Fund transfer to cheque return, Canara Bank’s revised charges

News:

MAS Team | 06 January 2023

According to the Canara Bank website, service charges for certain non-credit, non-forex related services have changed as of February 3, 2023. The bank has revised charges for a variety of services, including funds transfers through internet and mobile banking services (IMPS transfer), cheque returns, ECS debit return fees, average minimum balance (AMB), and non-maintenance of average monthly minimum balance.

Cheque Return- Inward, Outward, Local & Outstation

If returned on technical reasons, no charges for customers. After the revision, for cheque amount below Rs1000, charge will be Rs200, for amounts between Rs1000 - below Rs10 Lakhs, charge is Rs300.

• Rs10 Lakhs - below Rs50 Lakhs is Rs500/-

• Rs50 Lakhs – below Rs1 Crore is Rs1000/-

• Rs1 Cr and above is Rs2000/-

ECS (Debit Return)

After the revision, below are the new rates

• Below Rs1000/ is Rs300/-

• Rs1000/- to below Rs5000/- is Rs400/-

• Rs5000/- to below Rs10,000/- is Rs450/-

• Rs 10,000/- to below Rs1 Lakh is Rs475/-

• Rs 1 Lakh to below Rs 50 Lakhs is Rs500/-

• Rs50 Lakhs to below Rs1 Cr is Rs1000/-

• Rs1 Cr. and above is Rs2000

Average Minimum Balance (AMB)

Saving Bank Account- Minimum balance to be maintained

• Rural is Rs500/-

• Semi Urban is Rs1000/-

• Urban/Metro is Rs2000/-

Non-Maintenance of Average Monthly Minimum Balance

Metro/Urban Branches

• Rs1999/- to Rs1500/- is Rs25/- + GST

• Rs1499/- to Rs1000/- is Rs35/- + GST

• Rs999/- and below is Rs45/- + GST

Semi Urban Branches

• Rs999/- to Rs700/- is Rs25/- + GST

• Rs699/- to Rs400/- is Rs35/- + GST

• Rs399/- and below is Rs45/- + GST

Addition/Deletion of Names

For addition or deletion of names the charge is Rs 100 plus GST per case/instance. No charges for online. Not applicable for deletion of name on account of death of customer in Joint Account.

Funds transfer through Internet & Mobile Banking Services (IMPS transfer)

• Below Rs1000 NIL

• Rs1000/- to below Rs10,000/- is Rs3/- + GST

• Rs10,000/- to below Rs25,000/- is Rs5/- + GST

• Rs25,000/- to below Rs1 Lakh is Rs8/- + GST

• Rs1 Lakh to below Rs2 Lakhs is Rs15/- + GST

• Rs2 Lakhs to Rs5 Lakhs is Rs20/- + GST.

Ledger Folio Charges

One page shall consist of 40 entries, or any portion thereof. In the event of CA/OD/OCC/PL/KCC/KCCS (i.e. all credit limitations other than single transaction limits and Bills/Cheque limits), Rs125+ GST per ledger page will be collected on a quarterly basis (Jun/Sep/Dec/Mar). In the case of active accounts, the number of free folios per quarter available is as follows:

Amount Number of Free Folios Upto

• Rs25,000/- No free folios

• Rs25,001/- to Rs50,000/- 02 free folios

• Rs50,001/- to Rs1,00,000/- 04 free folios

• Rs1,00,001/-to Rs2,00,000/- 07 free folios

• Rs200001/-to Rs5,00,000/- 10 free folios

• Above Rs5,00,000/- No charges

Request for Change of Mobile Number/ E-mail/ Address

At the time of Account opening/ First time (legacy account): NIL.

Further change: Rs50/- + GST per instance.

BSBD Account Charges

According to the Canara Bank website, “Four (4) withdrawals per month including drawings through ATM (own Bank/other Bank ATMs) are free of cost. Withdrawals exceeding 4 per month would be levied a service charge at the rate not exceeding Rs5/- + GST per withdrawal.

The above charge of Rs5/- will not be levied for any type of debit transactions (exceeding the prescribed minimum four free transactions in a month) for transactions where normal charges are collected for services extended such as:

1. Cash Withdrawal through channels such as ATM/POS, etc.

2. RTGS/NEFT/Clearing/Transfer/ Internal Debit/EMIs/DD/ Standing Instructions.

3. BC transactions.

Exemptions:

1. Electronic Debit card transactions powered by RuPay.

2. Unified Payments Interface (UPI) (BHIM UPI).

3. Unified Payments Interface Quick Response Code (UPI QR Code) (BHIM UPI QR Code).”

Dear Investor,
In case of any grievance / complaint :

Please contact Compliance Officer Pankaj Raheja at [email protected] and Phone No. - 91-22-35131664.
You may also approach CEO Debashis Basu at email- id [email protected] and Phone No. - 91-22-35131664.