Canara Bank Savings Bank Deposit Interest rates: Minimum monthly balance in your account should be Rs. 500/- for rural areas and Rs. 1,000/- for semi-urban and urban areas Interest rate is 3.10% for balance up to Rs. 50 Lakhs and 3.25% for above Rs. 50 Lakhs That’s all for Canara bank and its interest rates in various schemes. Canara Bank offers an interest rate of 4% per annum on their savings bank accounts. This rate is subject to change at any time. Canara Bank Interest rate on savings account Most banks, including Canara Bank, offer an interest rate of 4% p.a. On savings bank accounts.
A Savings Account is very beneficial with multiple advantages as detailed below:
(1) Earns Interest on your Savings
This is the first and foremost benefit of opening a savings account. It starts earning interest on your money as soon as it is deposited. The interest rate is decided solely by the bank and changes from time to time. Regular interest depends upon the balance of the savings account.
Interest rate in savings account ranges from 3.5% to 7%.
Canara Bank offers fixed deposits (FD) across multiple tenures with varying interest rates. Their FD offerings are for both residents and non-residents. Canara Bank FD interest rate is higher than their savings account rate. Senior citizens enjoy a higher interest rate on Canara Bank FD. Canara Bank Fixed Deposit guarantee returns to its investors. The overdue deposit (i.e. Term deposit which has matured) will be paid interest at prevailing Savings Bank Rate for the overdue period. PENALTY: A penalty of 1.00% will be levied for premature closure/premature extension of NRE term deposits of less than Rs.2 Crore that are placed/renewed on or after.
Canara Bank Small Savings Bank Deposit Account- get to know your eligibility, features, benefits, how to apply, interest rate, fees, documents at Loanbaba.com.
(2) Provides Security of Funds
There is no risk involved in your savings account. It is considered as one of the safest investment alternatives. It even offers you the opportunity to put your money into another investment whenever the time comes.
(3) No Lock-in Period
There is no lock-in period under savings account which means that you can withdraw your deposits anytime you need. There is no need to keep your money in this account for any specific period. You have full flexibility in withdrawal of amount from it.
(4) Offers Liquidity
You can withdraw the amount anytime 24X7 with the use of ATM card or debit card from your account during any emergency even when the bank is closed. In fact, being able to access your money when you need it, is one of the biggest benefit of having a savings account.
(5) Availability of Variety of Savings Account
Many banks offer comprehensive range of savings accounts from regular to premium suiting to your personal banking needs. There are different types of savings accounts offered by various banks that differ based on the interest rates and duration of time commitments. You can choose any of them which suits your financial objectives and requirements.
(6) Services of Customer Relation Manager
Now-a-days many of the banks engage a Customer Relation Manager (CRM) who will help not only solve your queries but also assist you in tax saving, investment, mutual fund schemes, insurance, bank procedures, etc. You need to just call your CRM and he/ she will assist you solve your problem.
(7) Online Banking Facilities
If you maintain a savings account, you can make many transactions online also such as payment of bills, fund transfers using RTGS/ NEFT or IMPS, etc. This will save your time and efforts.
(8) Provides ATM/ Debit Card
You will be offered a debit or ATM card with a nominal charge or without any charges, as offered by your bank. With the help of this card, you can withdraw the funds, make transactions in shops, make payments of bills, etc.
(9) Helps you Get Credit or Loan
Canara Bank Nre Interest Rates
The relation you maintain with the bank will help you in getting credits from the bank such as home loan, personal loan. You will also be in a position to negotiate with the banker on the interest rates.
(10) No Cap on Deposits
There is no limit on the amount deposited and number of times it is deposited.
Canara Bank Savings Account Interest Rates
(11) Facility to link Loan EMIs, Mutual Fund SIPs or RD deductions
You get a facility to link your monthly loan EMIs, Mutual Fund SIPs or RD deductions through the savings bank account.
(12) Free Mobile App
Most of the banks provide their mobile app for free. Through this app, you can get to know your account balance, check your statement, make transactions, easy transfer of money, etc.