Canara Bank for Junior Savings Account

For the Finnoviti 2025 Awards, Canara Bank filed a nomination for its youth oriented junior savings account.

- manoj

This product offers age-appropriate features tailored to young customers, with the added benefit of free access to mobile banking services. The gamified account features interactive dashboards showcasing visual savings progress, designed to promote engagement and encourage financial responsibility among young users.

This product features several service Innovations. The mobile banking experience incorporates educational modules that foster sound financial habits and enhance literacy, with rewards / recognition for achieving key learning milestones. It also enables parents to actively guide their child's financial journey through real banking experiences, with tools such as spending notifications and instant card freezing capabilities.

The product encourages goal-based savings by allowing minors to create and manage multiple personalized savings goals, such as for education, gadgets, or transportation, fostering intentional saving behavior. It also offers restricted / controlled peer-to-peer transfers within a predefined network for safe digital gifting, shared expenses, and allowances while maintaining regulatory and parental oversight.

TECHNOLOGY INNOVATIONS