If you want term insurance and air accident cover along with an instant overdraft facility, then Canara Bank’s premium payroll package is what you must check out if you are a salaried account holder.

 The state-owned lender on Monday said it has introduced a premium payroll package for salary account holders with competitive features.

 The product is designed to meet all the banking requirements of the salaried customers. It has features such as free term life insurance, Insta overdraft, free personal and air accident insurance coverage.

 Canara Bank is also offering premium cards on this account. “It gives me immense pleasure to introduce the new premium service to our customers as they deserve the best," said Canara Bank managing director and CEO K Satyanarayana Raju.

 Banks have been marketing salary accounts in a big way to get low-cost savings account deposits.

 In a bid to mobilise more such deposits, Canara Bank in December hiked its savings account rate by 50 basis points to 4%.