Canara Bank Current Account

Canara Bank Current Account

Canara Bank Current Account

Canara bank is a leading public sector bank offering a vast network of current account banking products and services to individuals as well as businesses. A current account can be opened by business owners and professionals who deal with a number of transactions on a daily basis. In this article, we look at the various types of Canara Bank current account that can be opened by business persons in detail.

Features of Canara Bank Current Account

The main features of opening a current account with Canara Bank are listed as follows:

  • Current bank accounts are specifically designed to be used by a business.
  • Current accounts do not provide any interest on the balance lying in the account with the bank.
  • It requires a higher minimum balance as compared to the savings account. A penalty will be charged if the minimum balance is not maintained in the account.
  • The account can be transferred to any other branch, and the monthly statements can be obtained.
  • Overdraft facilities, Internet banking and Mobile banking facilities are also available for current account holders.
  • It offers unlimited deposits/ withdrawals in the home branch.

Eligibility Criteria – Canara Bank Current Account

Any of the following business entities can open a current account in Canara Bank:

Documents Required

The following are the required documents to be furnished along with the application form while opening a current account with Canara Bank.

For HUF (Hindu Undivided Family)

  • Application Form (duly filled)
  • Identity Proof of the Karta: PAN Card, Aadhar Card, Driving License, Voter ID Card, etc.
  • Address Proof of the Karta: Aadhar Card, Valid Passport, Utility bill, Property tax bill, Telephone bill, etc.
  • Duly signed HUF letter by Karta and all Co-Parceners.
  • Passport-size photographs.

For Sole Proprietorship

  • Registration certificate
  • Sales and income tax returns.
  • Identity Proof as per KYC norms: PAN Card, Aadhar Card, Driving License, Voter ID Card, etc.
  • Address Proof as per KYC norms: Aadhar Card, Valid Passport, Utility bill, Property tax bill, Telephone bill, etc.
  • ID proof of the person holding POA.
  • CST/VAT registration Certificate.
  • Passport-size photographs

Know more about Sole Proprietorship registration.

For Partnership Firm

  • Identity Proof as per KYC norms: PAN Card, Aadhar Card, Driving License, Voter ID Card, etc.
  • Address Proof as per KYC norms: Aadhar Card, Valid Passport, Utility bill, Property tax bill, Telephone bill, etc.
  • Partnership Registration Certificate (in the case of a registered concern).
  • Partnership Deed
  • Passport-size photographs of the partners.

For Public/ Private Limited Companies

  • Application form in the prescribed form.
  • Memorandum and Articles of Association.
  • Identity Proof as per KYC norms: PAN Card, Aadhar Card, Driving License, Voter ID Card, etc.
  • Address Proof as per KYC norms: Aadhar Card, Valid Passport, Utility bill, Property tax bill, Telephone bill, etc.
  • Commencement of Business Certificate.
  • Incorporation and Board Resolution Certificate.
  • Registration certificate
  • Licence Certificate issued by the Municipal Authorities under Shop & Establishment Act.
  • Passport-size photographs

For Clubs/ Societies/ Trusts

  • Registration certificate (if registered).
  • Documents listing the name and address proof of the trustees, sellers, beneficiaries, and the persons holding the Power of Attorney (POA).
  • Constitution document of the entity.
  • The updated directors list to be submitted.
  • Application Form (duly filled).
  • Power of Attorney
  • Identity Proof as per KYC norms: PAN Card, Aadhar Card, Driving License, Voter ID Card, etc.

For Limited Liability Partnerships (LLP)

  • Power of Attorney (POA)
  • Registration Certificate issued by Registrar of LLP.
  • Identity Proof of POA holders: PAN Card of the entity.
  • Address Proof: Aadhar Card of the sole proprietor/ entity, Valid Passport, etc.
  • Two passport size colour photographs.
  • LLP agreement.
  • Designated partners updated list.

Canara Bank Current Account Products

Canara Bank Current Account products have been customised to provide business banking solutions for different kinds of businesses. Entrepreneurs can select from the current account products from the below list that suits their business requirements. The below following are the Canara bank current accounts explained in detail.

  • Canara Premium Current Account
  • Canara Privilege Current Account
S.No.Canara Bank Current AccountCanara Bank Current Account Average Monthly Balance (AMB)
1.Canara Premium Current AccountAn average monthly balance of Rs.50,000/- to be maintained.
2.Canara Privilege Current AccountRs.1 lakh average quarterly balance to be maintained.

Canara Premium Current Account

This Canara Premium Current Account is a type of current account that fits the business professionals or business enterprise those who carry out large domestic businesses.

  • A number of NEFT and RTGS transactions (via Net Banking/Mobile banking) that can speed at 50% concession.
  • Demand Draft (DD) facility at 50% concession.
  • Free Debit Card will be issued as per bank rules.
  • An issue of free Credit Card to the 1st account holder.
  • Free Anywhere Banking (AWB) facility.
  • Sweep-in Sweep-out facility: Sweep-in into term deposit of amounts beyond Rs.1,00,000/- at the request(one time) of the customer mentioning the tenor of the term deposit.
  • Free funds transfer facility through our Internet Banking.

Canara Privilege Current Account

Canara Privilege Current account is a type of current account that is specially designed for premier customers who enrol themselves as promising clients to the bank. This current account can be opened only by the premier segment customers.

  • Free payments and collections via RTGS and NEFT transactions.
  • A Number of cheque leaves – 500 free cheque leaves per annum.
  • Auto Sweep Facility is available (as per the consent of the investor or the account holder).
  • Withdrawal up to Rs 50,000 per month is allowed from Canara Bank ATM
  • Free Debit Card will be issued as per bank rules.
  • Platinum Debit Card: Under Platinum Debit Card, Personal Accident Insurance cover up to Rs. 2 lakhs to Rs 8 lakhs is provided for a self/ spouse.

Application Procedure

To open a current account with Canara bank online, the applicant can apply either by visiting the nearest branch or by filling up a form on its official website. The applicant will have to fill up the online form with the necessary details. In the case of visiting a branch, the applicant will have to fill up Account Opening Form (AOF) for Current Account and will have to attach the mandatory documents with AOF. After a verification procedure completed by the bank official, your account can be opened successfully.

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Post by Sinduja Shankar

IndiaFilings is India's largest online compliance services platform dedicated to helping people start and grow their business, at an affordable cost. We were started in 2014 with the mission of making it easier for Entrepreneurs to start their business. We have since helped start and operate tens of thousands of businesses by offering a range of business services. Our aim is to help the entrepreneur on the legal and regulatory requirements, and be a partner throughout the business lifecycle, offering support at every stage to ensure the business remains compliant and continually growing.