Canara Bank
Canara Bank is one of India's oldest public sector banks, founded in 1906 by Ammembal Subba Rao Pai in Mangalore, Karnataka. Following the 1 April 2020 amalgamation under the Government of India's PSU consolidation plan, Canara Bank merged with Syndicate Bank to form one of India's largest public sector banks with 9,500+ branches and 13,500+ ATMs across the country. The bank holds a strong PSU and South India corporate payroll presence, particularly across Karnataka, Kerala, Tamil Nadu, and Andhra Pradesh. The Canara Bank Salary Account is a zero-balance savings account designed for salaried employees routed through employer tie-ups. Account holders earn 2.9% p.a. interest on balances — one of the higher rates among PSU salary accounts — while the Monthly Average Balance (MAB) requirement is fully waived for the duration of salary credit. Free unlimited NEFT and RTGS transfers are processed via Canara's digital channels, including the Candi mobile banking app and net banking portal. Salary account holders receive a complimentary Canara Bank Salary Debit Card (RuPay variant) with free ATM transactions at Canara's 13,500+ ATM network. The package includes a personal accident insurance cover of up to ₹5 lakh (death cover) and ₹2 lakh (permanent total disability), with no additional premium charged to the employee. On job change or retirement, the salary account is automatically converted into a standard Canara Bank Savings Account without any paperwork. Salaried employees can fund standing instructions, ECS mandates, SIPs, insurance premiums, and home loan EMIs directly from the salary account. The Candi app supports UPI, IMPS, and QR-based payments, along with instant account statements, mobile recharge, and FD booking. For employers, the Canara Corporate Tie-up programme offers bulk salary processing and customised account opening at any of the bank's 9,500+ branches. The Canara Bank Salary Account is best suited for PSU employees, central and state government staff, defence and railway personnel, and South India corporate workforce. The account is opened with a minimal documentation set — Aadhaar, PAN, employer ID, and latest salary slip — and is governed by RBI savings account norms and the RBI Master Direction on Interest Rate on Deposits. Source: Canara Bank official website, updated May 2026.
| Feature | Details |
|---|---|
| Interest Rate | 2.9% p.a. |
| Minimum Balance | ₹0 |
Review the eligibility criteria below. Most savings accounts require Indian residency, valid KYC documents, and a minimum age of 18 years.
Click "Apply Now", fill in your details, and complete KYC via Aadhaar eKYC, video call, or by uploading self-attested documents.
Once KYC is verified, your account is activated within 1–3 working days. You will receive your account number and can start transacting immediately.