Canara Bank is one of the leading public sector banks in India. It offers a range of banking services such as online banking, NRI investment services, fixed deposits, remittance to India, etc. to NRIs (Non-Resident Indians) living in various parts of the world. If you are an NRI living in the UAE, you can open a Canara Bank NRI account in UAE to manage your finances and investments back home. This article is for the individuals who want to apply for Canara Bank NRI account opening in UAE.
Canara Bank NRI Account Opening in UAE
To carry out financial transactions in India, Non-Resident Indians (NRIs) residing in the UAE are required to open an NRI bank account. There are two types of Canara Bank NRI accounts. They are:
- Canara Bank NRE savings account
- Canara Bank NRO savings account
These accounts can be opened online from the UAE. The process for opening a Canara NRI savings account in UAE, including the necessary documentation is outlined below.
How to Open Canara Bank NRI Account in UAE
NRIs living in the UAE can open a Canara Bank account using both online and offline methods. There is no need to visit the Canara branch in the UAE to open an NRI account. You can simply follow the given two steps for Canara Bank NRI account opening in UAE:
- Apply for Canara Bank NRI account online through the bank’s website or in any branch in India.
- Apply for an NRI account in 10 minutes using the SBNRI app.
Canara Bank NRI Account Opening Online through Bank’s Website
Indians living in the UAE can apply for the Canara NRI account opening by filling an online application form. Here is the step by step process:
1. Visit the Canara bank’s official website and download the account opening form from there.
2. Fill out the basic details, like name, date of birth, gender, etc., on the application form. Once you fill these details out, you need to provide your signature at the bottom of the form.
3. You then have to submit the required documents such as proof of residence, proof of identity,etc.
5. After checking all your documents for authenticity and correctness, your account will be created and you will get a notification regarding the same.
6. Within 7 working days, you will also receive the Canara Bank starter’s kit with a Debit card, Cheque book, etc.
8. You can start using them after activation like Mobile Banking activation, net banking activation, and Debit card activation.
Online NRI Account Opening through SBNRI app
You can apply for an NRI account online from the UAE in a couple of minutes via the SBNRI app. Steps to open an NRI account through the SBNRI are given below:
- You first need to download the SBNRI app from the Google Play Store or App Store.
- Once the app is installed, sign in using your credentials.
- Click on the ‘Open NRI account’ button and select the bank with which you want to open an NRI bank account.
- Scan and upload KYC documents using the in-app scanning feature.
- Click on ‘Apply’.
- Once your application form and documents are verified, your NRI account will be opened within 7 days.
Visit Canara branch to open an NRI account
If you are in India, you can visit a branch of Canara Bank to open an NRI account. The Canara bank also has representative offices in Dubai and Sharjah. You can visit the Canara Foreign Office or associated Exchange House to submit the NRI account opening application form.
Documents Required for Canara Bank NRI Account Opening
Given below is the list of the documents required at the time of opening a new Canara Bank NRI account:
- A valid Passport (copy)
- PAN or Form 60 (in absence of PAN)
- Copy of valid visa/ work permit / Overseas Resident Card
- Address proof such as Utility Bill, Credit Card bill, etc.
- Latest Passport size photograph
- Initial deposit payment cheque/ draft from your account
Note- The above listed documents and copies should be attested by either the authorized officials of overseas branches of the Bank/ branches of overseas banks with whom Indian banks have tie-ups/ Notary Public abroad/ Court Magistrate/ Judge, or Indian Embassy/Consulate General of the country of residence.
Types of Canara Bank Savings Account
Canara Bank offers two types of NRI savings accounts that include NRE account and NRO account.
Canara NRE Savings Account
Canara Bank offers Non-Resident External (NRE) savings accounts to NRIs living in the UAE who want to park their foreign earnings in India. This account is denominated in Indian Rupees and is a popular option among NRIs who want to maintain their Indian income and savings in India.
Features & Benefits:
- The account can be opened with a minimum deposit of Rs.1000.
- The interest earned on the account is tax-free in India.
- The account offers easy repatriation of funds back to the country of residence.
- The account holder can enjoy access to internet banking, mobile banking, and SMS banking services.
- Joint accounts are allowed with other NRIs or PIOs.
Canara NRO Savings Account
Canara Bank offers Non-Resident Ordinary (NRO) savings accounts for NRIs who have income or investments in India. This account is designed for NRIs who receive income from various sources in India, such as rental property, mutual fund dividends, pension, fixed deposits, etc.
Features & Benefits:
- The account can be opened with a minimum deposit of Rs. 1000.
- The interest earned on the account is taxable in India.
- The account offers easy repatriation of funds back to the country of residence, subject to certain conditions.
- The account holder can enjoy access to internet banking, mobile banking, and SMS banking services.
- Joint accounts are allowed with other NRIs or PIOs.
Canara Bank NRI Savings Account Interest Rates
Given below are the interest rates that are available to the Canara Bank account holders:
| SLabs | ROI (%) |
|---|---|
| For outstanding Balance of less than Rs. 50 Lakh | 2.90 |
| For outstanding Balance of Rs. 50 Lakh to less than Rs 5 Cr | 2.90 |
| For outstanding Balance of Rs. 5 Cr to less than Rs 10 Cr | 2.95 |
| For outstanding Balance of Rs. 10 Cr to less than Rs 100 Cr | 3.05 |
| For outstanding Balance of Rs. 100 Cr to less than Rs 200 Cr | 3.50 |
| For outstanding Balance of Rs. 200 Cr to less than Rs 300 Cr | 3.10 |
| For outstanding Balance of Rs. 300 Cr to less than Rs 500 Cr | 3.10 |
| For outstanding Balance of Rs. 500 Cr to less than Rs 1000 Cr | 3.40 |
| For outstanding Balance of Rs. 1000 Cr & less than Rs. 2000 Cr | 3.55 |
| For outstanding Balance of Rs. 2000 Cr & above | 4.00 |
Canara Bank NRI Account Minimum Balance
Minimum average quaterly balance to be maintained is Rs. 1 lakh. However, accounts can be opened with zero balance.
Contact SBNRI
Due to lots of information and documentation required to apply for NRI accounts, the account opening process is lengthy and cumbersome. You can download SBNRI App for a simple, fast and hassle-free NRI account opening process.
You can also click on the button below to start the Canara Bank Account opening process online. Also visit out blog and YouTube Channel for more details.
