Bengaluru: Canara Bank, one of India’s premier public sector banks, on Tuesday announced the launch of “Canara TruEdge,” a specialized suite of current and savings accounts.
This new offering, an official bank release says, is designed to address the unique and evolving banking requirements of a wide array of institutional clients across the nation, including vital sectors such as healthcare, education, and religious organizations, as well as other non-individual entities.
Recognizing the critical role these institutions play in fostering stable deposit growth and long-term banking partnerships, TruEdge proposes to deliver enhanced customer segmentation and provide solutions tailored to their specific operational and financial workflows.
The product suite begins by removing a common barrier, offering a convenient “zero initial deposit requirement”, for easy on-boarding.
As the account balance gradually increases, the associated benefits grow proportionally.
TruEdge strategically integrates essential digital and physical banking solutions aimed at streamlining institutional operations, enhancing efficiency, and providing a distinct competitive advantage in the market, the release says.
Key features of Canara TruEdge are:
- Zero Initial Deposit: Facilitates immediate account opening for all eligible institutions without upfront funding, simplifying the initial setup process.
- Dynamic 5-Tier MAB Structure: Implements a flexible benefit system directly linked to the previous month’s Monthly Average Balance (MAB). Five distinct tiers (Up to ₹49k; ₹50k-<₹2L; ₹2L-<₹5L; ₹5L-<₹10L; ₹10L+) ensure that valuable benefits like charge waivers and concessions scale progressively as the banking relationship deepens.
- Integrated Ecosystem Solutions: Provides seamless access to platforms like ‘Canara Easy Fee’ for efficient fee collection at no cost, Payment Gateway services, POS terminals, Soundbox, API Banking, and discounted ERP solutions.
- Significant Charge Waivers and Concessions: Delivers substantial cost savings through MAB tier-based waivers. Benefits include waivers on cash handling charges, complimentary POS machine/Soundbox rentals, and attractive MDR charge concessions based on the previous month’s MAB.
- Dedicated Relationship Manager: Provides personalized and dedicated support through a designated Relationship Manager, serving as a single point of contact to address all the banking requirements of the institution.
- Complimentary Premium Debit Cards: Extends the privilege of complimentary premium Debit Cards to key office-bearers, providing premium benefits. These are linked to the office bearer’s individual SB account for operational ease.
- Free Coursera Licenses (Educational Institutions): A unique value-added proposition specifically for eligible educational institutions. Based on MAB slabs, complimentary Coursera licenses are provided to support crucial student and staff upskilling initiatives.
- Simplified and Free Digital Banking: Facilitates efficient daily transactions with unlimited free NEFT/RTGS/IMPS/UPI, unlimited free cheque leaves, and tier-based free Demand Draft issuance. The on-boarding process is streamlined via a single Account Opening Form covering the main account and supplementary service requests.
- Pan-India Accessibility: Hassle-free banking across Canara Bank’s extensive national branch network, complemented by comprehensive Any Branch Banking facilities for various essential services.
