{"id":6302,"date":"2023-07-12T11:46:37","date_gmt":"2023-07-12T06:16:37","guid":{"rendered":"https:\/\/fly.finance\/blog\/?p=6302"},"modified":"2024-06-21T15:51:03","modified_gmt":"2024-06-21T10:21:03","slug":"canara-bank-junior-account","status":"publish","type":"post","link":"https:\/\/fly.finance\/blog\/student-account\/canara-bank-junior-account\/","title":{"rendered":"Canara Junior Savings Account: Benefits, Rates"},"content":{"rendered":"\n<p>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<strong><a href=\"https:\/\/leverageedu.com\/blog\/money-management-tips\/\"> manage their finances<\/a><\/strong> which is one of the most important skills that will prove beneficial later in their life. With perks like a mandatory <a href=\"https:\/\/leverageedu.com\/blog\/international-debit-cards\/\"><strong>debit card<\/strong><\/a> after opening the Canara Bank junior account, it will help the minors in numerous ways.\u00a0<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><tbody><tr><td><strong>Eligibility&nbsp;<\/strong><\/td><td>The age of the minor should be over 10 years<\/td><\/tr><tr><td><strong>Interest rate<\/strong><\/td><td>3.20% daily basis on the average balance&nbsp;<\/td><\/tr><tr><td><strong>Minimum balance&nbsp;<\/strong><\/td><td>NA<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\">Must Read: <strong><a href=\"https:\/\/fly.finance\/blog\/money-transfer\/canara-bank-international-transfer\/\">Canara Bank International Transfer<\/a><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-features-of-the-canara-bank-junior-account\"><span id=\"features-of-the-canara-bank-junior-account\">Features of the Canara Bank Junior Account&nbsp;<\/span><\/h2>\n\n\n\n<p>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:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The minor will have their own debit card&nbsp;<\/li>\n\n\n\n<li>They can withdraw a maximum amount of INR 5,000 monthly&nbsp;<\/li>\n\n\n\n<li>Students can go to the bank branch and use a withdrawal slip to withdraw their money&nbsp;<\/li>\n\n\n\n<li>They can also their debit card at an ATM to withdraw money<\/li>\n\n\n\n<li>They can transfer funds through NEFT and RTGS<\/li>\n\n\n\n<li>Withdrawal or fund transfer is allowed a maximum of INR 10,000 per month&nbsp;<\/li>\n<\/ul>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Also Read: <\/strong><a href=\"https:\/\/fly.finance\/blog\/student-account\/pnc-international-student-account\/\"><strong>PNC International Bank Account<\/strong><\/a><strong>&nbsp;<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-interest-rates-of-canara-bank-junior-account\"><span id=\"interest-rates-of-canara-bank-junior-account\">Interest Rates of Canara bank junior account<\/span><\/h2>\n\n\n\n<p>Keep in mind that you don\u2019t need to maintain any minimum balance when opening Canara Bank junior account. The <strong><a href=\"https:\/\/leverageedu.com\/learn\/abroad-study-loan-interest-rate-news-2023-02\/\">interest rate<\/a><\/strong> 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\u2019s a table for more clarification:<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><tbody><tr><td>Savings Bank Account&nbsp;<\/td><td>Urban<\/td><td>Sem-Urban<\/td><td>Rural<\/td><\/tr><tr><td>Chequebook Facility&nbsp;<\/td><td>INR 1,000<\/td><td>INR 1,000<\/td><td>INR 500<\/td><\/tr><tr><td>Without Chequebook Facility&nbsp;<\/td><td>INR 1,000<\/td><td>INR 1,000<\/td><td>INR 500<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-account-transaction-limit\"><span id=\"account-transaction-limit\">Account Transaction Limit&nbsp;<\/span><\/h2>\n\n\n\n<p>This is another important piece of information you need to know. Don\u2019t forget that there is a transaction limit on the junior account. For transfers and cash, here\u2019s the limit that you need to know:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The overall credit of the bank account should not exceed INR 1 Lakh over a span of a year<\/li>\n\n\n\n<li>The account should stay on a credit&nbsp;<\/li>\n\n\n\n<li>When the minor turns 18 years, they don\u2019t need to face any regulations<\/li>\n\n\n\n<li>The minor can make a maximum transaction of INR 10,000 in a month&nbsp;<\/li>\n\n\n\n<li>The total balance of the account should not reach over INR 50,000 at any point in time<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-eligibility-criteria\"><span id=\"eligibility-criteria\">Eligibility Criteria&nbsp;<\/span><\/h2>\n\n\n\n<p>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:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The candidate should be an Indian citizen<\/li>\n\n\n\n<li>The bank will need a declaration from the guardians and parents of the minor&nbsp;<\/li>\n\n\n\n<li>The candidate should be of 10 years or older&nbsp;<\/li>\n<\/ul>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Also Read: <\/strong><a href=\"https:\/\/fly.finance\/blog\/student-account\/nab-international-student-account\/\"><strong>NAB International Student Account<\/strong><\/a><strong>&nbsp;<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-required-documents\"><span id=\"required-documents\">Required Documents&nbsp;<\/span><\/h3>\n\n\n\n<p>Here are the documents that you need to provide while opening the Canara Bank junior account:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Application form&nbsp;<\/li>\n\n\n\n<li>Guadian\u2019s declaration&nbsp;<\/li>\n\n\n\n<li>Passport sized photos&nbsp;<\/li>\n\n\n\n<li>Student identity card or <a href=\"https:\/\/leverageedu.com\/blog\/student-passport-in-india\/\"><strong>passport<\/strong><\/a> as address proof\u00a0<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-to-open-canara-bank-junior-account\"><span id=\"how-to-open-canara-bank-junior-account\">How to Open Canara Bank Junior Account&nbsp;<\/span><\/h2>\n\n\n\n<p>Opening the junior account is neither a hard nor a time-consuming process. You just need to follow the appropriate steps. Here\u2019s how you can open Canara Bank junior account:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Sign the application form&nbsp;<\/li>\n\n\n\n<li>The parents should submit a declaration or authorization form&nbsp;<\/li>\n\n\n\n<li>Two recent passport-sized photographs should be submitted to the bank<\/li>\n\n\n\n<li>The bank will ask for the student\u2019s school letter<\/li>\n\n\n\n<li>Students can also provide their ID card&nbsp;<\/li>\n\n\n\n<li>Regular <a href=\"https:\/\/leverageedu.com\/discover\/general-knowledge\/kyc-full-form\/\"><strong>KYC documents<\/strong><\/a> are needed<\/li>\n<\/ul>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Also Read: <\/strong><a href=\"https:\/\/fly.finance\/blog\/student-account\/how-to-open-an-international-bank-account\/\"><strong>How to Open an International Bank Account?<\/strong><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-faqs\"><span id=\"faqs\">FAQs<\/span><\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1689075038072\"><strong class=\"schema-faq-question\">Q1. <strong>Which account is best for students in Canara Bank?<\/strong><\/strong> <p class=\"schema-faq-answer\">Ans. The Canara Bank junior account is the best for students in Canara Bank. This account will help students save a significant amount of money.\u00a0<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1689075047470\"><strong class=\"schema-faq-question\"><strong>Q2. Can a minor get an ATM card?<\/strong><\/strong> <p class=\"schema-faq-answer\">Ans. When a minor open a junior account under Canara Bank under their parent\u2019s declaration, they will receive a debit card.\u00a0<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1689075060040\"><strong class=\"schema-faq-question\">Q3. <strong>Which bank gives ATM cards to minors?<\/strong><\/strong> <p class=\"schema-faq-answer\">Ans. Apart from Canara Bank, IDFC Bank also provides ATM Cards to minors.\u00a0<\/p> <\/div> <\/div>\n\n\n\n<p>This is everything you need to know about the Canara Bank junior account along with its features and benefits. If you\u2019re looking for an education loan or want to transfer money abroad, <a href=\"https:\/\/fly.finance\/\"><strong>Fly Finance<\/strong><\/a><strong> <\/strong>can help you.&nbsp;<br><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 &#8230; <a title=\"Canara Junior Savings Account: Benefits, Rates\" class=\"read-more\" href=\"https:\/\/fly.finance\/blog\/student-account\/canara-bank-junior-account\/\" aria-label=\"Read more about Canara Junior Savings Account: Benefits, Rates\">Read more<\/a><\/p>\n","protected":false},"author":16,"featured_media":6315,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[93],"tags":[],"class_list":["post-6302","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-student-account"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Canara Junior Savings Account: Benefits, Rates | Fly Finance<\/title>\n<meta name=\"description\" content=\"All about Canara Bank Junior Account. 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Know from the benefits of opening the account to features, interest rates and more.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fly.finance\/blog\/student-account\/canara-bank-junior-account\/\" \/>\n<meta property=\"og:site_name\" content=\"Fly Finance\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-12T06:16:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-21T10:21:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/flyblog.fly.finance\/wp-content\/uploads\/2023\/07\/12114148\/CANARA-BANK.png\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Biprojit Chakraborty\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Biprojit Chakraborty\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Canara Junior Savings Account: Benefits, Rates | Fly Finance","description":"All about Canara Bank Junior Account. 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Which account is best for students in Canara Bank?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Ans. The Canara Bank junior account is the best for students in Canara Bank. This account will help students save a significant amount of money.\u00a0","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/student-account\/canara-bank-junior-account\/#faq-question-1689075047470","position":2,"url":"https:\/\/fly.finance\/blog\/student-account\/canara-bank-junior-account\/#faq-question-1689075047470","name":"Q2. Can a minor get an ATM card?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Ans. When a minor open a junior account under Canara Bank under their parent\u2019s declaration, they will receive a debit card.\u00a0","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/student-account\/canara-bank-junior-account\/#faq-question-1689075060040","position":3,"url":"https:\/\/fly.finance\/blog\/student-account\/canara-bank-junior-account\/#faq-question-1689075060040","name":"Q3. Which bank gives ATM cards to minors?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Ans. Apart from Canara Bank, IDFC Bank also provides ATM Cards to minors.\u00a0","inLanguage":"en-US"},"inLanguage":"en-US"}]}},"_links":{"self":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts\/6302","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/comments?post=6302"}],"version-history":[{"count":0,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts\/6302\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/media\/6315"}],"wp:attachment":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/media?parent=6302"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/categories?post=6302"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/tags?post=6302"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}