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Canara Bank – one of the largest public sector banks in India has launched a new scheme – TruEdge. This scheme offers a lot of benefits to customers.
The TruEdge Current and Savings Account is crafted to meet the unique banking needs of institutions, offering a dynamic range of benefits that scale with your Monthly Average Balance (MAB). With no initial deposit required and a suite of value-added services, TruEdge is the perfect solution for educational institutions, trusts, societies, and more.
- Also Read: Union Bank Launches ‘Union Wellness Deposit’, Open FD and Get Free Health Insurance upto Rs.5 Lakhs
Benefits offered in Scheme
| Zero Initial Deposit | Open your account with no upfront payment. |
| Unlimited Free Transactions | Enjoy unlimited free NEFT, RTGS, IMPS, and UPI transactions across all tiers. |
| Cash Handling Waivers | Benefit from waivers on cash handling charges based on your previous month’s Monthly Average Balance (MAB). |
| Tiered Benefits That Grow with You | Unlock higher-value rewards as your MAB increases, such as waivers on cash handling, discounts on POS machine rentals, and reduced Merchant Discount Rates (MDR). |
| Real-Time SMS Alerts | Stay informed with unlimited free SMS alerts on all transactions—anytime, anywhere. |
| Bank Anywhere in India | Access selected services like deposits, transfers, and inquiries at any Canara Bank branch—no “home branch” restrictions. |
| Free POS & BHIM QR Devices | Receive up to 3 free POS machines and 5 free BHIM QR soundboxes. |
| Unlimited Cheques & Demand Drafts | Enjoy unlimited cheque leaves and free demand drafts. |
| Smart Tech Tools for Institutions | ERP software at exclusive rates for schools, hospitals, Housing Societies and other institutions. API banking for seamless integration. Payment Gateway & BBPS for fast, secure transactions. |
| Simplify Fee Collection | Use Canara Easy Fee, our free, white-label fee collection tool for educational institutions—collect and manage fees easily and securely. |
| Enhance Learning with Coursera | Empower your students and staff with free Coursera courses (limited period offer), a value-added educational boost for qualifying institutions. |
| Exclusive Benefits for Office Bearers | Complimentary premium debit cards for office bearers, linked to their personal Canara Savings Bank accounts. |
| Personalized Service | Enjoy support from a dedicated Relationship Manager to help manage your account efficiently. |
| Flexibility | Seamless account portability and non-home branch banking services. |
Features
The TruEdge account provides a robust set of features tailored for institutional banking:
| Features | Tier – 0 | Tier – I | Tier – II | Tier – III | Tier -IV |
| Eligibility | All trusts, associations, societies, and clubs – primarily targeted at educational institutions | ||||
| Initial Deposit | Rs. ‘Zero’ | ||||
| Monthly Average Balance Requirement Slab | Less than Rs 50,000/- | Rs. 50,001/- to Rs.2,00,000/- | Rs. 2,00,001/- to Rs. 5,00,000/- | Rs. 5,00,001/- to Rs.10.00,000/- | Above Rs. 10,00,000/- |
| ERP solution | At concessional rate | ||||
| Coursera Course for Institutions(Limited period Offer) | Nil | Maximum upto 1000 per institute on maintaining balance upto June’25 | |||
| Easy Fee – White label solution for Education institution for fee collection | Solution Provided for Free | Solution Provided for Free | Solution Provided for Free | Solution Provided for Free | |
| Folio Charges | Waived | Waived | Waived | Waived | |
| Cash Handling Charges | 1 Lakh per day | up to 5 times of the previous month MAB per month. Daily Cash Handling of 10 lakhs with upper cap of 1 Crore in month | up to 5 times the previous month MAB per month. Daily Cash Handling of 10 lakhs with upper cap of 1 Crore in month | up to 5 times the previous month MAB per month. Daily Cash Handling of 10 lakhs with upper cap of 1 Crore in month | |
| POS rent | Standard Charges | 1 POS free* | 2 POS free* | 3 POS free | |
| Soundbox | Standard Charges | 1 Soundbox free* | 3 Soundbox free* | 5 Sound Box free | |
| MDR Charges# | Standard Charges | Standard Charges | 25% waiver on MAB as on previous month | 50% waiver on MAB as on previous month | |
| Dedicated Relationship Manager | No | No | No | Yes | |
| SMS alert | Unlimited | ||||
| NEFT/RTGS/IMPS/UPI | Unlimited | ||||
| Cheque Book | Unlimited | ||||
| Demand Draft irrespective of Numbers and amount | Standard Charges | Unlimited | Unlimited | Unlimited | |
| Account Portability | Permitted | ||||
| Account operation Updation(Updation of AUS, Operating instruction etc…) | Waived | ||||
| Account Closure Charges | Rs 499 + GST if closed after 14 days and within one year from date of opening | ||||
| Shortfall of Previous Month Average Balance (MAB) | 1. Previous MAB < 25,000/- Charges of Rs.99 + GST2. Previous MAB < 50,000/- Charges of Rs.49 + GST | ||||
| Complimentary Premium Debit Card | Will be extended to the office bearers linking the debit card to their individual SB account | ||||
#Applicable MDR charge will be settled on a monthly basis subject to terms and conditions – MDR charges as per extant guidelines POS and Sound box rent on tier downgrade – applicable as per extant guidelines
- Also Read: Union Bank Launches ‘Union Wellness Deposit’, Open FD and Get Free Health Insurance upto Rs.5 Lakhs
Eligibility
The TruEdge account is available to the following institutions:
- Sole Proprietary Concerns
- Partnership Firms
- Limited Liability Partnerships
- Private and Public Limited Companies
- Public Corporations
- Registered Societies/Associations/Clubs
- Trusts/Provident Funds
- Government/Semi-Government Bodies
- Charitable and Religious Institutions
Terms and Conditions
| Monthly Average Balance (MAB): | Benefits are tied to the MAB maintained in the previous month. The account opening month is a buffer period; MAB calculation starts from the first of the following month. Tier System Tier I: Rs. 50,000 – Rs. 2,00,000 Tier II: Rs. 2,00,001 – Rs. 5,00,000 Tier III: Rs. 5,00,001 – Rs. 10,00,000 Tier IV: Rs. 10,00,001 and above Non-Maintenance Charges Previous MAB < Rs. 25,000: Rs. 99 + GST Previous MAB < Rs. 50,000: Rs. 49 + GST |
| Account Closure | Rs. 499 + GST if closed between 14 days and one year from opening. |
| Additional Terms | The bank reserves the right to amend these terms. Standard banking policies apply. |
