In May 2025, Bengaluru (Karnataka)-based Canara Bank, one of India’s leading Public Sector Bank (PSB), launched ‘CANARA TruEdge’, a specialized and unique feature-rich suite of Current and Savings Accounts.
- This new offering is designed to address the unique banking requirements of institutional clients across India, including various sectors like: healthcare, education and religious organisations, as well as other non-individual entities.
Key Features:
i.The newly launched product with the tagline “Grow with trust, lead with edge” is aimed to deliver improved customer segmentation and provide customer solutions customized to their specific operational and financial workflows.
ii.It offers a zero initial deposit requirement for smooth onboarding. As bank maintain higher balances, the related benefits are expected to increase proportionally.
iii.Some of the unique features of new product suite are: access to a tier-5 Monthly Average Balance (MAB), significant charge waivers & concessions, and premium services.
iv.It also offers some other benefits like: Integrated digital tools, free Coursera licenses for educational institutions, complimentary premium debit cards and dedicated relationship support across Pan-India branches for its clients.
v.Facilitates smooth day-to-day banking with unlimited free transactions via National Electronic Funds Transfer(NEFT), Real-Time Gross Settlement(RTGS), Immediate Payment Service(IMPS), and Unified Payments Interface(UPI), along with unlimited cheque leaves and tier-based free issuance of Demand Drafts(DDs) to ensure operational efficiency.
UBI Launched ‘Union Wellness Deposit’ Innovative Term Deposit Scheme
In May 2025, Mumbai (Maharashtra)-based PSB, Union Bank of India (UBI) officially launched “Union Wellness Deposit “, an innovative retail term deposit scheme, in Mumbai, Maharashtra.
- The newly launched scheme is strategically designed to promote both wealth creation and health protection by combining the benefits of fixed deposit products with health insurance and lifestyle perks.
Key Features:
i.This new offering is available to resident individuals who are aged between 18 and 75 years, either individually or jointly. However, for joint account holders, only the primary account holder will be eligible to avail the benefits of insurance coverage.
ii.The scheme has a fixed tenure of 375 days and offers an interest rate of 6.75% per annum, with an additional 0.50% for senior citizens.
iii.Customers can invest minimum Rs 10 lakh and maximum Rs 3 crore in the scheme. It has also provision of premature closure and loans against the deposit.
iv.A unique feature of the scheme is a 375-day Super Top-up Health Insurance cover of Rs 5 lakh, including cashless hospitalization.
- In addition to these benefits, the product offers a range of lifestyle benefits through the RuPay Select Debit Card.
v.It offers flexibility with premature closure and the option for loans against the deposit.
About Canara Bank:
Managing Director (MD) and Chief Executive Officer (CEO)- K. Satyanarayana Raju
Headquarters- Bengaluru, Karnataka
Tagline- ‘Together We Can’
Established- 1906
About Union Bank of India (UBI):
Managing Director (MD) and Chief Executive Officer (CEO)– A. Manimekhalai
Headquarters- Mumbai, Maharashtra
Tagline- ‘Good People to Bank with’
Established- 1919
