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Canara Bank
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In July 1906, Shri Ammembal Subba Rao Pai founded Canara bank at Mangalore, a small port town in Karnataka. Since then, the bank has passed through various phases of its growth trajectory. Canara bank showed phenomenal growth primarily after becoming nationalized in 1969, attaining the status of a national level player due to its vast geographical reach and discerning clientele. The journey of the 80s was embarked by business diversification of the bank. In June 2006, Canara bank achieved a sheer century of operating in the Indian banking industry. The bank has won several accolades and marked its presence in various countries such as USA, UK, South Africa, UAE, Russia, China, Hong Kong, and Bahrain.

Canara bank has been in the first place among all Indian banks while achieving the following milestones:

  • Inter-City ATM Network Launch

  • ISO Certification

  • Exclusive Mahila Banking Branch

  • Launched Exclusive Subsidiary for IT Consultancy

  • Credit card for farmers

  • Agricultural Consultancy Services

Facilities Offered by Canara Bank

NRI Banking

Now NRIs can also avail banking facilities from Canara bank via their NRI banking services. The services that are offered to NRIs are:

  • Expatriate, migrant and international student banking for Australia

  • Remittance of funds online

  • FLASHremit

  • Remittance scheme in collaboration with Western Union

  • SWIFT Transfer

  • Instant remittance of money

Internet Banking

Canara bank facilitates its customers to transact at their convenience from homes or offices via internet banking.  The services that are provided by Canara bank internet banking are:

  • The customer can manage their account and check account balances.

  • Transfer funds through IMPS, NEFT or RTGS.

  • Invest in a fixed deposit scheme.

  • Pay credit card or other utility bills.

  • Check the respective eligibility for loan application and subsequently applying for loans.

  • Open a PPF account.

  • Pay Taxes.

When a customer joins Canara bank, he/she is provided with a unique user id that helps in accessing the account and carrying out transaction instantly.

IFSC Code of Canara Bank

The acronym of IFSC is Indian Financial Code. It is unique for every bank branch. Hence, through IFSC, you can identify the bank name and its address.

IFSC is an eleven digit code provided by Reserve Bank of India to identify individual bank branches in India. This code is used when the account holders of different branches transact.

Structure of IFSC

The structure of IFSC is as follows:

  • 11 -Digit alphanumeric code.

  • First four alphabets: Name of the Bank

  • Fifth letter: Always 0 ( Left for future expansion)

  • Remaining 6 Characters: Mostly Numeric (can be alphabetic too)

e. g. Canara bank Hyderabad: CNRB0001076

Canara Bank Share Price

The breakup of the shareholding pattern of Canara bank as of March 2018 revealed that the Government of India owned about 72.55% of the bank shares. The services that Canara bank offers are consumer banking, asset management, private banking, credit cards, and investment banking. The bank has several subsidiaries: Canfin Homes Limited, Canbank Venture Capital Fund Limited, and Canara Robeco Asset Management Company Limited. The stocks of Canara bank are listed on NSE and BSE. The NSE code of Canara bank is CANBK and BSE code is 532483.

Products of Canara Bank

Credit Cards

The bank offers several credit cards to its customers in collaboration with Visa and MasterCard. The different categories of the cards provided under each affiliate are:

VISA Credit Card – It consists of two variants:

  • Classic

  • Gold

Master Card Credit Card – It consists of three variants:

  • Standard

  • Gold

  • World?

Corporate Credit Card –  The bank also provides a corporate credit card that is dedicated to corporate employees.

Debit Cards

Canara bank also provides debit cards to its account holders through which they can make transactions without the need to carry physical cash. There are various variants of debit cards:

Canara Bank Debit Card – It comes in two options: VISA card and Rupay/MasterCard.

Canara Bank Platinum Debit Card – This card is eligible for the customers who are maintaining a high balance in their Canara bank's savings accounts.

Canara Bank Campus Card – This debit card is tailored to meet the banking needs of college students.

Savings Accounts and Interest Rates

Canara bank savings account is offered to the customers to assist them in stashing money, receiving salary and subsidies. Canara bank offers various savings accounts:

Savings Bank Account - Anyone can open this account. It meets the banking requirement of every individual.

Canara Champ Deposit Scheme – This account is specially customized for kids to enable them to learn the basics of banking.

Canara Basic Savings Bank Deposit Account – This account is designed to offer banking facilities to the common man.

Canara Small Savings Bank Deposit Account – This account is offered to the people of low-income groups.

Canara NSIGSE Savings Bank Deposit Account – This is an exclusive account for the girl child who belongs to SC/ST category.

Canara Jeevandhara – This savings account is meant for senior citizens.

Canara SB Power Plus – This account is to serve the premium customers of the bank who maintain a high balance in their accounts.

Canara Payroll Package Savings Bank Account – This account is offered to the employees of corporate organizations.

Canara Junior Savings Account – This savings account is for minors, and it comes with a debit card.

All the different variants of Canara bank savings accounts also offer interest to its account holders @4% per annum on the balances that they maintain in their accounts.

Fixed Deposits and Interest Rates

Canara bank also provides fixed deposit schemes to its customers so that they can park their money in these accounts and enjoy attractive rates of return on their investments. Some of the fixed deposit accounts are:

Canara Bank Tax Saver Scheme – a deposit scheme that saves tax under section 80C as per the Income Tax Act.

Recurring Deposits – This deposit can be made every month to accrue small savings.

Ashraya Deposit Scheme – This scheme is meant for senior citizens.

Canara Dhanvarsha – This scheme is another recurring deposit scheme meant for monthly savings that are flexible.

Fixed Deposit – This is a conventional fixed deposit account that serves the purpose of wealth accumulation through interest payments.

The interest rate of FD accounts depends on the tenure for which the customer holds the money and the amount invested in it.


Canara bank also provides various loan facilities to its customers to suit their particular needs. Some of the loan products are as follows:

  • Housing Loan

  • Home Improvement Loan

  • Canara Vehicle

  • Swarna Loan or Gold Loan

  • Canara Rent

  • Vidhya Turan Loan Scheme/Education loan

Housing Loan

Canara bank offers housing loans to its customers to assist them in buying a ready-to-move house/flat, for construction purpose of house/flat, for home renovation and repairs with a monetary ceiling of Rs.15 Lakh, for acquiring a second home, etc. People who are salaried and in service for a minimum of three years tenure or engaged in business for at least three years and are less than 60 years are eligible to apply for this loan.

Home Improvement Loan

The purpose of this loan is to provide financial assistance to individuals for furnishing or renovating their homes at incredibly lower rates of interest.

Canara Vehicle or Car Loan

This loan is to help people in buying a new or used four-wheeler. The individual should have a minimum gross salary of Rs.3 lakh/annum to apply for this loan. For new vehicles, the credit can be granted up to 85-90% of the total value of the car including the invoice, registration fee, insurance premium, and the accessories.

Swarna or Gold Loan

If you need funds for emergencies, then you can apply for this loan. The customer needs to repay this loan within 12 months from the sanctioned date. The creditworthy customers are eligible for this loan. The rate of interest is 11.95%.

Canara Rent

This loan is offered by Canara bank to the owners of the property so that they can meet their business and other personal needs. Both the existing and new customers can apply for this loan.

Vidya Turan Loan Scheme

Vidya Turan or education loan is to support college students in their education.

Quantum of Loan


Interest Rates

Vidhya Turan Loan Scheme

1 yr MCLR + 0.20%


Uptil 4 Lakhs *

1 yr MCLR + 2.00%


> Rs. 4 Lacs - Rs. 7.50 Lakhs *

1 yr MCLR + 2.00%


>Rs. 7.50 lakhs *

1 yr MCLR + 1.80%


For Vocational Education & Training *

1 yr MCLR + 1.50%