Canara Bank Hikes Charges On Debit Cards And Other Services; Know More


Last Updated: January 17, 2023, 12:29 IST

Canara Bank increased fees on platinum, business, and select cards from Rs 50 to Rs 150.

The annual cost has gone up from Rs 125 to Rs 200 for ordinary or classic debit cards, and from Rs 250 to Rs 500 for platinum cards.

Public sector lender Canara Bank has increased the fee for using their debit cards. The revised service fees will become effective on February 13, 2023, following the bank’s official statement. The annual fee, card replacement costs, inactivity fees for debit cards, and SMS alert fees have all been hiked by the bank. “The taxes are not included in the service charges listed above. Taxes that apply will also be collected. The updated service fees will take effect on February 13, 2023,” according to a statement from Canara Bank.

The annual cost has gone up from Rs 125 to Rs 200 for ordinary or classic debit cards, from Rs 250 to Rs 500 for platinum cards, and from Rs 300 to Rs 500 for business cards. For certain debit cards, Canara Bank will continue to charge an Rs. 1000 annual fee. Canara Bank increased the replacement charge for traditional or classic debit cards from NIL to Rs 150.

Canara Bank increased fees on platinum, business, and select cards from Rs 50 to Rs 150. The bank would no longer charge users of business debit cards anything more than a Rs 300 yearly card inactivity fee. For the other card kinds, there won’t be any fees.

Canara Bank will now charge for SMS alerts on an actual basis rather than the previous Rs 15 per quarter.

The daily cash withdrawal cap for Canara Bank Debit Card – Standard/Classic is Rs. 40,000 at ATMs, and it is Rs. 1 lakh for transactions. While the daily purchase transaction cap for Canara Bank Debit Card – Platinum/Select is Rs. 2 lakhs and the daily cash withdrawal cap is Rs. 50,000.

Per the statement made by Canara Bank to stock exchanges, “Pursuant to Regulation 29(1), 50 and other applicable provisions of SEBI (LODR) Regulations, 2015, Notice is hereby given to Stock Exchanges that the Board Meeting of the Bank is scheduled to be held on Monday, January 23, 2023, at its Head Office in Bengaluru, among other things, to consider and approve the Unaudited (Reviewed) Standalone and Consolidated Financial Results of the Bank for the Third Quarter.

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