A bank account is a necessary part of our life. And it is pretty hard to manage our money without one. And that is the reason why we all have at least one account with any of the banks.
In this article today we will be discussing an account in Canara Bank with no minimum balance requirement.
But what about the minimum balance or the average balance?
Is a zero balance account available in Canara Bank?
The answer is Yes, there is a zero balance account available in Canara Bank and you can open one by visiting the nearest branch of the bank.
This account variant is available by the name “Canara Basic Savings Bank Deposit Account”.
What is Meant by Zero Balance Account?
It is a variant of bank accounts offered by the banks wherein you are not required to maintain any minimum amount of balance in the account. The bank will not charge you anything for not maintaining the balance.
Why is Canara Bank Offering Such an Account?
Canara Bank is providing the zero balance account to the customers as per one of the RBI’s notifications. This notification aims in providing basic banking amenities to all the Indians and making them financially inclusive in the system.
The main aim here is to make people open bank accounts and become part of the Indian banking system. This will help both the banks and the people. They can access their money whenever required.
What are the Eligibility Criteria?
The eligibility criteria for the Canara Basic Savings Bank Deposit Account is as follows,
- An Individual resident of India.
- Group of individuals if a joint account is required.
- A guardian if the account is being opened for a minor.
- The customer should not hold any other variant of account with Canara Bank.
If you fulfill these criteria and you are a citizen of India. Then you can open a zero balance account in Canara Bank.
Is KYC Required for Zero Balance Account?
Yes, completing the KYC procedure is mandatory for all types of accounts. As part of the KYC, you will have to provide 2 recent photographs along with a valid address proof and identity proof document.
What is the Transaction Limit for this type of Account?
There is no limit on the value of the deposit transactions you perform with the account in a month.
You can withdraw 4 times a month from your bank account. In case you exceed 4 withdrawals then you will be charged Rs. 5 per withdrawal. (maximum)
Can We get ATM Card for Zero Balance Account?
Yes, as per the product description the customer gets a free ATM-cum-debit card with a zero balance account for no extra charges.
The customers need not maintain any minimum balance in order to get a ATM-cum-debit card.
Can We get Cheque Book with Canara Bank Zero Balance Account?
Yes, you can get a cheque book with your account in Canara Bank. The first 20 leaves are free after which you will be charged Rs. 4 per leaf.
Can the Zero Balance Account in Canara Bank be Opened Online?
No, as of now you can not open the zero balance account with Canara Bank online. You will have to visit the nearest branch of the bank.
Can I Transfer the Account from One Branch to Another?
Yes, Canara Bank allows the customers to transfer the zero balance account from one branch to another whenever they wish.
What is the Process to Open this Account?
In order to open a Canara Bank zero balance account, you will have to make one photocopy of each of your identity and address proof documents.
Along with the photocopies take 2 of your recent photographs and visit the nearest branch of Canara Bank.
Speak with the bank officials and tell them you want to open a “Basic Savings Bank Deposit Account”.
The officials will give you an account opening form. Fill out the form with all the required details. And at last, submit the form to the bank officials.
The bank will verify your details and if everything goes fine your account be opened. Collect your bank passbook and you can leave the bank premises.
Your free ATM-cum-debit card will be delivered to your registered address by the bank. Once you get your card you can set the PIN of your choice.
But also keep in mind that the bank might charge you the annual maintenance charges for the debit card. This depends upon which type of card has been issued to you.
So I recommend you to get this information from the bank officials beforehand you fill out the application form. Also, make sure you have filled in the details of your Nominee as well.
Conclusion
This is all you need to know about the Zero Balance account in Canara Bank, if you need more information then call customer care on 1800 425 0018. (toll-free)