India has many banks for its citizens and also for foreigners. There are lot of choices on which bank to apply for a savings account. Canara Bank is one good option in selecting an Indian bank.
Background of Canara Bank
It is one of the several nationalized banks in India. It was established in 1906 as Canara Bank Hindu Permanent Fund. In 1910, it changed its name to Canara Bank Ltd. and in 1969, it became Canara Bank until today.
Today, the headquarter of the bankis located in Bangalore, India with its Chairman and Managing Director S. Raman and Jagdish Pai K L as Executive Director.
Similar to other Indian banks, Canara Bank has many products and services it offers to its clients such as investment banking, credit cards, pensions, consumer banking, asset management, commercial banking, private banking and retail banking.
As on June 2010, it has further expanded its local presence, with 3057 branches spread all over India. To provide customers with high quality services and convenience, the bank built over 2000 ATMs. The system for this ATM banking is one of the highest among nationalized banks that covers 732 centres, 2681 branches providing Internet and Mobile Banking (IMB) services and 2091 branches offering ‘Anywhere Banking’ services.
Under advanced payment and settlement system, all branches of the Bank have been enabled to offer Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) facilities.
Requirements When Opening a Canara Bank Account
Original and photocopies of the following documents are needed for checking and verification purposes when opening a new bank account at Canara. These documents should be attached to the application forms upon submission together with the initial deposit.
The most common requirements in applying a savings account in India can be found here: Requirements for Opening a Bank Account in India
If your documents are already prepared and complete, you can go to the branch near your place to apply a new account. Fill up completely all forms and submit the whole requirements to the bank officer. Just wait for processing and approval of your new bank account.
Canara Bank is one of the nationalized banks in India with a good reputation in customer service and excellent bank products. In applying a savings account, you should consider to prepare the above documents to have a fast processing of your application.