Canara Junior Savings Account: Benefits, Rates

To help individuals with their banking experience, Canara Bank has decided to introduce a new savings account to target minors below the age of 10 years. This junior account will be given under the name of the minor. Thanks to this account, minors will have great freedom as well as the responsibility to manage their finances which is one of the most important skills that will prove beneficial later in their life. With perks like a mandatory debit card after opening the Canara Bank junior account, it will help the minors in numerous ways. 

Eligibility	The age of the minor should be over 10 years
Interest rate	3.20% daily basis on the average balance
Minimum balance	NA

Must Read: Canara Bank International Transfer

Features of the Canara Bank Junior Account 

Before opening Canara Bank junior account, you need to know about the features. This way you will be able to determine whether opening a bank account for your child would be beneficial or not. Here are some of the most eye-catching features:

• The minor will have their own debit card 
• They can withdraw a maximum amount of INR 5,000 monthly 
• Students can go to the bank branch and use a withdrawal slip to withdraw their money 
• They can also their debit card at an ATM to withdraw money
• They can transfer funds through NEFT and RTGS
• Withdrawal or fund transfer is allowed a maximum of INR 10,000 per month 

Also Read: PNC International Bank Account 

Interest Rates of Canara bank junior account

Keep in mind that you don’t need to maintain any minimum balance when opening Canara Bank junior account. The interest rate is 3.20%. The bank will calculate and implement the interest amount based on the average bank balance. Even though the bank will calculate the interest regularly, you can pay it monthly, quarterly, or annually. Here’s a table for more clarification:

Savings Bank Account	Urban	Sem-Urban	Rural
Chequebook Facility	INR 1,000	INR 1,000	INR 500
Without Chequebook Facility	INR 1,000	INR 1,000	INR 500

Account Transaction Limit 

This is another important piece of information you need to know. Don’t forget that there is a transaction limit on the junior account. For transfers and cash, here’s the limit that you need to know:

• The overall credit of the bank account should not exceed INR 1 Lakh over a span of a year
• The account should stay on a credit 
• When the minor turns 18 years, they don’t need to face any regulations
• The minor can make a maximum transaction of INR 10,000 in a month 
• The total balance of the account should not reach over INR 50,000 at any point in time

Eligibility Criteria 

The bank has set some specific eligibility criteria for the candidates who want to open Canara Bank junior account. Here are the important things you need to know:

• The candidate should be an Indian citizen
• The bank will need a declaration from the guardians and parents of the minor 
• The candidate should be of 10 years or older 

Also Read: NAB International Student Account 

Required Documents 

Here are the documents that you need to provide while opening the Canara Bank junior account:

• Application form 
• Guadian’s declaration 
• Passport sized photos 
• Student identity card or passport as address proof 

How to Open Canara Bank Junior Account 

Opening the junior account is neither a hard nor a time-consuming process. You just need to follow the appropriate steps. Here’s how you can open Canara Bank junior account:

• Sign the application form 
• The parents should submit a declaration or authorization form 
• Two recent passport-sized photographs should be submitted to the bank
• The bank will ask for the student’s school letter
• Students can also provide their ID card 
• Regular KYC documents are needed

Also Read: How to Open an International Bank Account?

FAQs

This is everything you need to know about the Canara Bank junior account along with its features and benefits. If you’re looking for an education loan or want to transfer money abroad, Fly Finance can help you.