Canara Elite Current Account

1. What is the Canara Elite Current Account?

The Canara Elite Current Account is a premium current account designed for elite segment customers who maintain a quarterly average balance of ₹5 lakh and above. It offers a range of facilities for cash handling, fund transfers, payment acceptance, cheque usage, locker operations and balance management.

2. Who is eligible for the Canara Elite Current Account?

The account is available to elite segment customers who maintain a quarterly average balance of ₹5 lakh and above.

3. What happens if I do not maintain the required quarterly average balance?

A charge of ₹2,000 applies for the quarter in which the required balance is not maintained. If the required balance is not maintained for more than a quarter, the benefits of the account will be withdrawn.

4. What cash handling facility is available under the Canara Elite Current Account?

The account provides daily cash handling of up to ₹10 lakh, subject to an upper limit of ₹1 crore per month. The facility is available at any branch, kiosk or BNA and applies to denominations of ₹100 and above.

5. Are NEFT, RTGS and IMPS transactions free under this account?

Yes. NEFT, RTGS and IMPS are available free of charge under the Canara Elite Current Account.

6. How many free cheque leaves are available?

The account provides 700 free cheque leaves per annum.

7. Does the account offer free Demand Drafts?

Yes. Customers can avail five free Demand Drafts per month.

8. Does the Canara Elite Current Account provide a POS facility?

Yes. The account offers a POS terminal without rental charges, enabling businesses to accept payments through POS.

9. What debit card benefits are available with the account?

One beneficial owner is eligible for a RuPay Platinum Debit Card with free issuance and nil annual maintenance charges.

10. Does the account offer accidental insurance?

Yes. Personal accidental insurance is available as an in-built facility under the Platinum Debit or Credit Card. The existing coverage ranges from ₹2 lakh to ₹8 lakh for self or spouse, as applicable.

11. Does the Canara Elite Current Account offer locker facilities?

Yes. The account provides unlimited free locker operations.

12. What is the auto sweep facility under the Canara Elite Current Account?

Auto sweep facility available for balance above ₹ 5.00 lac and for Period 15 to 181 days in the multiples of ₹ 5 lac

13. Can existing Canara Bank current account customers convert their account to the Canara Elite Current Account?

Yes. Existing Canara Bank current account customers can convert their account to the Canara Elite Current Account without changing their account number, subject to applicable terms and conditions.

14. Are SMS alerts available with the Canara Elite Current Account?

Yes. SMS alerts are available free of charge.

15. Why should a growing business consider a premium current account?

As a business grows, its banking requirements can increase across cash handling, fund transfers, payment acceptance, cheque usage and balance management. A premium current account can bring multiple banking facilities together, making it easier for eligible businesses to manage their regular banking requirements through one account.

16. Is the Canara Elite Current Account suitable for every business?

The account is intended for eligible elite segment customers maintaining a quarterly average balance of ₹5 lakh and above. Whether it is suitable depends on the business's transaction patterns and the banking facilities it regularly requires.