As a top institution in the country, Canara Bank provides a diverse range of savings accounts tailored to meet the needs of various customer segments, including senior citizens, minors, and the salaried class. These accounts offer modern conveniences like net banking, mobile banking, and UPI transfers. Canara Bank ensures its account holders enjoy competitive interest rates, ranging from a minimum of 2.90% to a maximum of 4.00% on their savings.
Keep reading this article to learn more about Canara Bank savings account interest rates and different types of savings account schemes in detail.
Canara Bank offers a diverse array of savings accounts catering to various customer needs. These accounts provide a range of features and benefits, contributing to the bank's reputation as a leader in the financial sector.
Canara Bank's basic Savings Bank Account serves as a versatile financial hub, allowing customers to deposit and withdraw funds effortlessly. With unlimited withdrawals at Canara Bank branches and ATMs and the convenience of one electronic fund transfer per month through net banking, it caters to the routine banking needs of a wide customer base.
The Small Savings Bank Deposit Account from Canara Bank is a specially crafted savings solution for individuals who may face challenges in completing full KYC verification. Targeted at those above 18 years of age, this account encourages the habit of saving by offering interest on deposits.
By simplifying the account opening process, Canara Bank aims to make financial inclusion more achievable, providing an entry point to banking services for a broader range of individuals. However, the balance in this account must not exceed Rs.50,000 and the credits in a financial year are limited to Rs.1 lakh.
Canara Bank's Basic Savings Bank Deposit Account is designed for simplicity and accessibility. There is no limit on the number and value of deposits that can be made in a month, thus, catering to those seeking a straightforward savings option. This account also offers an ATM card or ATM-cum-Debit card.
Tailored for senior citizens, the Jeevandhara SB Account by Canara Bank goes beyond typical savings offerings. With a zero-balance sustenance option, this account provides an attractive avenue for those aged 60 and above to secure their financial future.
The account not only assures quarterly interest deposits but also offers a suite of benefits, including a free debit card with no maintenance charges, customisable chequebook facilities, and options for loans and lockers based on availability and priority. Additionally, it extends health insurance coverage, exclusive to pension account holders.
Canara Bank's NSIGSE Savings Bank Deposit Account stands as a testament to the bank's commitment to social responsibility. It is aimed at promoting the education of girls, especially from socially backward communities.
It catalyses empowering the education of all SC/ST girls who pass class VIII or girls who have passed class VIII from Kasturba Gandhi Balika Vidyalayas (irrespective of any caste) and enroll for class IX in a state/UT government, government-aided or local body school.
Catering to premier customers, the Canara SB Power Plus Account is an exclusive offering requiring a minimum average quarterly balance of Rs. 1 lakh. This account goes beyond traditional savings, providing a suite of benefits such as a personalised Platinum debit card, a complimentary credit card for the first year, personalised cheque leaves, and various banking facilities.
It also provides services, including SMS alerts, Net banking, mobile banking, auto sweep, locker facility, and demat operations. With waived DD charges and RTGS/NEFT charges, it stands as a comprehensive solution for high-net-worth individuals.
Canara Bank's Junior Savings Account is an educational and financial grooming tool for children. It encourages parents to initiate their children into the world of banking and financial management. The account can be opened for children above 10 years but below 18 years.
It offers a customisable debit card designed for the needs of children and parental contact details for notifications. It restricts the maximum debit card withdrawal limit to Rs.5,000, ensuring controlled financial exposure for young savers. The balance in the account should not exceed Rs.50,000. It strikes a balance between financial education and security.
The Canara Bank Payroll Package Savings Account is an innovative online savings solution tailored for salary account holders. Linked to an active salary account for people aged between 18 to 65 years.
Complemented by services like a locker facility, bank transfers, and customisable chequebooks, it simplifies financial management for those seeking to earn Canara Bank savings account interest rates on their salary deposits. The account's distinctive feature lies in its connection to the total credited salary amount, influencing additional perks like waived DD charges and free cheque leaves.
To know the interest applicable to your Canara Bank savings account, go through the table provided below:
| Bank Account Balance | Rate of Interest on Savings Account (Per annum) |
| Less than Rs.50 lakh | 2.90% |
| Rs.50 lakhs to Rs.5 crore | 2.90% |
| Rs.5 crore to Rs.10 crore | 2.95% |
| Rs.10 crore to Rs.100 crore | 3.05% |
| Rs.100 crore to Rs.200 crore | 3.50% |
| Rs.200 crore to Rs.300 crore | 3.10% |
| Rs.300 crore to Rs.500 crore | 3.10% |
| Rs.500 crore to Rs.1,000 crore | 3.40% |
| Rs.1,000 crore to Rs.2,000 crore | 3.55% |
| Above Rs.2,000 crore | 4.00% |
Canara Bank savings account interest rate for senior citizens is the same as for the general public. It varies from 2.90% to 4% p.a., depending on the account balance, as shown in the table above.
If you are keen to know the minimum balance you need to maintain for your Canara Bank Savings account, check the table below.
Savings Account Type
Minimum Balance
Savings Bank Account
Average Monthly Balance (AMB) of:
Rs.2,000 for Urban and Metro branches
Rs.1,000 for Semi-Urban branches
Rs.500 for Rural branches
Small Savings Bank Deposit Account
Basic Savings Bank Deposit Account
Jeevan Dhara SB Account
NSIGSE Savings Bank Deposit Account
Canara SB Power Plus Account
Average Quarterly Balance (AQB) of Rs.1,00,000
Junior Savings Account
Average Monthly Balance (AMB) of:
Rs.2,000 for Urban and Metro branches
Rs.1,000 for Semi-Urban branches
Rs.500 for Rural branches
Payroll Package Savings Account
There is no maximum balance limit that you need to maintain in an Canara Bank savings account. However, investors must remain aware of the deposit limits and ensure all the account activities are aligned with Income Tax regulations.
Though you need not maintain a minimum balance in many Canara Bank savings bank accounts, certain accounts have a specific minimum balance that you need to maintain, as already discussed above. In case you are unable to maintain the minimum balance, the penalty that will be levied as given in the following table:
Account branch
AMB shortfall amount range
Penalty for non-maintenance of minimum balance
Urban and Metro branches