Canara Bank provides its Non-Resident customers with various options to invest in fixed deposit schemes. These schemes let NRIs earn good returns based on prevailing Canara Bank NRI FD Rates. These deposits can be made for short term as well as long term tenure in INR or foreign currencies alike. Read on to know about the current Canara Bank FD rates for NRIs.
Table of Contents
| Tenure | Fixed Deposit of less than Rs. 2 crore |
| 1 year | 5.25% |
| Above 1 year to less than 2 years | 5.20% |
| 2 years & above to less than 3 years | 5.20% |
| 3 years & above to less than 5 years | 5.30% |
| 5 years & above to 10 years | 5.30% |
Note: The above stated Canara Bank NRE FD Rates are applicable to deposits below Rs. 2 crores. (Interest rates effective from 16th November 2020)
| FD Tenure | Canara Bank FD Interest Rates (p.a.) |
| Regular Citizens | |
| 7 days to 45 days* | 2.95% |
| 46 days to 90 days | 3.90% |
| 91 days to 179 days | 4.00% |
| 180 days to less than 1 year | 4.45% |
| 1 year | 5.25% |
| Above 1 year to less than 2 years | 5.20% |
| 2 years & above to less than 3 years | 5.20% |
| 3 years & above to less than 5 years | 5.30% |
| 5 years & above to 10 years | 5.30% |
*For a single deposit of Rs. 5 lakh and above.
Note: These FD rates are applicable to deposits below Rs. 2 crores only. (Interest rates effective from 16th November 2020)
| Interest rates on FCNR (B) % p.a. | |||||
| Currency | 1 Year and above but less than 2 years | 2 years and above but less than 3 years | 3 years and above but less than 4 years | 4 years and above but less than 5 years | 5 years only |
| USD | 0.97 | 1.00 | 1.03 | 1.07 | 1.16 |
| GBP | 0.53 | 0.56 | 0.60 | 0.65 | 0.69 |
| EUR | NIL | NIL | NIL | NIL | 0.03 |
| CAD | 1.23 | 1.05 | 1.10 | 1.18 | 1.27 |
| AUD | 0.59 | 0.59 | 0.61 | 0.68 | 0.76 |
Note: The abovementioned Canara Bank FCNR FD rates are applicable only to deposits below USD 1 million or equivalent. (Interest rates effective from 7th November 2020)
| Tenure | The currency of deposit (Interest Rate % per annum) | ||||
| USD | GBP | EUR | CAD | AUD | |
| 1 month & above but less than 3 months | NIL | NIL | NIL | NIL | NIL |
| 3 months & above but less than 6 months | 0.09 | NIL | NIL | 0.02 | NIL |
| 6 months & above but less than 1 year | NIL | NIL | 0.03 | NIL | NIL |
| 1 year & above but less than 2 years | 0.97 | 0.53 | NIL | 1.23 | 0.59 |
| 2 years & above but less than 3 years | 1.00 | 0.56 | NIL | 1.05 | 0.59 |
| 3 years only | 1.03 | 0.60 | NIL | 1.10 | 0.61 |
Note: The aforementioned RFC FD rates for Canara Bank fixed deposits are applicable to deposits below USD 1 million. All figures are in percentage per annum. (Interest rates effective from 7th November 2020)
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Let’s understand the features of these schemes in detail:
It is a type of NRI deposit account in which NRI customers can park their foreign earnings and earn returns on the same. The account is maintained in Indian Rupee. There is a forex risk involved. Also, the interest accrued is not taxable in India.
| Particulars | Details |
| Tenure | 1 – 10 years |
| Eligibility | NRI/PIO individuals Individuals or entities of Pakistan & Bangladesh require prior permission from RBI |
| Taxability | Not taxable in India |
| Premature Withdrawal |
|
| Loan against FD | Allowed |
| Features |
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This scheme is designed for those who are living abroad but have Indian earnings and they wish to park the same here only. The interest earned is taxable in India. The following are details elaborating features and benefits of the scheme:
| Particulars | Details |
| Tenure | 15 days – 10 years 7 days – 10 years (for a single deposit of Rs. 5 lakh and above) |
| Eligibility | Any non-resident of India (except the ones living in Nepal & Bhutan) Individuals or entities of Pakistan & Bangladesh require prior permission from the RBI |
| Taxability | Taxable in India |
| Premature Withdrawal |
|
| Loan against FD | Allowed (Not allowed abroad) |
| Features |
|
Those NRIs who wish to park their foreign earnings in the bank but want to get more returns as compared when deposited in a savings account, FCNR (B) or Foreign Currency Non-Residential (Bank) fixed deposit account is extended. The account is maintained in the designated foreign currency thus there is no forex risk involved. Also, the interest accrued is not taxable in India. It is good for those who are not planning to return to India anytime soon and also do not have any payments to be made in Indian Rupee.
Check the table below for further details:
| Particulars | Details |
| Tenure | 1 – 5 years |
| Eligibility | NRI/PIO individuals Individuals or entities of Pakistan & Bangladesh require prior permission from RBI |
| Taxability | Not taxable in India |
| Premature Withdrawal | Allowed; a penalty of 1% No interest payable if closed before completion of 1 year |
| Loan against FD | Allowed |
| Features |
|
*US Dollars [USD], Sterling Pounds [GBP], Euro [EUR], Canadian Dollars [CAD] and Australian Dollars [AUD]
Those NRIs who have returned to India, this scheme of Resident Foreign Currency proves beneficial. The returning individual can deposit the earnings in the designated foreign currency so that they do not have to bear the risk related to currency conversion. The interest earned is not taxable in India as long as the investor has the R-NOR status, i.e. Resident but Not Ordinary Resident status.
| Particulars | Details |
| Tenure | 1 month – 3 years (7 days – 3 years for min. deposits of USD 250, 000) |
| Eligibility | Returning Indians |
| Taxability | Taxable in India |
| Features |
|
*US Dollars [USD], Sterling Pounds [GBP], Euro [EUR], Canadian Dollars [CAD] and Australian Dollars [AUD]
Premature withdrawal, i.e. withdrawing funds in the fixed deposit before the maturity date comes, is permitted in Canara Bank NRI fixed deposit accounts. However, the following points must be considered w.r.t. the same:
The bank allows NRE, NRO and FCNR fixed deposit holders to exercise the facility of loan against FD. This facility provides its customers with the option of applying for a loan up to a percentage of FD amount kept with the bank. This lets deposits avoid breaking their FD prematurely and avail loan at affordable interest rates with quick loan disbursal.
To apply for the NRI fixed deposit account with Canara Bank, the following documents may be asked from the applicant:
Interested customers should walk in to the nearby Canara Bank NRI branch along with the required documents stated above and ask for assistance in opening a fixed deposit account.
For those who are registered with the Canara Bank, net banking should log in to their online accounts and proceed with account opening procedure from the dashboard if provided.
Q. Can NRI customers of Canara Bank get balance information over a call?
A. NRI customers can give a missed call to 00919015613613 for balance enquiry.
Q. Do senior citizens get preferential interest rates on NRI FD with Canara Bank?
A. There are no preferential FD rates allowed for NRE, RFC and FCNR deposit accounts.
Q. Can NRE account be opened jointly?
A. Yes. A maximum of 4 individuals can open a Canara Bank NRE FD account.
Q. Are NRO transfers for the same person allowed?
A. No. Transfers in the accounts of the same person are not allowed in NRO deposits.
Q. Is lending allowed for the loan amount taken keeping Canara Bank NRI FD as collateral?
A. Loan taken against NRI FD cannot be used for the purpose of lending to any other person.
