In this article will provide the information related to the Canara Bank zero balance account, discussing its features, eligibility criteria, and the step-by-step process to open one.
INTRODUCTION TO CANARA BANK ZERO BALANCE ACCOUNT
A bank account has become an indispensable part of our daily lives, enabling us to manage our finances efficiently. Among the myriad of accounts offered by various banks, Canara Bank introduces a unique offering – a zero balance account.
UNDERSTANDING ZERO BALANCE ACCOUNT
A zero balance account is a variant of bank accounts where the account holder is not required to maintain any minimum balance.
This feature ensures that the bank does not charge any penalties for not maintaining a specific amount in the account. Canara Bank, recognizing the importance of financial inclusion, provides a zero balance account known as the “Canara Basic Savings Bank Deposit Account.”
RATIONALE BEHIND CANARA BANK’S OFFERING
Canara Bank extends the zero balance account in alignment with the Reserve Bank of India’s (RBI) directives.
This initiative aims to provide basic banking services to all Indians, fostering financial inclusivity. The primary goal is to encourage individuals to open bank accounts, ensuring that they become integral parts of the Indian banking system.
This mutual engagement benefits both account holders and banks, facilitating convenient access to funds when needed.
ELIGIBILITY CRITERIA FOR CANARA BASIC SAVINGS BANK DEPOSIT ACCOUNT
To be eligible for the Canara Basic Savings Bank Deposit Account, individuals must meet the following criteria:
An individual resident of India.
A 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 an account with Canara Bank.
If you fulfil these criteria and are an Indian citizen, you are eligible to open a zero balance account with Canara Bank.
KYC REQUIREMENT FOR ZERO BALANCE ACCOUNT
Completion of the Know Your Customer (KYC) procedure is mandatory for all types of accounts. As part of KYC, account holders must provide two recent photographs, along with valid address and identity proof documents.
TRANSACTION LIMITS FOR CANARA BASIC SAVINGS BANK DEPOSIT ACCOUNT
There is no limit on the value of deposit transactions in a month.
Withdrawals are allowed four times a month. Exceeding this limit incurs a charge of Rs. 5 per withdrawal (maximum).
ADDITIONAL FACILITIES: ATM CARD AND CHEQUE BOOK
Account holders receive a free ATM cum debit card at no extra charge.
A cheque book is available, with the first 20 leaves being free. Subsequent leaves will incur a charge of Rs. 4 per leaf.
ONLINE OPENING AND ACCOUNT TRANSFER
Currently, the Canara Bank zero balance account cannot be opened online. Individuals need to visit the nearest branch to initiate the account opening process.
Account transfer between branches is allowed for added convenience.
Step-by-step Process to Open Canara Bank Zero Balance Account
Document Preparation
Make photocopies of your identity and address proof documents. Also, have two recent photographs ready.
Visit the Nearest Branch
Go to the nearest Canara Bank branch.
Inform Bank Officials
Speak with the bank officials and express your intent to open a “Basic Savings Bank Deposit Account.”
Form Submission
Fill out the account opening form with all required details and submit it to the bank officials.
Verification
The bank will verify your details, and upon successful verification, your account will be opened.
Receive Passbook and ATM Card
Collect your bank passbook, and the free ATM cum debit card will be delivered to your registered address.
Ensure you inquire about annual maintenance charges for the debit card and provide nominee details during the application process.
ALSO READ: CANARA BANK CASH HANDLING CHARGES
CONCLUSION
The Canara Bank zero balance account serves as an accessible and inclusive banking solution. For further information, contact customer care at 1800 425 0018 (tollfree).
Video Credit: X-Y AXIS EDUCATION
This article helps you with the necessary knowledge to embark on your journey with a Canara Bank zero balance account, enhancing your financial convenience and accessibility.