Canara Bank

Canara Bank is one of India’s largest nationalized Public Sector Bank. It was established in 1906. Its total business turnover is about Rs.2 trillion.

Facilities offered by the Canara Bank.

• Canara Bank has branches and ATM facilities all over India.
• The minimum amount required for a saving account is Rs 500.
• Bank charges reasonable rates for all its services. Example; in the case of a Demand Draft (DD), the amount is less than Rs 500.The bank charges are usually Rs 10(+ service tax).
• Bank allows 2 free demand drafts per month if the customer maintains a balance of more than Rs 10000 in their savings account.
• The maximum amount for the demand draft is Rs 25000 and the customer need to take the permission of the manager for the same.
• All the withdrawals are by cheque. For cash withdrawals no withdrawal slips are provided by the Canara Bank.
• For a period of 1 year maximum 60 free cheque leaves are provided by the bank.
• Bank has listed all their charges on their website.

Fixed deposits in Canara Bank

The procedures to be followed for opening a fixed deposit in Canara Bank are:

• First the customers need to fill the form, give the cheque or cash to the bank. An acknowledgement for the same is issued. Within the next 1~2 working days the Fixed Deposit Receipt can be collected.
• The bank will send a reminder letter if the fixed deposit is due for renewal. The customers need to renew the fixed deposit scheme within 14 days. And if it is not done within that date the customer will get only simple interest. The interest will directly credit to the customers’ account.
• In the case of Recurring deposit (RD) no TDS is deducted. But if the customer do not have sufficient fund in their account, a penalty for the same is levied.

Other Services offered by Canara Bank

The customer can pay sales tax, VAT, service tax at Canara Bank branches. But not all the branches are accepting the Income tax.

Service Charges of Canara Bank

Being a public sector bank, Canara Bank charges only nominal service charge. It costs you approximately Rs 75 for foreign currency cheque clearance. Private Sector Banks charges a minimum amount of Rs 350 for clearance. Outstations cheques are normally cleared within a month.

If you want to do real banking with a public sector bank, Canara bank would be a wise choice. Though it is not completely equipped with the state of art banking technology it surely is in the race with the quality of service that they provide.