Canara Bank launches Premium Payroll Account for Salaried Employees
Canara Bank has launched a new Premium Payroll Account for salaried employees. The account offers a host of benefits, including free unlimited transactions on Canara Bank ATMs, a personal accident insurance cover of up to Rs. 10 lakh, and a health insurance cover of up to Rs. 2 lakh. The bank has also waived the minimum balance requirement for the account.
The Premium Payroll Account will also provide an overdraft facility of up to three times the net monthly salary, subject to a maximum of Rs. 10 lakh, at a nominal interest rate of 1% above the base rate. Account holders will also be eligible for a 0.25% concession on the interest rate for various retail loan products.
According to the bank, the account will be offered to employees of corporates, government departments, public sector undertakings, and educational institutions. The account can be opened online or at any of the bank’s branches.
This move by Canara Bank is aimed at attracting more salaried employees to its customer base and increasing its market share in the banking industry.
B) Why this News is important:
Benefits of Canara Bank’s new Premium Payroll Account
Canara Bank has launched a new Premium Payroll Account for salaried employees. The account offers a range of benefits, including free unlimited transactions on Canara Bank ATMs, a personal accident insurance cover of up to Rs. 10 lakh, and a health insurance cover of up to Rs. 2 lakh. The bank has also waived the minimum balance requirement for the account.
Overdraft facility and concessions on retail loans
The Premium Payroll Account will also provide an overdraft facility of up to three times the net monthly salary, subject to a maximum of Rs. 10 lakh, at a nominal interest rate of 1% above the base rate. Account holders will also be eligible for a 0.25% concession on the interest rate for various retail loan products.
Account eligibility and opening
The account will be offered to employees of corporates, government departments, public sector undertakings, and educational institutions. The account can be opened online or at any of the bank’s branches.
C) Historical context:
Canara Bank is one of the leading public sector banks in India, with a customer base of over 10 crore. The bank was established in 1906 and has since grown to become one of the largest banks in the country. It has a wide network of branches and ATMs, serving customers in urban and rural areas alike.
D) Key Takeaways from “Canara Bank launches Premium Payroll Account”:
| Serial No. | Key Takeaway |
|---|---|
| 1 | Canara Bank has launched a new Premium Payroll Account for salaried employees. |
| 2 | The account offers a range of benefits, including free unlimited transactions on Canara Bank ATMs, a personal accident insurance cover of up to Rs. 10 lakh, and a health insurance cover of up to Rs. 2 lakh. |
| 3 | The Premium Payroll Account provides an overdraft facility of up to three times the net monthly salary, subject to a maximum of Rs. 10 lakh, at a nominal interest rate of 1% above the base rate. |
| 4 | Account holders will be eligible for a 0.25% concession on the interest rate for various retail loan products. |
| 5 | The account will be offered to employees of corporates, government departments, public sector undertakings, and educational institutions, and can be opened online or at any of the bank |
Important FAQs for Students from this News
Q. What is Canara Bank Premium Payroll Account?
A. Canara Bank Premium Payroll Account is a new savings account launched by Canara Bank. It offers exclusive benefits and features to salaried employees who maintain a minimum average balance of Rs. 25,000 per month.
Q. What are the benefits of Canara Bank Premium Payroll Account?
A. The benefits of Canara Bank Premium Payroll Account include free unlimited ATM transactions, free NEFT and RTGS transactions, free SMS alerts, accidental insurance cover, and many more.
Q. Can non-salaried individuals open Canara Bank Premium Payroll Account?
A. No, only salaried employees can open Canara Bank Premium Payroll Account.
Q. How can I open Canara Bank Premium Payroll Account?
A. You can visit your nearest Canara Bank branch to open a Canara Bank Premium Payroll Account.
Q. Is there any penalty for not maintaining the minimum average balance in Canara Bank Premium Payroll Account?
A. Yes, there is a penalty of Rs. 250 per month for not maintaining the minimum average balance of Rs. 25,000 per month in Canara Bank Premium Payroll Account.
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