Canara Bank Outline and Requirements for Opening Savings Account
India has plenty banks for its people and also for foreigners. There are lot of options on which bank to apply for a savings account. Canara Bank is one good option in choosing an Indian bank.
Canara Bank is one of the several nationalised banks in India. It was founded in 1906 as Canara Bank Hindu Permanent Fund. In 1910, it changed its name to Canara Bank Ltd. and in 1969, it became Canara Bank till today.
It is one of the oldest banks in India and among the biggest bank in the nation along with other banks like State Bank of India, Punjab National Bank and ICICI Bank.
Today, the main branch of Canara Bank is based in Bangalore, India with its Chairman and Managing Director S. Raman and Jagdish Pai K L as Executive Director.
Similar to other Indian banks, Canara Bank has many products and services it provides to its customers such as investment business carried on by a bank, credit cards, pensions, consumer banking, asset management, commercial banking, private banking and retail banking.
As of June 2010, Canara Bank has further expanded its local presence, with 3057 branches spread across India. To provide customers with high quality services and convenience, the bank built over 2000 ATMs. The system for this ATM banking is one of the highest among nationalized banks that covers 732 centres, 2681 branches catering Internet and Mobile Banking (IMB) services and 2091 branches offering ‘Anywhere Banking’ services.
Under progressive payment and settlement system, the entire branch of the Bank have been enabled to give Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) facilities.
The most common requirements in applying a bank account in India are the following.
Original and photocopies of the following documents are needed for checking and validation intentions. These credentials must be placed to the application forms.
i. Income Tax Permanent Account Number (PAN) card. In case, PAN card is not distributed, Form 60/61 has to be submitted
ii. Passport (where the place of residence of the applicant is the same as the address mentioned in account opening form)
You can also use the following for requirements in applying a new bank account in India.
1. Affidavit of Identity
i. Passport
ii. Voter ID card
iii. PAN card
iv. Driving License
v. Government or Defense ID card
vi. ID card of a real employer
vii. Photo ID card published by Post Office
2. Proof of Address (Any one of the following)
i. Telephone Bill
ii. Salary slip (with address)
iii. Electricity Account of charges
iv. Income Tax/Wealth Tax Assessment Order
v. Bank Account Record
vi. Letter from a real employer
vii. Credit card statement
viii. Ration card
ix. Letter from several certified public authority
B. Two current photographs (2.5 cm x 3.5 cm)
C. In opening of account of minors, where proof of identity or proof of address is not available, the same will be prepared by the Father
D. In case of uneducated clients, Left Thumb Impression (LTI) to be affixed and verified
Canara Bank is one of the nationalized banks in India with a reliable reputation in customer service and excellent bank products. In applying a bank account in Canara Bank, you should consider to prepare the above credentials to have a quick processing of your application.
To get more information on how to save money and open a bank account at Canara Bank, you should visit India Bank blog for helpful articles on saving, investments and make money online.
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