Canara Bank Overview and Requirements for Opening Bank Account

India has many banks for its citizens and also for foreigners. There are lot of options on which bank to apply for a savings account. Canara Bank is one good choice in selecting an Indian bank.

Canara Bank is one of the various nationalised banks in India. It was established in 1906 as Canara Bank Hindu Permanent Fund. In 1910, it replaced its name to Canara Bank Ltd. and in 1969, it became Canara Bank until present.

It is one of the oldest banks in India and in a group of the biggest bank in the country along with other banks like State Bank of India, Punjab National Bank and ICICI Bank.
Presently, the headquarter 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 plenty of products and services it provides to its customers such as investment banking, credit cards, pensions, consumer banking, asset management, commercial banking, private moneylending and retail banking.

As of June 2010, Canara Bank has in addition expanded its local presence, with 3057 branches multiply across India. To provide clients with high quality services and comfort, the bank built over 2000 ATMs. The method 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 giving 'Anywhere Banking' services.

Under progressive payment and settlement system, the entire branch of the Bank have been enabled to offer Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) equipment.

The most common requirements in applying a savings account in India are as follows.

Authenticated and photocopies of the following documents are essentials for checking and verification purposes. These credentials should be attached to the application forms.

i. Income Tax Permanent Account Number (PAN) card. In conditions, PAN card is not issued, Form 60/61 has to be introduced

ii. Passport (where the place of residence of the applicant is similar as the address mentioned in account opening form)

You may also use the following for requirements in applying a new savings account in India.

1. Proof 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 issued by Post Office

2. Certification 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 Statement

vi. Letter from a real employer

vii. Credit card statement

viii. Ration ticket

ix. Letter from several recognized public authority

B. Two current photographs (2.5 cm x 3.5 cm)

C. For applying of account of under age, where proof of identity or proof of address was not available, the same will be prepared by the Father

D. In case of illiterate clients, Left Thumb Impression (LTI) to be affixed and verified

Canara Bank is one of the nationalized banks in India with a good reputation in client service and excellent bank products. In applying a savings account in Canara Bank, you must consider to prepare the above documents to have a fast processing of your application.

For more information on how to make money and apply a bank account at Canara Bank, you must go India Bank blog for helpful articles on saving, investing and earn money online.