How to open a bank account in Canara Bank

GSL reference about the bank What is it?

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GSL rating

Beginning of cooperation

July, 2023

Last contact

April, 2024

Last update

October, 2023
  • Canara Bank – founded in 1906 in Mangalore and nationalized in 1969 by the Government of India;
  • opens accounts only for local companies, it does not work with non-residents;
  • opening an account requires a visit to the bank by the director of the company;
  • cards can be issued;
  • Internet bank in English;
  • account opening period, please check with your consultant
GSL rating
Beginning of cooperation
July, 2023
Last contact
April, 2024
Last update
October, 2023
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General information and rating

Not rated
Global rating
Not rated
Countrywide rating
Countrywide rating of the head bank
Global rating of the head bank
Year of foundation
1906
History
The bank was established in 1906 as Canara Hindu Permanent Fund. In 1910, it was renamed Canara Bank. In 1969 it was nationalized along with 13 other major banks in India. In 1983, the first overseas branch was opened (in London). In 1985, was absorbed by Lakshmi Commercial Bank and opened a branch in Hong Kong. Syndicate Bank was merged in 2020
Personnel
Staff speaks English
Bank’s shareholders
Government of India - 62,93%;

Life Insurance Corporation of India (Investment Portfolio) - 8,559%;

Capital Research & Management Co. (World Investors) - 2,737%;

Rekha Rakesh Jhunjhunwala - 2,072%;

BNP Paribas Arbitrage SNC - 1,535% etc.
Confidentiality
Judicial Cooperation Agreement with Russia is signed; Double Taxation Agreement with Russia is signed; AML legislation is strictly observed
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    Minimum requirements

    0
    Minimum balance, €
    No restrictions
    Transactions permitted per month
    0
    Initial deposit of funds, €
    0
    Deadline for the initial deposit, month
    Transactions permitted per month
    No restrictions on the number of transfers
    Minimum turnover, €/year
    No turnover restrictions
    How fast payments are executed
    Same day or next day

    Tariffs and services

    75
    Outcoming transfer, €
    0
    Incoming transfer, €
    N/A
    Account maintenance, €/year
    N/A
    Payment limit for credit cards, €/day
    Outcoming transfer, €
    Transfer fee is ~ 0,10% - 0,15%
    Incoming transfer, €
    No commission for enrollment incoming transfer
    Distant access to the account
    Internet banking in English
    Financial products
    The Bank's diversified products and services include personal banking and corporate banking. Personal banking includes custody services, mutual funds, ancillary services, technology products, retail loan products, credit products for micro, small and medium enterprises, card services, etc. Corporate banking includes accounts and deposits, supply chain finance management, syndication services, technology upgradation fund schemes, etc. The Bank also provides depository services. The Bank provides basic savings deposit accounts, overdrafts under PMJDY program and credit services to the unbanked rural population through products such as differential interest rate scheme, Kisan credit card scheme, debt conversion scheme and various other credit products
    Credit/debit cards
    Yes

    Account opening procedure

    Days to open for incoming transfers
    Case by case
    Days to open for outcoming transfers
    Case by case
    References
    Not necessary
    Purpose of the account
    Savings & current
    Visit to the bank
    Opening an account requires a personal visit of the director of the company to the bank
    Required
    Completed bank forms, client passport / ID, standard set of corporate documents, etc.
    Types of accounts
    Savings; Current
    Chances to open an account
    Predictable
    Business description
    Requirements to the description of the activity are standard: a story about the current state of the business and its formation, disclosure of the source of origin of funds, biography of the account beneficiary and contact information

    Banks of India

    Bank
    The cost of opening an account, $
    Global rating
    Countrywide rating
    GSL rating
    2 500
    N/A
    N/A
    2 500
    N/A
    1
    2 500
    N/A
    5
    2 500
    N/A
    N/A
    2 500
    N/A
    N/A
    2 500
    N/A
    3
    2 500
    7
    1
    2 500
    N/A
    N/A
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