Canara Bank Launches Special Deposit Scheme for NRIs Offering Up to 6.50% Interest
Account subscription benefits alongside Premium Stories, Editorials, Opinions and more. Unlock these with Subscription The View From India Looking at World Affairs from the Indian perspective. First Day First Show News and reviews from the world of cinema and streaming. Today's Cache Your download of the top 5 technology stories of the day. Data Point Decoding the headlines with facts, figures, and numbers Health Matters Ramya Kannan writes to you on getting to good health, and staying there The Hindu On Books Books of the week, reviews, excerpts, new titles and features. Canara Bank has announced its FCNR (B) Special Deposit Scheme, designed to help Non-Resident Indians (NRIs) grow their savings while investing in India. This announcement comes in line with the recent measures announced by the Reserve Bank of India (RBI) to encourage foreign currency inflows into the nation, according to the lender’s communique. Under the Special Deposit Scheme, customers could earn interest on deposits denominated in foreign currencies, with high interest rates and capital protection features, it further said. This scheme is being offered in leading foreign currencies such as U.S. Dollar, British Pound Sterling, Euro, Canadian Dollar (CAD) and Australian Dollar. Under the plans, customers could earn interest rate of up to 6.50% p.a. on U.S. dollar deposits, with a flexible tenure ranging from 3 years to 5 years. The rate is effective from June 11, 2026. Also, both the invested sum and the earned interest amount could be transferred abroad without any restrictions, offering total freedom to the NRIs managing their financial affairs overseas. Besides, the interest earned from the FCNR (B) deposits would be exempted from tax in India. Loan facility against the FCNR (B) deposits would also be available. Bhavendra Kumar, Executive Director, Canara Bank, said, the FCNR(B) Special Deposit Scheme was tailor-made to provide bank’s NRI customers with the benefit of earning competitive interest on their foreign currency deposits.
Canara Bank has introduced a new FCNR (B) Special Deposit Scheme tailored for Non-Resident Indians (NRIs) seeking to enhance their savings while investing in India. This initiative aligns with recent Reserve Bank of India measures to encourage foreign currency inflows. The scheme allows customers to earn competitive interest rates, up to 6.50% per annum on U.S. dollar deposits, with flexible tenures ranging from three to five years. Deposits can be made in major foreign currencies like USD, GBP, EUR, CAD, and AUD. Importantly, both the principal and interest are freely repatriable abroad, and the interest earned is tax-exempt in India. Loan facilities against these deposits are also available, providing added financial flexibility for NRIs.
Offers NRIs an attractive new investment opportunity with high interest rates and tax benefits, potentially boosting foreign currency inflows into India.
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