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SuperSavings Account

By Leonard Gibson,2014-04-05 21:58
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SuperSavings Account

    CANARA SUPER SAVINGS SALARY ACCOUNT SCHEME FAQs

1. Who can open accounts under the scheme?

    Ans : All employers with number of employees 25 and above can open the

    salary account of their employees under the scheme.

    However, if the employees are less than 25, then also opening of the

    accounts under the scheme could be considered on case-to-case basis.

    2. What are the advantages of opening account under CSSS scheme?.

    Advantages to Employer:

    ; Peace of mind by making the salary payments easy.

    ; Freedom from cash handling and payments.

    ; Freedom from writing multiple cheques for employee salary payments

    ; Instant credit of salary across India within Canara bank branch

    network from one single point.

    ; Single List of employees with account number and salary amount to

    be given in the specified format.

    ; No wastage of official hours of employees for withdrawal of salary

    Advantages to employee:

    ; Host of value added services along with no minimum balance

    requirements

3. Can I open Joint account under CSSS account scheme ?

    Ans: At present, opening Joint account under CSSS Account Scheme is not

    permitted.

    4. What is the minimum balance requirement for accounts opened

    under the scheme?

    Ans: No minimum balance is required for the accounts opened under the

    Scheme.

    5. What if my account balance goes below Rs.1000/- at any time?

    Ans: Even if your balance becomes zero at any time in the account, the Bank

    levies no charges.

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    6. Do I require an introduction from an existing Canara Bank account

    holder for opening Account under CSSS scheme?

    Ans : No introduction is required from an existing account holder for opening a

    Canara Super Savings Salary Account. Introduction by the HR

    department of the employer in the Application form would suffice for

    opening of the account. However, in case the corporate is not having

    account with us then proper introduction is required. Please contact your

    nearest branch for guidance.

    7. What is the rate of interest applicable for the accounts opened

    under the Scheme?

    Ans : Normal SB interest which is 3.5% PA as of now, is applicable as per RBI

    guidelines. Interest is paid at half yearly intervals before 10th of

    February and August. Interest is calculated on the basis of minimum

    balance in the account between 10th and last day of the month.

8. What types of cheque books are available for me?

Ans: Following types of cheque books are available:

    ; Normal Cheque books

    ; Personalized Cheque Books *

    ; Multicity Cheque Books Payable at par *

    * Conditions apply

9. Whether the Cheque Books are provided free of cost?

    Ans : Yes, Cheque books with leaves upto 40 in urban, semi urban and metro

    and 60 leaves in rural are free per annum for the customer as per extant

    guidelines. Above that normal charges are applicable.

10. Can I open Demat Account with my Canara Super Savings Salary

    Account?

    Ans : Yes, you can open Demat Account and Trading account at our

    designated branches and your CSSS account can be linked to it.

11. What is salary mandate? Whether it is compulsory?

    Ans : Salary mandate is a declaration by the employer informing/intimating/

    confirming that the salary of the said employee will be credited to the

    salary account being opened with Canara Bank under CSSS, on regular

    basis. Salary credit will not be shifted without prior intimation and

    confirmation from Canara Bank branch, where the account is maintained.

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    Yes, Salary mandate is compulsory to open accounts under CSSS. The salary mandate could be either a collective mandate for all the employees or a separate mandate for each employee.

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    12. What is sweep-in sweep-out facility?

    Ans : Sweep-in Sweep-out is a combination of Savings Bank account with fixed Deposit account and enables customers to manage their savings in a better way to earn a higher interest on the balances maintained in your SB accounts.

    ; This facility provides automatic transfer of funds beyond Rs.15000/-

    in multiples of Rs.1000/- from your SB a/c to Fixed Deposit account to

    earn higher interests at FD rate.

    ; This facility also provides transfer of funds, from FD a/c to your SB

    a/c as per your needs, in multiples of Rs.1000/-.

     13. How do I get my account transferred from one branch to another Canara Bank branch?

    Ans : If you are a CBS branch customer, you need to just give a letter at your branch and surrender your unused cheque leaves. Your home branch is changed as per your request and you continue to use your same account number and Debit card at your new branch.

    However, if you have an account in a non CBS branch, then you are required to fill in the appropriate application form available in the branch. You are also requested to surrender the Debit card, unused cheque leaves, if any.

    14. What are the features available under Any Where Banking (AWB) offered to me with my Salary Account?

    Ans : This facility is particularly for all non CBS branch customers. The 'Any Where Banking' facility enables the customers to access his account from any branch of Canara Bank across India.

     The facilities offered by our Bank under AWB cover the following:

     Withdrawal of cash from operative accounts with a limit of Rs.

    50,000/- per occasion.

     Remittance of cash to the operative accounts of the account holder.

     Transfer of funds only between initiating branch and base branch

    where the accounts are maintained

     Non fund based transactions like Issue of mini statement of

    accounts, Balance enquiry etc.

     Depositing of local cheques for credit of the account of the AWB

    account holder at any AWB branch.

     Home clearing - cheques drawn on any AWB branch in the same

    centre.

     Credit of outstation cheques drawn on any of our outstation AWB

    branches by online debit instead of sending it for collection.

     Issue of DD (by debit to customer's account at any other AWB

    branch, i.e, against cheques of another AWB branch).

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    All the above facilities are also available in CBS branches.

    15. What all can I do with the Internet Banking facility offered to me with my Salary Account?

    Ans: The following operations can be done with your internet banking facility:

     Summary of Operative Accounts/Term Deposit/Loan Accounts.

     View/Query transactions in all your Operative/Loan Accounts.

     Account Details of all your Operative/Term Deposits/Loan

    Accounts.

     Funds transfer facility between your own accounts of the same

    branch/maintained across CBS branches and Third Parties

    accounts

     Repayment of Loan

     Cheque / Cheque Book Status Inquiry

     Forex Rate / Interest Rate Inquiry

     Term Deposit / Loan Calculator

     Change Password

    16. What all can I do with the Tele Banking facility offered to me with my Salary Account?

    Ans : TeleBanking gives you the convenience of 24 hours banking on your fingertips. You can avail the following services under Tele banking facility:

For CBS Customers :

    ; Enquiry of account balance

    ; Details of last five transactions

    ; Change of password

    ; Cheque status enquiry

    ; Stop payment instruction

    ; Loan details of retail customers

    ; Information on the Bank’s products/services

    ; Demat account details

    For Non-CBS customers:

    At present Tele banking services for Non-CBS customers is available through our Call Centre (Toll Free 1800 425 0018) for Product and Service related information only.

    17. Whom shall I nominate as a nominee for my Salary Account? How can I change the nomination if already nominated?

    Ans: You can nominate any individual (preferably one of your legal heirs) as a nominee to your CSSS account. You can change the nomination by making a declaration to that effect, in the appropriate form, which is available at the Canara Bank branch.

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