customers the advantage to carry out banking transactions anytime and anywhere.

Apply Standing Instructions

Standing instructions or auto debit instruction makes it easier to pay bills without the need to remember the last date or pay any late fees.

Nomination facility

Nomination facility is available in every regular savings account. It is also available in Canara Bank zero balance account. Nomination facility allows customers to add their loved one as the nominee which will help them to access the bank account during emergency.

No Charges

No charges will be levied if the bank account remains inactive. Also, passbook is available for free of cost.

Factors to be eligible for Zero Balance Account

  • 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.

How to apply for Canara Bank Zero Balance Account

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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