Canara Bank Ltd, India Home Banks in India
Canara Bank is one of the largest and oldest public sector banks in India, headquartered in Bangalore . Canara bank has branches and ATMs all over India , details of which are available at their website
Canara bank branch, ATM locations, NRI branches, NRI service center, Rupee exchange companies . Like most public sector banks, a lot of work is still done manually (which is fine since there is no electricity for 3 hours daily in parts of Mumbai) . However, if you have any problem, it is usually resolved within half an hour, unlike private sector banks (ICICI, HDFC) which some times take a month to resolve the simplest of problems. Due To RBI regulations, they have listed all bank charges on their website
Canara bank has a low minimum balance for savings account - Rs 500. They have reasonable charges for most services like outstation cheques , preparing a demand draft. The charge is usually proportional to the amount, for a draft for amounts less than Rs 500, the bank charges are Rs 10 (+ service tax). If you maintain a balance of more than Rs 10000 in your savings bank account, you are allowed 2 free demand drafts per month. The maximum amount for the demand drafts is Rs 25000, and you have take permission from the manager . For foreign currency cheques also, their charges are very competitive, the minimum charges are approx. Rs 75, unlike private sector banks which charge a minimum of Rs 350 irrespective of the amount. Outstation cheques are are usually cleared within a month. In case the amount is not credited, you can contact the concerned officer, and they will check the records in front of you.
No withdrawal slips are provided for cash withdrawals by Canara Bank customers. All withdrawals are by cheque, a maximum of 60 cheque leaves are provided free, for a period of year. For making a fixed deposit, you have to fill the form, give the cheque and you will be given an acknowledgement. You can collect the fixed deposit receipt after 1 -2 days. When the fixed deposit is due for renewal, the bank will send a reminder letter. For some fixed deposit schemes, if the fixed deposits are not renewed within 14 days, you only get simple interest, directly credited to your savings bank account. No TDS is deducted for recurring deposits, but you are have to pay a penalty if you do not have sufficient funds in your account.
The timings of Canara Bank branches are usually from 8.30 am to 12.30 noon (from Mon- Fri). This is inconvenient for customers who have to reach their office at 8.30 am and do not have a branch nearby. For internet banking, you have to download a form from their website and submit it at the branch. Feedback on internet banking experience with Canara Bank from a customer of Canara bank. You can pay sales tax, VAT, service tax at Canara bank branches, but not all branches accept income tax.
I wish to open an account in Canara
Please advice me.
Also let me know the various types of account with maximum interest & repatriability.
Thanks. Awaiting an early reply. VKV
Details of the various NRI accounts for Canara Bank customers are available at http://www.canbankindia.com/nri
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