Canara Bank provides various investment products to its Non-Resident Indian (NRI) customers. These customers can invest in Canara Bank NRI FDs to grow their savings. NRIs can invest their foreign income in these schemes and earn good returns based on the current Canara Bank NRI FD rates. Let’s explore the Canara Bank NRI FD interest rates 2023 for short term as well as long term tenure.
In this Article:
- Canara Bank NRI FD Interest Rates 2023
- Types of NRI FDs by Canara Bank
- Canara Bank NRI FD Premature Withdrawal
- Loan against Canara NRI FD
- Documents required to apply for Canara NRI FD accounts
- How to apply for Canara NRI Fixed Deposit Schemes
- Canara Bank NRI Fixed Deposit Calculator
- FAQs
Canara Bank NRI Interest Rates 2024
Here, find the latest Canara Bank NRI FD rates for various NRI fixed deposit accounts.
1. Canara Bank NRE FD Rates 2024
Canara Bank NRE FD Rates 2024
| Tenure | Less than Rs. 2 crore | Rs. 2 crore to less than Rs. 10 crore |
|---|---|---|
| 1 year | 7.03% | 7.80% |
| 444 days | 7.45% | NA |
| Above 1 year to less than 2 years | 7.03% | 7.01% |
| 2 years to less than 3 years | 7.03% | 6.43% |
| 3 years to less than 5 years | 6.98% | 5.13% |
| 5 years to 10 years | 6.87% | 5.13% |
Note: Canara NRE fixed deposit rates are subject to periodic change and the above-mentioned rates are effective from 19 February 2024.
2. Canara NRO FD Interest Rates: For deposits less than Rs. 2 crore
Canara Bank NRO FD Interest Rates 2023 – 24
| Tenure | Regular Citizens |
|---|---|
| 7 to 45 days | 4.00% |
| 46 to 90 days | 5.25% |
| 91 to 179 days | 5.50% |
| 180 days to 269 days | 6.25% |
| 270 days to less than 1 year | 6.50% |
| 1 year | 6.90% |
| 444 days | 7.25% |
| Above 1 year to less than 2 years | 6.90% |
| 2 years to less than 3 years | 6.85% |
| 3 years to less than 5 years | 6.80% |
| 5 years to 10 years | 6.70% |
Note: Canara NRO fixed deposit rates are subject to periodic change and the above-mentioned rates are effective from 13 April 2024.
Canara NRO FD Interest Rates: For deposits from Rs. 2 crore to less than Rs. 10 crore
Canara Bank NRO FD Interest Rates 2023
| Tenure | Premature withdrawal allowed | Premature withdrawal not allowed |
|---|---|---|
| 7 to 45 days | 2.90% | NA |
| 46 to 90 days | 3.10% | 3.15% |
| 91 to 179 days | 3.35% | 3.40% |
| 180 to 269 days | 3.35% | 3.40% |
| 270 days to less than 1 year | 5.75% | 5.80% |
| 1 year | 6.00% | 6.15% |
| Above 1 year to less than 2 years | 6.00% | 6.25% |
| 2 years to less than 3 years | 6.00% | 6.25% |
| 3 years to less than 5 years | 6.00% | 6.25% |
| 5 years to 10 years | 3.40% | 3.65% |
Note: Canara NRO fixed deposit rates are subject to periodic change and the above-mentioned rates are effective from 5 April 2023.
3. Canara Bank FCNR Interest Rates
Canara Bank FCNR Interest Rates 2023
| Tenure/Currency | USD | GBP | EUR | CAD | AUD |
|---|---|---|---|---|---|
| 1 year to less than 2 years | 6.12% | 5.26% | 3.11% | 4.72% | 4.18% |
| 2 years to less than 3 years | 4.60% | 3.16% | 2.08% | 4.22% | 3.71% |
| 3 years to less than 4 years | 4.35% | 2.65% | 1.56% | 4.18% | 3.21% |
| 4 years to less than 5 years | 4.45% | 2.65% | 1.57% | 3.85% | 3.26% |
| 5 years | 4.45% | 2.65% | 1.58% | 3.85% | 3.26% |
Note: The above mentioned interest rates are applicable for FCNR deposits worth less than USD 1 million (or its equivalent in other currencies). Canara FCNR fixed deposit rates are subject to periodic change and the above-mentioned rates are effective from 12 April 2024.
4. Canara Bank RFC FD Rates 2024
Canara Bank RFC FD Rates 2024
| Tenure/currency | USD | GBP | EUR | CAD | AUD |
|---|---|---|---|---|---|
| 1 month to less than 3 months | 0.10% | NA | NA | 0.10% | 0.10% |
| 3 months to less than 6 months | 0.10% | NA | NA | 0.10% | 0.10% |
| 6 months to less than 1 year | 0.10% | NA | NA | 0.10% | 0.10% |
| 1 year to less than 2 years | 5.80% | 4.75% | 3.00% | NA | 4.00% |
| 2 years to less than 3 years | 4.30% | 3.00% | 2.00% | 4.00% | 3.50% |
| 3 years only | 4.00% | 2.50% | 1.50% | 3.85% | 3.00% |
Note: The above mentioned interest rates are applicable for RFC deposits worth less than USD 1 million (or its equivalent in other currencies) with effect from 12 April 2024.
Note: All the interest rates mentioned above are subject to change without prior notice. We update the latest interest rates on NRE FD and Savings Bank Account as well as the interest rates for FCNR Deposit every month with the banks on our blog. You can head there to check out the latest rates.
Types of NRI FDs by Canara Bank
Fixed deposit schemes offered by Canara Bank to its NRI customers include:
- NRE FD Account
- NRO FD Account
- FCNR(B) Account
- RFC FD Account
Canara Bank Non-Resident External (NRE) Fixed Deposit
| Particulars | Details |
|---|---|
| Period | 1 to 10 years |
| Currency | INR |
| Eligibility | NRI & Persons of Indian Origin (Other than nationals of Pakistan & Bangladesh) |
| Taxability | Exempted |
| Premature withdrawal | Allowed after completion of 1 year with 1.00% penalty |
| Loan against FD | Available |
| Repatriation | Repatriable |
| Benefits | – An NRE account can be opened jointly by eligible NRIs/ PIOs – Nomination facility available |
Canara Bank Non-Resident Ordinary (NRO) Fixed Deposit
| Particulars | Details |
|---|---|
| Period | 7 days to 10 years |
| Currency | INR |
| Eligibility | Non-resident persons of Indian origin or nationality(other than a person resident in Nepal and Bhutan) and individuals/ entities of Pakistan and Bangladesh will require prior approval of RBI |
| Taxability | Taxable in India |
| Repatriation | Not repatriable except: – Up to $1 million per financial year – All current income (subject to the submission of FEMA declaration and tax compliance) |
| Benefits | – Nomination facility available – Joint account can be opened |
Canara Bank Foreign Currency Non-Resident (Bank) Fixed Deposit
| Particulars | Details |
|---|---|
| Period | 1 to 5 years |
| Currency | USD, GBP, EUR, AUD and CAD |
| Eligibility | Non-Resident Indians (NRIs) & Person of Indian Origin (PIO) |
| Taxability | Exempted |
| Loan against FD | Available |
| Repatriation | Principal and interest fully repatriable in the currency of your choice |
| Benefits | – Joint account can be opened with eligible NRI/PIO – Nomination facility available – Facility for auto-renewal – Funds repatriable |
Canara Bank Resident Foreign Currency Account
| Particulars | Details |
|---|---|
| Tenure | 30 days to 36 months |
| Currency | USD, GBP, EURO, AUD & CAD |
| Taxability | Yes, taxable in India |
| Repatriation | Interest earned fully repatriable |
| Benefits | – Funds can be transferred in any convertible foreign currency – Fund transfer to or from RFC account is allowed – Payments/withdrawal allowed in India in INR only |
Click on the button below to understand about NRI FD with our FD Expert
Canara Bank NRI FD Premature Withdrawal
Customers are allowed to withdraw funds from their FDs before the maturity date. However, terms & conditions will be applicable as under:
- No interest will be paid if the deposits are withdrawn before completion of the year of deposit (7 days for NRO FDs).
- 1% penalty will be charged for part or full withdrawal of deposits less than Rs. 1 crore.
- Penalty of 1% will not be charged in case of deposits worth Rs. 1 crore and more.
Loan against Canara NRI FD
FD holders can get loans against NRE, NRO and FCNR to meet their various financial requirements. Customers can apply for a loan up to a percentage of FD amount deposited in the bank.
- All NRE, NRO and FCNR account holders can get loans against FD in India.
- NRE and FCNR account holders can get loans in foreign countries.
- Only NRE and FCNR FD holders can get loans in foreign currency.
- NRI FD holders can’t use the loan for re-lending, real estate business or agriculture-related activities.
Documents required to apply for Canara NRI FD accounts
To apply for NRI FD accounts with Canara Bank, customers will need to submit the following documents:
- FD account opening application form (Duly filled & signed)
- Photographs
- Valid work visa/ permit, resident visa, etc.
- PAN card
- Residential proof
- Passport copy
How to apply for Canara NRI Fixed Deposit Schemes
SBNRI is an online one-stop platform for expert services and advisory on all major NRI specific products including FD accounts for NRIs.
To get end-to-end assistance with NRI Account Opening and booking other Fixed Deposits and info about the latest Canara Bank NRI FD Rates, 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 at the comfort of your homes.
Canara Bank NRI Fixed Deposit Calculator
NRI FD Calculator is a tool that helps investors in calculating the interest they would earn on NRI fixed deposit investment upon maturity. NRIs can use the calculator to find out the interest they would earn and the maturity amount at the end of FD tenure.
You can take the help of an expert to compute returns on your Canara Bank NRI FD and much more. At SBNRI, you get direct access to field experts who will take care of your individual process personally and assist you throughout the way. Just click on the button below to get in touch with our expert now. Also, visit our blog and YouTube Channel for more details.
FAQs
Yes, an NRO account can be opened jointly with residents on ‘former or survivor’ basis. Non-resident Indians and/or Persons of Indian Origin can hold NRO accounts jointly with other NRIs and/or PIOs.
Yes, you can get a loan against NRE and FCNR FDs. However, the loan amount taken against these FD can’t be used for the purpose of lending to another person or investing in a real estate business.
NRI FD interest rates are based on fixed deposit schemes like NRE, NRO, FCNR and RFC FD scheme. The final interest rates for these schemes are determined based on FD tenure and amount.
For Canara Bank fixed deposit schemes, a minimum deposit amount of Rs. 1,000 is required.
Yes, Canara Bank’s fixed deposit schemes provide NRIs with the option of premature withdrawal.
Yes, there is a penalty of 1.00% that applies to the premature withdrawal of NRO fixed deposits.
