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Canara Bank SB Select account launched with lifetime free Rupay platinum debit card

Das.N

TF Ace
Canara Bank SB Select account launched recently. Many people doesn't know about it. So, I thought let's share a overview of this account.

*It offers unlimited free NEFT/IMPS/RTGS.

*Main benefit is zero annual charges Rupay platinum debit card. Canara Rupay platinum debit card charges 590 per year.So it's a big benifit, specially for me.

*No charges for sms alerts.

*Unlimited free locker operations.

*No initial deposit required for new account opening.
Screenshot_20231228-222127.jpg Screenshot_20231228-222332.jpg
Eligibility:
Minimum balance for Rural 10000,Semi Urban 15000, Urban 20000, Metro 25000.

My branch is in semi urban area, So my minimum balance is 20000. I considered this account because this Bank's branch is the nearest to my house.The branch staff are really helpful there and despite being a PSU it's not crowded at all.I prefer going to the offline branch to do some cash transactions. I had normal savings account since 2013. The minimum balance for that account was 2000. And was not offering any kind of benifits+it had all the charges. And debit card charges for classic variant was 218(totally useless card) and Rupay platinum Card was 590(Very high charges).
That's why I converted my normal savings account to Select account by giving a request while visiting branch.

The Rupay platinum Card is instantly generated if someone has any other variant. And it's totally free. Second debit card/alternate debit card can also be issued but it will be chargeable. My rupay platinum debit card is delivered by India post today, and it looks really beautiful.

So, If anyone has the similar situation like me, and if anyone wants psu bank account except SBI, they can certainly consider Canara SB select account .
IMG_20231228_221650517~2.jpg
 

FinoGuy

TF Ace
Those canara selling tactics playing with customer psychology.. Product name SB select, card given rupay select platinum.
From 2k to 20k. You've to maintain 18k more to avoid 590rs charges. If you make those 18k fd in same bank 7+% interest(You'll get Atleast 720rs).
This locker thing is additional benefit for which not much details are mentioned.
+ also there will be hidden charges somewhere in their website, under service charges page for non maintenance of required balance..

They're using free Rupay platinum at usp, RuPlat offers are from npci, canara has nothing to do with those card specific rupay offers.
EDIT2: customer has to pay full 590rs dc charges +sms alert charges IF on non maintenance of minimum balance on any 4 months in a year or 3 consecutive months.
 
Last edited:

Chethan_br

TF Buzz
Those canara selling tactics playing with customer psychology.. Product name SB select, card given rupay select platinum.
From 2k to 20k. You've to maintain 18k more to avoid 590rs charges. If you make those 18k fd in same bank 7+% interest(You'll get Atleast 720rs).
This locker thing is additional benefit for which not much details are mentioned.
+ also there will be hidden charges somewhere in their website, under service charges page for non maintenance of required balance..

They're using free Rupay platinum at usp, RuPlat offers are from npci, canara has nothing to do with those card specific rupay offers.
EDIT2: customer has to pay full 590rs dc charges +sms alert charges IF on non maintenance of minimum balance on any 4 months in a year or 3 consecutive months.
Even here.. on 20k savings deposit he earns interest of 2.9% i.e., Rs. 580.. Plus platinum debit card worth 590.. So, he is making a profit of Rs. 1170 which seems not bad at all..
 

Das.N

TF Ace
It's all about convenience. In many areas like semi urban, rural you can't find fancy bank branches like HDFC, Indusind, Kotak etc. We have to rely on PSU bank like pnb, SBI, Canara there. And all our requirements are not fulfilled with some zero balance online accounts. We have to do some cash transactions in branch too.
Plus, If you want to get profit for your 18000, why not investing in Mutual funds/Good quality stock, where we can get more than 13% return. But I need some emergency fund in bank account to spend everywhere. That fund I put in Canara.
 

pothi

TF Premier
RML Group
Even here.. on 20k savings deposit he earns interest of 2.9% i.e., Rs. 580.. Plus platinum debit card worth 590.. So, he is making a profit of Rs. 1170 which seems not bad at all..

Both you and @FinoGuy are correct 💯.

In my view, we will loose (18k * (7%-2.9%) = RS.738) if we keep the amount in SB account instead of FD. So, to get benefits of Rs.590 (for the platinum card), we are loosing Rs.738. Effectively, we loose Rs.148 by switching to select account. So, not beneficial for new customers.

Existing customers already pay Rs.200+GST for the debit card. So, for those customers, particularly associated with a rural branch, switching to Select account is beneficial.
 

FinoGuy

TF Ace
Even here.. on 20k savings deposit he earns interest of 2.9% i.e., Rs. 580.. Plus platinum debit card worth 590.. So, he is making a profit of Rs. 1170 which seems not bad at all..
:) let me explain you in a more elaborate way. Consider two different people 1)sumanta 2)Mr mandal.
1)Mr sumanta has normal sb 2k mab a/c
2)Mr mandal has select sb 20k mab a/c.
Both hv take rupay platinum debit card.

1)Mr sumanta maintains 2k mab, opens 18k FD, he earns 58rs interest on 2k & 1260rs on 18k per year & pays 590rs as rupay amc charge. So he earned 1260+58 - he paid 590.=728rs net interest earned.
2)Mr mandal is more luxury guy, he maintains 20k mab, and gets rupay card for free. He earns net 580rs on 20k in a year.

I hope its clear to you now, what I was trying to convey..

Ps : no offence, no founders were harmed in this example.
 

Das.N

TF Ace
:) let me explain you in a more elaborate way. Consider two different people 1)sumanta 2)Mr mandal.
1)Mr sumanta has normal sb 2k mab a/c
2)Mr mandal has select sb 20k mab a/c.
Both hv take rupay platinum debit card.

1)Mr sumanta maintains 2k mab, opens 18k FD, he earns 58rs interest on 2k & 1260rs on 18k per year & pays 590rs as rupay amc charge. So he earned 1260+58 - he paid 590.=728rs net interest earned.
2)Mr mandal is more luxury guy, he maintains 20k mab, and gets rupay card for free. He earns net 580rs on 20k in a year.

I hope its clear to you now, what I was trying to convey..

Ps : no offence, no founders were harmed in this example.
Ok then, let's calculate in more details.
1.Mr. S has 2K mab account and earned 58+1260-590=728 as Interest and you have to deduct quarterly sms charges of approx 15X4=60. So net interest earned is 668
2.Mr. M who is a luxury guy with 20K Mab, earns 580

Now, some points to be added,
In number 1 point, you are getting interest of 7% on a FD of 1+ year duration (because RBI repo rate is very high now a days and in case you need instant funds you may get -1% return if you liquidate fd, where In savings account you have hard cash to spend and you can downgrade your account anytime without any charges.)
***RBI requested banks to increase savings account interest too to pass some benifits to the savings account holder. Banks are constantly opposing this, That's another case. But the significant difference you are seeing between FD and savings account interest probably won't last long because historically India's fd rate varies between 5-6% in psu.

In point number 2, Mr M who is a luxury guy lives in a urban/metro area who has probably access to Axis/HDFC/Indus more higher variant and higher facilities account. So he may not interested in this psu bank account.

And if we discuss, Rural/Semi urban people who may need this account, they can generate 10000X2.9%+10000x7%=990, and 15000X2.9%+5000X7%=785 according to your 7% FD rule.

And if you ever need IMPS transfer, that's also free. And it's a small amount and many bank accounts offer it free , so exclude this .

And in my case, I live in a urban area, where the mab is 20000, And, Yes I will lose 728-580=148 every year according to you. But I always said from starting, I use this account for my convenience, except having HDFC classic, Indus select (zero balance), SBI Regular(zero balance), Paytm Payment bank account(zero balance).
This canara branch is 2 min walking distance away from my home and I use IMPS instead of upi and offline cash transactions a lot in this account. So, I won't mind paying 148.

P.S.- no offence to anyone.
 

FinoGuy

TF Ace
Ok then, let's calculate in more details.
1.Mr. S has 2K mab account and earned 58+1260-590=728 as Interest and you have to deduct quarterly sms charges of approx 15X4=60. So net interest earned is 668
2.Mr. M who is a luxury guy with 20K Mab, earns 580

Now, some points to be added,
In number 1 point, you are getting interest of 7% on a FD of 1+ year duration (because RBI repo rate is very high now a days and in case you need instant funds you may get -1% return if you liquidate fd, where In savings account you have hard cash to spend and you can downgrade your account anytime without any charges.)
***RBI requested banks to increase savings account interest too to pass some benifits to the savings account holder. Banks are constantly opposing this, That's another case. But the significant difference you are seeing between FD and savings account interest probably won't last long because historically India's fd rate varies between 5-6% in psu.

In point number 2, Mr M who is a luxury guy lives in a urban/metro area who has probably access to Axis/HDFC/Indus more higher variant and higher facilities account. So he may not interested in this psu bank account.

And if we discuss, Rural/Semi urban people who may need this account, they can generate 10000X2.9%+10000x7%=990, and 15000X2.9%+5000X7%=785 according to your 7% FD rule.

And if you ever need IMPS transfer, that's also free. And it's a small amount and many bank accounts offer it free , so exclude this .

And in my case, I live in a urban area, where the mab is 20000, And, Yes I will lose 728-580=148 every year according to you. But I always said from starting, I use this account for my convenience, except having HDFC classic, Indus select (zero balance), SBI Regular(zero balance), Paytm Payment bank account(zero balance).
This canara branch is 2 min walking distance away from my home and I use IMPS instead of upi and offline cash transactions a lot in this account. So, I won't mind paying 148.

P.S.- no offence to anyone.
Bro, I never said what you did was wrong! In your case, convenience & good staff at your branch wins over any interest lost. What you did was absolutely correct because of the above reasons.
I am against this chindi canara marketing and no customer centric policies.
I highlighted in my post about lack of transparency in canara products and mistreatment to customers. I am canara bank customer since 20+yrs now, have experienced most of their products from loan to subsidies to schemes to cards, hv bitter experiences in many of these. Even RBI fined them recently for violation of RBI rules iinw
 

Sri.yadav

TF Buzz
Ok then, let's calculate in more details.
1.Mr. S has 2K mab account and earned 58+1260-590=728 as Interest and you have to deduct quarterly sms charges of approx 15X4=60. So net interest earned is 668
2.Mr. M who is a luxury guy with 20K Mab, earns 580

Now, some points to be added,
In number 1 point, you are getting interest of 7% on a FD of 1+ year duration (because RBI repo rate is very high now a days and in case you need instant funds you may get -1% return if you liquidate fd, where In savings account you have hard cash to spend and you can downgrade your account anytime without any charges.)
***RBI requested banks to increase savings account interest too to pass some benifits to the savings account holder. Banks are constantly opposing this, That's another case. But the significant difference you are seeing between FD and savings account interest probably won't last long because historically India's fd rate varies between 5-6% in psu.

In point number 2, Mr M who is a luxury guy lives in a urban/metro area who has probably access to Axis/HDFC/Indus more higher variant and higher facilities account. So he may not interested in this psu bank account.

And if we discuss, Rural/Semi urban people who may need this account, they can generate 10000X2.9%+10000x7%=990, and 15000X2.9%+5000X7%=785 according to your 7% FD rule.

And if you ever need IMPS transfer, that's also free. And it's a small amount and many bank accounts offer it free , so exclude this .

And in my case, I live in a urban area, where the mab is 20000, And, Yes I will lose 728-580=148 every year according to you. But I always said from starting, I use this account for my convenience, except having HDFC classic, Indus select (zero balance), SBI Regular(zero balance), Paytm Payment bank account(zero balance).
This canara branch is 2 min walking distance away from my home and I use IMPS instead of upi and offline cash transactions a lot in this account. So, I won't mind paying 148.

P.S.- no offence to anyone.
expand...
Why you are wasting so much time for all these calculations?? Seriously Man please don't waste your precious time ..
 

Das.N

TF Ace
Why you are wasting so much time for all these calculations?? Seriously Man please don't waste your precious time ..
This type of small calculation hardly takes 2/3 minutes bro. Every one should be aware of how much return they are getting with how much investment.
I always calculate my stock& Mutual funds portfolio return, savings account & FD return, credit card return everything.
You will always lose something when you don't calculate precisely. From getting loan to your investment, buying asset/gold everywhere.
 

Abhishek012

TF Pioneer
Not sure if this is covered elsewhere, the canara rupay cards are good ncmc cards as well. There is a separate wallet in the app that allows us to transfer money.
Activation and wallet balance update needs to be done at metro stations
Great, share your experience here -

 
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