Canara Aspire

1. Who is eligible to open the account?

A. The account can be opened by all Indian resident individuals (including visually impaired and illiterate) aged between 17 to 28 years (including 17 and 28 years).

2. Can an account be opened if the customer does not want a Rupay Platinum Millennial Debit Card?

A. Yes, But the customer shall not be getting the card based features such as Swiggy one lite, Book My Show and Gaana etc., if the account is opened without Rupay Platinum Millennial Debit Card.

3. Can only the specific card embedded with the product be issued? Can the customer request for a Visa/MasterCard?

A. All newly opened Canara Aspire Savings accounts shall get a welcome kit with a Rupay Platinum Millennial Debit Card. However, if the customer wishes to have an additional card with VISA/Master variants, it can be issued based on the specific request of the customer separately as per the extant guidelines. These additional cards will carry charges as applicable.

4. Can a joint account be opened for Canara Aspire Savings account with the spouse or any other person?

A. No, joint accounts are not permitted under this scheme as of now.

5. Will a Canara Aspire Savings account customer continue to get the features and benefits after 28 years?

A. Card based offers will continue as long as they continue to hold the Rupay Platinum Millennial Debit Card. However, the additional 0.50% concession on education loan will continue if the Aspire account is upgraded to Premium Payroll account after the customer secures a job.

6. Is there a waiting period for the Canara Aspire Savings account customers to utilise the debit card-based offers?

A. No, there is no waiting period for utilising the debit card based offers for Canara Aspire Savings account customers.

7. Are there any charges for porting from other savings account to Canara Aspire?

A. There are no charges for porting from other savings account to Canara Aspire.

8. How will the debit cards be dispatched to the Canara Aspire Savings account customers?

A. Rupay Platinum Millennial Debit Card will be automatically dispatched from the backend to the customer's address.

9. Who is eligible to claim the insurance amount in case of the Canara Aspire Savings account holder's death?

A. The nominee of the account will be eligible for claiming the insurance amount in case of the death of the account holder and in absence of nominee, the extant bank procedures shall be followed.

10. Can a customer have multiple Canara Aspire Savings accounts?

A. No, an individual customer aged between 17 to 28 years shall have only one Canara Aspire Savings account i.e. 1 customer id shall have 1 Canara Aspire Savings account.

11. Are Non-Resident Indians (NRIs) eligible for opening Canara Aspire youth savings account?

A. No, the account is restricted to Resident Indians only.

12. If an existing to the bank (ETB) customer ports from a permitted savings account to Canara Aspire OR opens a new Canara Aspire account, will the existing Education Loan availed by the customer, be eligible for the additional 0.50% concession on Education Loan?

A. The existing Education Loan of the customer before opening/porting to Canara Aspire, will not be eligible for the additional 0.50% ROI (rate of interest) concession.

13. If a Canara Aspire customer has availed 2 Education Loans will, the customer be eligible for the additional 0.50% concession on both the Education Loans?

A. The customer having a Canara Aspire account and has availed 2 fresh Education Loans (after opening/porting to Canara Aspire and maintaining a QAB of Rs. 5000), shall be eligible for the additional 0.50% concession on both the Education Loans.

14. Is the additional 0.50% concession on education loan applicable for foreign education loan?

A. Canara Aspire account is restricted to resident Indian individuals only with an additional 0.50% concession on domestic education loan. This additional concession is not applicable for foreign education loan for studying abroad.

15. If a savings account is ported to Canara Aspire, can the customer continue to use the existing debit card issued as part of the saving account, prior to porting to Aspire?

A. Once a savings account is ported to Canara Aspire, the customer will be issued with a Rupay Platinum Millennial Debit Card. However, the customer has a choice either to continue to use the debit card issued as part of the saving account, prior to porting to Aspire or hotlist the existing debit card at applicable charges.