Canara Bank is one of the leading public sector banks in India and has overseas presence through its offices in New York, London and Dubai. The bank offers FCNR fixed deposits for NRIs, PIOs and OCIs. Canara Bank FCNR rates vary based on the currency, FD amount, and tenure. Here are the latest interest rates on FCNR (B) deposits w.e.f. 12 August 2023.
For investment in NRI fixed deposits, chat with NRI wealth managers.
Canara Bank FCNR Rates
The following table contains the latest interest rates on FCNR fixed deposits by Canara Bank:
| Tenure | USD | GBP | EUR | CAD | AUD |
|---|---|---|---|---|---|
| 1 year to less than 2 years | 5.50% | 4.75% | 2.50% | 4.50% | 3.75% |
| 2 years to less than 3 years | 4.50% | 3.50% | 2.00% | 4.25% | 3.50% |
| 3 years to less than 4 years | 4.00% | 3.00% | 1.50% | 3.85% | 3.00% |
| 4 years to less than 5 years | 4.00% | 3.00% | 1.50% | 3.50% | 3.00% |
| 5 years only | 4.00% | 3.00% | 1.50% | 3.50% | 3.00% |
Note: The above rates are applicable only for deposits worth less than USD 1 Million or its equivalent in other countries. For FDs worth USD 1 million or above, please contact a Canara Bank branch.
Who can open FCNR (B) deposit accounts?
- NRIs, PIOs and OCIs can invest in FCNR deposits.
- However, applicants from Pakistan and Bangladesh need to seek prior approval from the Reserve Bank of India.
Other Features of Canara Bank FCNR Deposits
| Features | Details |
|---|---|
| Currency | These accounts are maintained in foreign currencies – USD, GBP, EUR, CAD and AUD – only. |
| Repatriability | Principal and interest earned are fully repatriable. |
| Nomination facility | Available |
| Taxability | Interest earned is tax-free in India and balance is exempt from wealth tax. |
| Rate of interest | Varies based on the currency and tenure. |
| Compounding | Interest is compounded at half yearly intervals. |
| Renewal | – Deposit is renewed automatically after the maturity of the originally contracted deposit. – To enjoy renewal benefits, you must renew the deposit within 14 days from the date of maturity. |
| Premature withdrawal | – No interest will be paid on premature closure before the completion of 1 year. – If the account is closed prematurely after 1 year but before the completion of originally contracted tenure, a premature penalty will be charged. |
| Funds for account opening | The fixed deposit account can be opened with funds in a foreign currency remitted from a foreign country. Accounts can also be opened by transfer of funds from existing NRE/ FCNR accounts. |
Documentation
Here is the checklist of documents required to open FCNR account with Canara Bank:
- Filled FCNR account opening form
- Indian address proof
- Overseas address proof
- Passport with personal details like name, date of birth, date of issue, expiry date, etc.
- Valid visa details
- PAN No/ Aadhaar No/ Voter ID/ Driving license
- Latest photographs
Canara Bank NRI Customer Care
For any queries related to FCNR(B) deposits, you can reach out to Canara Bank NRI customer care team. The bank also has overseas branches and representative offices in the UK, US, UAE, and Tanzania.
To get end to end assistance with booking of FCNR(B) Fixed Deposits, you can connect with our expert using the button at the end of the article. You can also browse through the NRI Account Opening grid that we have prepared specially for NRIs and get expert advisory and assistance seamlessly and complete the entire process in the comfort of your home. Also, visit our blog and YouTube Channel for more details.
FAQs
You can open a joint account with two or more NRIs/ PIOs. NRIs can also hold the account jointly with a resident relative on ‘former or survivor’ basis. The resident account holder can operate the account as a power of attorney holder over the lifetime of the NRI account holder.
A FCNR account can be maintained in the following currencies:
– USD
– GBP
– EUR
– CAD
– AUD
– Minimum: 1 year
– Maximum: 5 years
If a Canara Bank FCNR deposit is closed before completion of one year from the effective date of deposit, no interest will be paid. If a deposit is prematurely closed after the completion of one year but before the date that was agreed upon originally, a premature penalty will be charged.
All NRIs, PIOs, and OCIs are allowed to open a FCNR account at Canara Bank. Individuals living in Pakistan and Bangladesh will have to seek prior approval from the Reserve Bank of India.
