One of the largest public sector Indian banks, Canara Bank offers an array of banking and investment services for overseas Indians. NRIs and OCIs can apply for a Canara Bank NRE account to maintain their foreign earnings in India without paying any income tax on the same.
Here are the features and benefits of Canara NRE savings account, including minimum balance to be maintained, interest rate and application process.
Features and Benefits of NRE Savings Account
- Attractive interest rates up to 4.00% on Canara Bank NRE savings accounts.
- NRIs can repatriate the entire fund in an NRE account to an overseas bank account.
- Foreign currency deposited in an NRE account is converted into Indian Rupee (INR).
- The great benefit of an NRE account is that NRIs don’t need to pay income tax in India on interest earned in an NRE account.
- Account holders are issued a cheque book.
Canara Bank NRE Savings Account Interest Rate
Interest rates applicable on Canara Bank NRE savings accounts vary depending on the outstanding balance. The following table contains the latest interest rates offered on Canara Bank NRE savings accounts effective from December 21, 2022:
|Outstanding Balance in the Account||Rate of Interest (p.a.)|
|Less than Rs. 50 Lakh||2.90%|
|Rs. 50 Lakh to less than Rs 5 Cr||2.90%|
|Rs. 5 Cr to less than Rs 10 Cr||2.95%|
|Rs. 10 Cr to less than Rs 100 Cr||3.05%|
|Rs. 100 Cr to less than Rs 200 Cr||3.50%|
|Rs. 200 Cr to less than Rs 300 Cr||3.10%|
|Rs. 300 Cr to less than Rs 500 Cr||3.10%|
|Rs. 500 Cr to less than Rs 1000 Cr||3.40%|
|Rs. 1000 Cr & less than Rs. 2000 Cr||3.55%|
|Rs. 2000 Cr & above||4.00%|
Canara NRE Account Minimum Balance
NRIs need to maintain average quarterly balance in their Canara Bank NRE savings account as under:
|Canara Bank NRE Savings Account||AQB/ Minimum Deposit|
|Average Quarterly Balance||Rs. 1 lakh|
|Initial deposit||Account can be opened with zero balance|
Canara Bank NRI Account Opening
You can apply for a Canara Bank NRI account online as well as offline.
- NRE savings account application through the bank’s website or visit a branch in India.
- Apply for NRE accounts online through SBNRI.
Canara Bank NRE Savings Account Application on the Bank’s Website
- Go to the official website of Canara Bank.
- Download and fill up Canara Bank NRI savings account opening form and affix your photographs.
- Get the account opening form and supporting documents attested by Notary Public/ Court/ Magistrate/ Judge/ Local Banker/ Indian Embassy/Consulate General of the country of your residence.
- Send the NRE savings account opening form and documents to the desired designated branch of Canara Bank in India.
- The bank will open your NRE savings account once the application form and all documents are received and verified.
Apply for NRI Account Online through SBNRI
You can apply for NRO and NRE account opening online. Click on ‘Open NRI Account‘ button on this blog or download SBNRI App.
Documents Required to OpeBank NRE Account
Here is the checklist of documents required to apply for an NRE account:
- Canara Bank NRE account opening form
- Proof of NRI status
- Overseas address proof
- Proof of Indian address
- Photographs: Recent passport-sized photographs.
- PAN Card or Form 60
- Initial Deposit: Depending on the account type, an initial deposit may be required.
Note: The above list is not exhaustive and the actual requirements may vary depending on the applicant. Copies of all documents must be self attested and the bank may ask you to get some documents attested by the Indian embassy or notary in your country of residence.
Canara Bank NRI Customer Care
For their NRE account and other banking related queries, NRIs can contact Canara Bank NRI customer care team. Canara Bank has overseas branches, subsidiaries and representative offices in many countries, including the USA, UK, UAE, Tanzania, etc. In addition, Canara Bank has NRI service centers in many Indian cities.
Due to lots of information and documentation required to apply for NRI accounts, NRI account opening process is lengthy and cumbersome elsewhere. You can download SBNRI App to apply for an NRI account with nominal documentation in just 10 minutes.
You can also click on the button below to apply for an NRI account. Visit our blog and YouTube Channel for more details.
NRIs are required to maintain an average quarterly balance of Rs. 1 lakh in an NRE savings account in Canara Bank. However, you can open the account with zero balance.
Yes, you can apply for an NRE account online on the bank’s website. However, you need to self-attest and get your documents attested by any authorized entity and send them to a Canara Bank branch in India.
All NRIs, OCIs and seafarers of Indian nationality / origin hired by foreign shipping companies can apply for an NRE account at Canara Bank.
Canara Bank NRE account interest rates vary based on the amount deposited, ranging from 2.90% to 4.00% p.a.