Canara Bank NRI FD Rates 2020-21: Unlock Tax-Free Returns

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 2020-21 for short term as well as long term tenure.

In this Article:

Canara Bank NRI FD Rates 2020-21: Unlock Tax-Free Returns
Canara Bank NRI FD Rates 2020-21: Unlock Tax-Free Returns

Canara Bank NRI FD Interest Rates 2020-21

Here, find the latest Canara Bank NRI FD rates for various NRI fixed deposit accounts.

1. Canara Bank NRE FD Interest Rates 2020-21

Canara Bank NRE FD Interest Rates 2020 – 21

TenureLess than Rs. 2 crore Rs. 2 crore to less than Rs. 10 crore
1 year5.25%4.00% 
Above 1 year to less than 2 years5.20%3.90% 
2 years to less than 3 years5.40%3.90%
3 years to less than 5 years5.50%3.40%
5 years to 10 years5.50%3.40%
Canara Bank NRE FD Interest Rates 2020 – 21

Note: Canara NRE fixed deposit rates are subject to periodic change and the above-mentioned rates are effective from 27th November 2020.

2. Canara NRO FD Interest Rates: For deposits less than Rs. 2 crore

 Canara Bank NRO FD Interest Rates 2020 – 21

TenureRegular CitizensSenior citizens
7 to 45 days2.95%2.95%
46 to 90 days3.90%3.90%
91 to 179 days4.00%4.50%
180 to less than 1 year4.45%4.95%
1 year5.25%5.75%
Above 1 year to less than 2 years5.20%5.70%
2 years to less than 3 years5.40%5.90%
3 years to less than 5 years5.50%6.00%
5 years to 10 years5.50%6.00%
Canara Bank NRO FD Interest Rates 2020 – 21

Note: Canara NRO fixed deposit rates are subject to periodic change and the above-mentioned rates are effective from 27th November 2020.

Canara NRO FD Interest Rates: For deposits from Rs. 2 crore to less than Rs. 10 crore

Canara Bank NRO FD Interest Rates 2020 – 21

TenurePremature withdrawal allowedPremature withdrawal not allowed
7 to 45 days3.05% NA
46 to 90 days3.10% 3.15%
91 to 179 days3.25%3.30%
180 to less than 1 year3.30%3.35%
1 year4.00%4.05%
Above 1 year to less than 2 years3.90%3.95%
2 years to less than 3 years3.90%3.95%
3 years to less than 5 years3.40%3.45%
5 years to 10 years3.40%NA
Canara Bank NRO FD Interest Rates 2020 – 21

Note: Canara NRO fixed deposit rates are subject to periodic change and the above-mentioned rates are effective from 27th November 2020.

3. Canara Bank FCNR Interest Rates

Canara Bank FCNR Interest Rates 2020 – 2021

Tenure/CurrencyUSDGBPEURCADAUD
1 year to less than 2 years0.97%0.51%Nil1.19%0.57%
2 years to less than 3 years0.97%0.53%Nil1.02%0.62%
3 years to less than 4 years0.99%0.60%Nil1.12%0.51%
4 years to less than 5 years1.10%0.65%0.02%1.24%0.51%
5 years1.20%0.69%0.04%1.35%0.51%
Canara Bank FCNR Interest Rates 2020 – 2021

Note: The above mentioned interest rates are applicable for FCNR deposits worth less than USD 1 million (or its equivalent in other currencies) with effect from 7th January 2021.

4. Canara Bank RFC FD Rates 2020 – 2021

Canara Bank RFC FD Rates 2020 – 2021

Tenure/currencyUSDGBPEURCADAUD
1 month to less than 3 monthsNilNilNilNilNil
3 months  to less than 6 months0.09%NilNil0.02%Nil
6 months to less than 1 yearNilNil0.03%NilNil
1 year to less than 2 years0.97%0.51%Nil1.19%0.57%
2 years to less than 3 years0.97%0.53%Nil1.02%0.62%
3 years only0.99%0.60%Nil1.12%0.51%
Canara Bank RFC FD Rates 2020 – 2021

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 7th January 2021.

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. (The above tables were updated on 02/02/2021)

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

ParticularsDetails
Period1 to 10 years
CurrencyINR
EligibilityNRI & Persons of Indian Origin (Other than nationals of Pakistan & Bangladesh)
TaxabilityExempted
Premature withdrawalAllowed after completion of 1 year with 1.00% penalty
Loan against FDAvailable
RepatriationRepatriable
Benefits– An NRE account can be opened jointly by eligible NRIs/ PIOs
– Nomination facility available
Canara Bank NRE FD Overview

Canara Bank Non-Resident Ordinary (NRO) Fixed Deposit

ParticularsDetails
Period7 days to 10 years
CurrencyINR
EligibilityNon-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
TaxabilityTaxable in India
RepatriationNot 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 NRO FD Overview

Canara Bank Foreign Currency Non-Resident (Bank) Fixed Deposit

ParticularsDetails
Period1 to 5 years
CurrencyUSD, GBP, EUR, AUD and CAD
EligibilityNon-Resident Indians (NRIs) & Person of Indian Origin (PIO)
TaxabilityExempted
Loan against FDAvailable
RepatriationPrincipal 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 FCNR (B) Overview

Canara Bank Resident Foreign Currency Account

ParticularsDetails
Tenure30 days to 36 months 
CurrencyUSD, GBP, EURO, AUD & CAD 
TaxabilityYes, taxable in India 
RepatriationInterest 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
Canara Bank RFC Overview

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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 Kotak 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 Kotak 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.

Ask SBNRI Expert Now

FAQs

Can an NRO account be opened jointly?

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.

What are current Canara Bank NRE interest rates?

NRE interest rates offered by Canara Bank vary based on FD tenure and amount, ranging from 3.40% to 5.50% per annum.

Can I get a loan from Canara Bank by submitting NRI FD as collateral?

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.

Which bank gives the highest interest rate on FD for NRIs?

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.  

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